The Tax & Accounting business of Thomson Reuters has teamed up with The Locator Services Group to further expand its unclaimed property offerings with TLSG’s corporate asset recovery services.
Under the terms of the agreement, Thomson Reuters will offer clients TLSG’s services for identifying and recovering unclaimed property as part of its unclaimed property consulting, reporting and compliance services.
“In recent years, unclaimed property has been used as an additional avenue for states to reduce their deficits without raising taxes,” said Mark A. Paolillo, vice president of Unclaimed Property for the Tax & Accounting business of Thomson Reuters. “To that end, we are developing relationships with complementary service providers like TLSG to help our clients off-set their cost of complying with increasingly complex and enforced unclaimed property laws.”
TLSG has specialized in unclaimed asset recovery for 17 years and has an A+ rating with the Better Business Bureau. This year TLSG received a Past Performance Rating of 96 out of 100 by Dun & Bradstreet, which reflects TLSG’s client satisfaction and overall performance. TLSG is also a certified Women’s Business Enterprise.
Unlike a tax, there is generally no “statute of limitations” and nexus rules do not apply when states perform abandoned property audits. Unclaimed property, pursuant to priority rules prescribed by the U.S. Supreme Court, reverts to the state of the owner’s last known address or state of incorporation if the address is unknown.
Failure to properly comply with these statutes may subject the company to both state and possible federal implications. In addition to potentially facing stiff fines and penalties for non-compliance at the state level, there could also be federal implications for publicly traded corporations for failure to properly address this important compliance requirement as outlined in Sections 404 and 302 of Sarbanes-Oxley.
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