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Unclaimed Property: Overview and Impact on the General Ledger

UNCLAIMED PROPERTY: OVERVIEW AND IMPACT ON THE GENERAL LEDGER

Cost Free
CPE Credits 1.0 hour
Subject Area Specialized Knowledge
Course Level Basic
Instructional Method Group Internet Based
Prerequisites None
Advanced Preparation None
Course Description

Every business has a legal obligation to report and remit unclaimed property to the appropriate authority (typically to the state unclaimed property division). Failure to report can create significant financial exposure and increased audit risk. This session will explain what unclaimed property is, why a business should be concerned about it, and how the annual compliance process works. Then it will delve into record retention, audit defense, and the overall impact on the general ledger.  
 
Course Objectives


  • Provide an understanding of unclaimed property and associated nomenclature.

  • Define when, what and how to report unclaimed property.

  • Explain initial compliance and voluntary disclosure agreements (VDAs).

  • Describe the unclaimed property compliance lifecycle from property recognition, owner notification (formal due diligence), and state reporting.

  • Explore best practices on record retention and policies and procedures.

  • Suggest methods to reduce costs associated with unclaimed property compliance.

Linkedin

Bud Daleiden

DuCharme, McMillen & Associates, Inc.
Director, Product Management | Tax Technology
bdaleiden@dmainc.com
(800) 309-2110 , ext. 1819

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As Director, Product Management, Bud is responsible for developing, defining, communicating, and leading product strategies for DMA’s internally developed enterprise software solutions.  He identifies potential new products and product enhancements; defines product/enhancement requirements; creates go-to-market strategies; establishes product pricing; coordinates the management of DMA’s full portfolio of software products; and collaborates with DMA technical and functional product owners, developers and consultants to develop and deliver product strategies.
 
Experience
Bud has more than 22 years of product management, business development, and software development experience.  His experience includes leading development, product, business development, and quality assurance initiatives and introducing product delivery methodologies.  Bud’s expertise also includes defining product roadmaps and creating company dashboards.  Prior to joining DMA, Bud was the Vice President, Product Management and Product Development for Oracle-Textura where he successfully led the product management and strategy of a lucrative line of the business.  Bud was also Managing Director/Head of Product Management and Business Development for Eze Software Group where he was responsible for product management, development, quality assurance, and business development.  Eze Software delivers leading investment management solutions to hedge funds and asset managers. Earlier in his career, Bud was a Senior Manager at Accenture and a Partner at TechNet Consulting.
 
Education/Credentials
Bud holds a Bachelor of Arts degree in Economics from the University of Illinois and a Masters of Science degree in Management Information Systems from the University of Virginia. 

Linkedin

Gwen Lawhorn

DuCharme, McMillen & Associates, Inc.
Senior Tax Manager | Unclaimed Property
glawhorn@dmainc.com
(800) 309-2110 , ext. 1937

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As a Senior Tax Manager for Unclaimed Property, Gwen oversees the unclaimed property compliance services team.  She and her team manage compliance flows, assist Clients in scoping their unclaimed property footprint, identify potential unclaimed property liability, complete owner notification efforts (informal/formal due diligence), manage owner responses to settlement, prepare unclaimed property reports for both initial and annual filings, and address state inquiries from those reports.  She has a vast knowledge of the mechanics of unclaimed property recognition, due diligence, and reporting processes and procedures. 

Experience
Gwen has over 20 years accounting and indirect tax experience, including unclaimed property, sales/use tax, personal property tax, business licenses, and annual report compliance.  Prior to joining DMA, Gwen served as a Tax Manager for a global leader in eyewear.  In this role, Gwen was responsible for the audit defense of indirect tax audits for multiple legal entities.  She also led the accounting functions of forecasting, accruing, and reconciling various tax liabilities while abiding with GAAP, IFRS, and SOX requirements.    In addition, Gwen served as the primary liaison for various contracted services.   She was tasked with creating the organization’s unclaimed property compliance process, procedures, communications, and structure for multiple affiliated holders and thousands of properties annually. 

Education/Credentials
Gwen holds Bachelor of Arts Degrees in Accounting as well as Business Management from Wilmington College.  She is a Notary Public for the State of Ohio.  Gwen continues to expand her knowledge by attending seminars pertaining to Unclaimed Property and maintains membership in the Unclaimed Property Professionals Organization (UPPO).
 

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About Our Presenter

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DMA, a proudly employee-owned company, has been partnering with many of North America’s largest companies since 1972 to solve their corporate tax challenges. Focusing on six key areas – unclaimed property, property tax, sales/use and commodity tax, state income and franchise tax, tax technology, and crown royalties – DMA professionals assist companies with minimizing their taxes, enhancing the efficiency of their tax administration through industry-leading technology solutions, and managing their compliance obligations.