Unclaimed Property – Compliance Updates

Companies in many industries have long been the targets of involuntary multi-state unclaimed property audits, the primary enforcement tool used by many states to ensure compliance with the reporting requirements. Recent trends, however, show a movement toward a more targeted approach to holder outreach, with a wide variety of non-uniform, single state initiatives being launched across many states. These programs suggest a potentially more collaborative approach to resolving past compliance issues, while at the same time presenting holders with administrative and operational issues that can’t be ignored. This discussion will review how enforcement and compliance tactics continue to evolve across the unclaimed property landscape.

Jim Sadik
Principal – Specialty Tax & Unclaimed Property, Baker Tilly US

James A. Sadik is Principal of Specialty Tax & Unclaimed Property at Baker Tilly US. Jim has 35 years of experience in all aspects of unclaimed property including the conducting of large-scale general ledger multi-state audits, voluntary unclaimed securities compliance and reporting, and audit defense. Jim currently specializes in the defense of publicly traded companies that are subject to multi-state unclaimed securities audits, audit defense of registered broker/dealers and banks, along with representing holders in a variety of industries including life and property/casualty insurance, retail, manufacturing, and energy exploration.

Grace Chlosta
Content Manager, IOFM

Grace Chlosta joined the Institute of Finance & Management (IOFM) in 2022 in a new role for the team as the Content Manager. She is responsible for the planning, organization, development, and implementation of all the content for IOFM’s digital products and (virtual and in-person) events. Grace is committed to ensuring that IOFM’s content stays timely, relevant, and actionable for all financial operations professionals, and works closely with a team of content developers, industry leaders, and subject matter experts, to guarantee this happens.