Filing accurate unclaimed property compliance reports annually with all applicable jurisdictions will help your company mitigate the risk of a costly and burdensome audit. Jurisdictions constantly revise their unclaimed property laws and regulations, so it is important to monitor reporting and compliance obligations in each jurisdiction. Jurisdictions are increasingly relying on unclaimed property as a revenue source to fill budget gaps and avoid tax increases.

Businesses incorporated in Delaware should be on the lookout for any notice regarding unclaimed property from the Delaware Department of Finance, Office of Unclaimed Property (OUP). The state agency periodically sends notices to companies requesting a Verified Report. These notices should not be ignored. Companies that receive the notice have 30 days to acknowledge receipt of the notice and can request 30-day extensions (up to 180 days from the date of the notice) to provide all the requested information.

Andersen Consulting strengthens its technology and risk management capabilities through a Collaboration Agreement with Trillium Information Security Systems (TISS), a cybersecurity firm.

For a variety of reasons, many companies choose to incorporate in Delaware. But for all the benefits of doing so, one potentially unfortunate aspect is the state's vigorous enforcement of its unclaimed property laws.

Andersen Consulting continues to strengthen its digital transformation platform with the addition of U.S.-based collaborating firm Milestone Technologies, a proven global IT services and digital solutions provider.

All businesses with activity in California may be subject to an unclaimed property reporting obligation.

Nearly all countries outside the United States impose a Value Added Tax (VAT), also called Goods and Services Tax (GST) or Consumption Tax (CT). A physical presence in a VAT jurisdiction is generally not required to be liable for VAT.

Andersen Consulting adds depth to its platform through a Collaboration Agreement with Acumen Learning, a U.S.-based firm specializing in business and financial acumen training for leadership development and sales performance.