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How Springboard Legal Helps Corporate Holders with Unclaimed Property

Proactively Manage Liabilities and Risk.

When it comes to unclaimed property, Springboard Legal has three goals for your company:

  • To reduce the risk of an unclaimed property audit.
  • To minimize the impact of an audit when they do happen.
  • To reduce the potential liability from an audit.

Nexus Need Not Apply.

Remember, unclaimed property is not a tax and traditional notions of nexus do not apply. Instead, property rights attach and you may be subject to reporting in states that you would otherwise not have any connection to.

  • Based on the property owner's address
  • If no address, then your state of incorporation
  • Continued Reporting Obligations

Annual Compliance.

The annual compliance program is how you report unclaimed property and thus reduce your outstanding liability to the states.

  • Spring Reporting: March 1 - May 1
  • Summer Reporting: June 1 - July 1
  • Fall Reporting: October 31 - November 1

Audit Defense & VDAs.

The states, aided by third-party audit firms, have the right to audit your compliance. Some states have a Voluntary Disclosure Agreement (VDA) program where you can self-audit and report to avoid an audit.

  • Multi-state audits are the norm
  • Contingency fee auditors are common
  • Spans multiple years
  • Burdensome process for your finance and legal teams

Let's Manage Your
Business Liabilities!