Unclaimed and Reverse Unclaimed Property Services

Unrecovered Funds... Discovered

What is Unclaimed Property?

Unclaimed Property (also known as abandoned or escheat property) is exactly that – money or tangible assets that belong to an individual or business but are viewed as “abandoned” because there’s been no activity or contact by the holder for one year or more.

On the flipside, Reverse Unclaimed Property is the process of determining if any holders owe you or your business money or tangible assets.

Every U.S. state, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, several Canadian provinces and a few other foreign countries have active unclaimed property programs in place. Currently, states, federal agencies, and other organizations collectively hold more than $58 billion in unclaimed cash and benefits.

Using Allyn as your unclaimed property recovery service maximizes your chances of recovery. We save you time and effort, give expert guidance through the claims process, and have access to advanced search tools and databases.

Types of unclaimed property include:

Inheritance (in both currency and property)
Mutual funds and/or securities
Artwork, heirlooms, or other valuable collections
Contents of a safety deposit box

Unclaimed Property Reporting

If you or your company owe money to others, you are referred to as a “holder”. Your first step is to determine exactly which of your held items are escheatable. It will vary depending on the type, age, and jurisdiction. Payroll checks, for example, are normally reportable after one year, while vendors’ checks can have a 3, 5 or 7-year holding period. Depending on the state, you may be able to remit these funds sooner than the holding period requires. You do have a legal obligation to attempt to contact the payee. If your attempts are either unsuccessful or ignored, then the funds must be remitted to the state.

If you have never reported before and are already past your timely filing period, take the initiative and file a VDA (Voluntary Disclosure Agreement) - if the state has such a program. Most states are willing to be more lenient if you approach them first. You may be audited, but in most instances the VDA will eliminate any penalties and interest as well as reduce a state’s lookback period.

Reverse Unclaimed Property

How do Allyn’s services and fees work?

At Allyn International, we provide you with a convenient alternative to filing a claim on your own while providing you with the support that you need to make your claim filing a success. We don’t get paid for our services until our clients take receipt of their unclaimed property.

If there is no asset recovery, the client pays Allyn no fee.

Included here is the Reverse Unclaimed Property Recovery Process:

Flawless Transitions

Allyn Tax understands the never-ending demands of every business. This is why our team is equipped to quickly onboard teams of all sizes to ensure the rest of your business operations remain intact. Our specialists are also available to work on-site at your location, ensuring expert-driven guidance alongside your team.

Personalized Consulting

Direct, reliable employees are the foundation of any successful business. With Allyn, you will be provided a dedicated account lead who will work alongside your team, up for anything from routine compliance to last minute pop-up questions.

Tax Technology

Allyn Tax will support the careful selection, integration, and deployment of software solutions that will suit your business needs best. Our professionals will work alongside your IT and Finance team to ensure that your technology will work swiftly with your tax obligations, while considering your cost burdens and limitations, no matter the circumstance.

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