Overview
Stephen Kranz said that, although unclaimed property is not a tax issue per se, compliance and the audit process for it are very similar to corporate income and sales tax compliance and audits, in part because “in many companies, it’s the state tax employees – the people that are responsible for state tax — that also are responsible for unclaimed property.” Mr. Kranz noted that the unclaimed property field is “growing significantly” in importance for him and McDermott colleague Diann Smith, in part because of states’ increased use of third-party auditors.
