Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

Our company has been notified that it has been selected for a multi-state unclaimed property examination. Based on other companies we have spoken with, they suggest that we retain a consultant and attorney to represent our interest. Can anyone provide some insight into this?

Audit Abandoned and unclaimed property
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Noel Hall, Jr., MSF, CPA
Not trying to sound self-serving, having represented clients for close to 40 years in this area, it is not advisable to attempt to manage the audit on your own especially in situations where the audit is not being performed by state employees. Over the last 30 years, the majority of these examinations are performed by third-party audit firms that are often paid on a contingency basis. The fact that auditors are being compensated on a performance basis can make the examination rather contentious. Consequently, retaining an advocate to represent your company’s interest is the preferred route to take.

To further compound matters, if your state of incorporation is Delaware, that fact will only make the examination that much more complicated and contentious in nature.
Leave a Comment 13 weeks ago

User Photo
Michael Cash
This does not sound like a tax question. If you were not notified by a tax agency I'm guessing that you got what is basically an advertisement by a company who searches state unclaimed property records and will tell you they found something for a percentage of what is there. These are public records that you can search on your own.
Leave a Comment 6 weeks ago


Meet Leading Tax Advisors

User Photo John Stancil

Professor

Lakeland

User Photo Peter J. Scalise

Federal Tax Credits & Incentives Practice Leader

New York, NY

User Photo John Dundon, II EA

Tax Director

Denver, CO

User Photo William Rogers, CFP, MBA, EA

CEO/Certified Financial Advisor

Rancho Santa Fe, CA

User Photo Monika Miles

President

San Jose, CA

User Photo Blake Christian

Tax Partner

Long Beach/ Park City, CA

User Photo John Richardson

Lawyer

Toronto, Canada

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

 

Learn from tax advisors, straight to your inbox

Update My Email Address
Contact Us Today