Our company does not have a UP compliance plan, and we may have a large UP liability.

Issue: Unclaimed property can arise from a wide range of transactions and business activities. The vast majority of companies generate unclaimed property, and the more extensive your operations, the larger the potential liability. Companies that have not reported any unclaimed property must eventually ascertain their exposure and develop a plan for mitigation.

The SeaChange Value Proposition: Voluntary disclosure of UP liabilities is the best alternative for companies with little or no compliance history. States tend to be more cooperative under voluntary disclosure situations. A company that comes forward voluntarily is able to maintain control of the identification of its issues and can design the best remedy for mitigating its exposure. The voluntary disclosure methodology used by SeaChange is accepted by state UP administrators. SeaChange can help your company reduce its UP exposure through various techniques, including the use of benchmarking data.

Case study: A company was under an audit by a contingent-fee auditing firm. Several states, including the company’s state of incorporation, had not yet signed on to the audit. Beth Stein, Managing Director of SeaChange, identified the company’s liabilities, executed voluntary filings with key states, and secured a reduced look-back period as well as a waiver of interest. Result: Overall settlement reduction of approximately 60 percent of what otherwise would have been primarily a P&L hit.

Find out more: Contact Beth Stein to discuss your specific situation.

" Unclaimed property is tangible or intangible property that your company has in its possession because the owner of the property cannot be located. Examples of an “owner” are: employees (current or former), customers, patients, insurance companies, other companies/vendors, stockholders, and bondholders, etc." 

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