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How to address an unclaimed property self-audit notice
January 30 @ 1:00 pm – 2:00 pm EST
Thousands of self-audit notices are mailed to organizations on a quarterly basis as states continue finding more creative and strategic ways to increase compliance with unclaimed property law. By comparing historical tax filing information with unclaimed property reporting data, states can identify organizations that might not be compliant. Organizations of all sizes and industries are targeted, so be on the lookout for these notices from the state offering a limited window to mitigate historical risk and come into compliance.
Addressing these notices can be complex, but organizations should not let them go unanswered. Often, states hire third-party auditors, paid on a contingency fee basis, to assist with reviewing responses to the self-audit. An organization’s response, or lack thereof, can affect the level of auditor scrutiny as well as potential financial impact.
Although it can seem daunting, an unclaimed property self-audit allows organizations to clean up historical liabilities and helps reduce potential exposure going forward.
After attending this webinar, you should be able to:
- Describe a self-audit; the differences between a self-audit, a traditional audit, and a voluntary disclosure program; and why we’re seeing a surge in state notices
- Identify the risks of noncompliance and how to reduce your organization’s potential exposure and financial impact
- Outline a plan of action and specific next steps to identify unclaimed property within your organization and respond to a self-audit notice
- Explain the importance of ongoing unclaimed property compliance to help avoid a future self-audit notice or mitigate unclaimed property risk
With the unclaimed property landscape rapidly transforming, staying informed is a necessity. Join us to gain actionable insights on how to best navigate a self-audit to minimize the organization’s risks, the impact on staff, and the financial burden of unclaimed property requirements.
Who should participate?
Finance and accounting professionals, audit and tax practitioners, compliance and risk leaders, legal experts, unclaimed property specialists, and any other interested professionals
Presenters
Rebecca Kramer, Kodiak Solutions
Colin Young, Kodiak Solutions
Additional information
For additional information, please contact Jonathan Losey.
Continuing professional education
Prerequisites: None
Program level: Overview
Advance preparation: None
Delivery method: Webinar (group internet based)
Field of study: Specialized knowledge
This session is recommended for 1.0 hour of CPE credit.
Note: All participants MUST be logged into the webinar INDIVIDUALLY to receive CPE credit. CPE credit will only be granted in the name of the individual logged into the LIVE presentation. Crowe is unable to grant CPE credit for groups viewing the webinar or for viewing on-demand recordings of the webinar.
There is no registration fee for participating in this webinar; therefore, there is no cancellation fee.
