Unclaimed Property

September 23, 2011

In recent years, many states have greatly increased their unclaimed property enforcement activity, in part due to state budget constraints. Much of this enforcement activity is instigated by third party contract auditors, which have become very active in conducting lengthy audits of large, complex companies. One area that typically arises during state unclaimed property audits is employee benefits. Accordingly, it behooves plan sponsors and their advisors to identify affirmative defenses that are available in this unique area. To discuss the impact on your plan, call the tax department at 301-231-6200.