Abandoned/Unclaimed Property Case Study www.cbiz.com/aup Issue A retailer discovered it had unaddressed abandoned/unclaimed property (AUP) liabilities after it received an audit warning letter from the state of New York. Subsequent review indicated additional liabilities in other states. Solution Our team worked closely with the retailer to identify and evaluate AUP exposure areas. We examined the company’s accounts payable and receivable, unapplied cash, gift cards, and other common sources of AUP, which resulted in a potential unaddressed liability of $620,000. To help the retailer resolve liabilities and mitigate penalties for its noncompliance, we initiated voluntary disclosure programs in multiple states, including New York and Delaware, arguably two of the most complex program

Join for free to read