Unclaimed Property Review
Thomas, Thomas & Thomas, P.C. offers regional and national clients services that are designed to minimize expenses, allow staff to concentrate on daily operations, and handle compliance audits in a manner that engenders goodwill with state taxing authorities.
State Audit Representation
The firm acts as a liaison between the client and state taxing authority.
- Audits are conducted off client premises. Auditors conduct the audit in our offices.
- Business disruption is minimized. The auditor deals directly with firm staff so client staff can devote themselves to day-to-day business.
- Costly misunderstandings are minimized. Auditors interact with firm staff who do not inadvertently cost clients money by giving the auditor imprecise and/or conflicting information.
Minimize penalty and interest
- Agreements. When appropriate, and with client authorization, the firm enters into agreements for the waiver of penalty and/or interest when companies find compliance has (1) not occurred or (2) is incomplete.
- Amnesty programs. When available, the firm takes advantage of amnesty programs to bring clients into compliance in the least costly fashion.
Enhance compliance with unclaimed property laws
Unclaimed property procedures can be:
- Written. The firm compiles easy-to-understand guides for each pertinent jurisdiction.
- Updated. The firm updates procedures periodically to address changes in the law and the expansion of territories in which clients achieve nexus.
- Outsourced. The firm reviews client files, applies unclaimed property laws, files reports, and defends clients in audit situations.
- Taught. The firm teaches client personnel seminars that are tailored specifically to client industry, accounting systems, and the needs of client personnel.
Services can be provided before, during or after a taxing authority’s compliance audit.
