Thomson Reuters announced today that Thomson’s ONESOURCE Unclaimed Property group has formed a strategic relationship with Unclaimed Property Recovery & Reporting (UPRR) LLC to help companies comply with increased enforcement of unclaimed property laws.
With more than half of Fortune 100 companies currently or recently undergoing an unclaimed property audit, the combined offering, which includes Thomson Reuters unclaimed property consulting and compliance services, as well as UPRR’s owner location service, will enable companies to elevate compliance and minimize risk pre-escheat.
“We are seeing more and more states aggressively enforce their unclaimed property laws as they continue to recover from the recession,” said Mark A. Paolillo, CPA and vice president of ONESOURCE Unclaimed Property. “By teaming with UPRR, we are able to offer our clients even more resources to help them comply with the increasingly enforced and complex unclaimed property laws.
“ONESOURCE Unclaimed Property provides companies with a diverse and focused team of specialists that offer a wide array of services to help them understand the state requirements and proactively establish effective processes to ensure they are in compliance and minimize the risk of protracted and costly audits.”
Unclaimed property collections exceed hundreds of millions of dollars in annual receipts for the various states. With the majority still in deficit (source: Center on Budget and Policy Priorities, “States Continue to Feel Recession’s Impact,” July 17, 2011), they are expected to more stringently enforce and expand the scope of existing unclaimed property laws.
“Many states see unclaimed property as a way to raise revenue without increasing taxes,” said Bob Irvine, UPRR co-founder and president. “Working with Thomson Reuters is just one of the many ways UPRR is helping companies achieve compliance with confidence, while putting funds where they belong – in the hands of rightful owners.”
The full text of the press release can be found here.
About Thomson Reuters
Thomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, healthcare and science and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 55,000 people and operates in over 100 countries. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.
About Unclaimed Property Recovery & Reporting (UPRR) LLC
Since 1996, UPRR has developed customized solutions to minimize liability and risk for organizations by locating investors, motivating them to action and reconnecting them with their assets. Unclaimed property laws and regulations change constantly, increasing risk for corporations. With UPRR’s Pre-Escheat Location Program (PEL), the company offers corporations a turn-key solution to improve customer relations by reuniting owners with their property. In turn, the process reduces the corporation’s exposure to liability, interest and penalties. To date, UPRR has reunited millions of owners with billions in assets.