Voluntary Disclosure

Our professionals have experience negotiating and completing voluntary disclosures in every jurisdiction with a success rate for interest and penalty waivers at over 96%.

A first-time filing exercise involves a comprehensive review of your company’s financial information, purposed to assist in determining the types of property and extent of unclaimed property exposure in all states. We can lend staff (where needed) and expertise to this effort, ensuring you realize maximum value from our guidance during this process.

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The JMS Approach
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Cost-effective assistance for reviewing and developing unclaimed property compliance processes; with the objective to be as thorough as possible by leveraging our experience and technological resources.

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Proactive minimization of the client’s unclaimed property reporting obligations through the application of statutory exemptions and generally accepted accounting principles.

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Once exposure is identified and accurately quantified, we will negotiate with the states to voluntarily report and remit past due amounts under the most favorable of terms. This may include: complete or partial waiver of interest and penalties, limitation of lookback periods, limitation of property types, and, limiting a state’s right to audit your company or organization in the future for the same periods.

When is a VDA Filing Necessary?
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First Time Filing

The company does not have an unclaimed property reporting history in any jurisdiction (or a specific jurisdiction) and has late property to remit as a result.

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A Forgotten Property Type

The company has an unclaimed property reporting history, but a specific property type has been omitted from prior reports and therefore the company has late property to report and remit.

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Acquired a New Company

The company has an unclaimed property reporting history, but has acquired a new company that was not in compliance with unclaimed property laws and acquired new liability as a result.

Why Outsource a VDA Filing?
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Voluntary disclosure filings can be a very time consuming and costly project to undertake on top of a company’s day-to-day business activities. JMS alleviates this burden by handling all VDA-related tasks including maintaining open communication with the state, negotiating state agreements, conducting due diligence mailing, generating reports, and much more. Our professionals have the experience and reputation with jurisdictions to quickly and accurately file multiple state reports at a time, while keeping company disruptions to a minimum.