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Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance

 

It is critical to your company's financial well-being to avoid the risks of not complying with unclaimed property reporting laws.

Most organizations have the potential to generate unclaimed property in various aspects of their everyday operations. It could be something as simple as an employee that doesn't cash a payroll check or more complex issues involving IRA accounts with an owner that's non-responsive. Navigating state escheat law(s) can be a challenge, and with penalties and interest assessed for noncompliance, this compliance concern can no longer be on the back burner. This topic will help the persons responsible for unclaimed property compliance understand how to accurately comply with state law. The material also explains the consequences for noncompliance as well as ways to start reporting if your organization has never filed before. Failing to have a proper compliance program is becoming a great risk for many organizations as states are increasing audit activity. This information also covers a topic that many organizations ignore which is asset recovery. Learn some of the tips of the trade to help recover money for yourself and your organization.

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Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance

Agenda

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Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance

Faculty

James O. Santivañez

James O. Santivañez

JMS Advisory Group, LLC

  • Founder and president of JMS Advisory Group, LLC
  • For more than 20 years, he has provided guidance and consultation to clients in all industries regarding unclaimed property and state/local tax matters
  • He works with clients to design and implement complex compliance solutions, negotiates amnesty and voluntary disclosure agreements to mitigate and resolve unclaimed property liabilities, and provides representation for third-party and state unclaimed property audits
  • Specialist in unclaimed property compliance reviews designed to identify exposure, potential savings opportunities, and process enhancements and risk mitigation
  • Staunch defender of client interests – provides assertive representation for dozens of unclaimed property audits on behalf of clients in varied industries including insurance, health care, financial services, retail, hospitality, manufacturing, distribution, transportation, energy, and utilities
  • Prepares protests, appeals, litigation support documentation, and requests for rulings
  • Regularly meets with state unclaimed property administrators and state treasurers throughout the country to stay abreast of developing policies and legislation
  • Has provided expert testimony and lobbied for client legislative interests in various states
  • Negotiates with all state unclaimed property agencies and administrators advocating client interests and policies beneficial to the holder community
  • Drafted proposed legislation and made formal recommendations to state legislators on significant unclaimed property issues impacting holders’ rights
  • Former National Practice Leader, Ryan, Inc.; former Regional Practice Leader, KPMG, LLP and former law clerk, Multi-state Tax Commission
  • Nationally recognized expert on unclaimed property matters; has spoken to the membership, or appeared as a speaker on behalf of the following organizations: American Gas Association, American Payroll Association, Atlanta Tax Club, Broadcast Cable Financial Management Association, Healthcare Financial Management Association, National Restaurant Association, Tax Executives Institute, Texas Society of CPAs, and Unclaimed Property Professionals Organization
  • J.D. degree, Washington College of Law, American University, Washington, D.C.; B.A. degree, Yale University
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Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance

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