Our Client’s Need A manufacturer of precast concrete products was in negotiations with a buyer. The buyer’s due diligence uncovered unclaimed property as a potential area of liability. Like most companies, the concrete manufacturer was unaware of its unclaimed property and how it would be a material weakness. In some cases, when the unclaimed property exposure is large enough, the buyer will walk away. Baker Tilly’s Solution The manufacturer engaged Baker Tilly in an unclaimed property review. Our unclaimed property practice professionals identified any potential unclaimed property exposure and worked with our client to remediate uncashed checks and credit memos. Baker Tilly then analyzed all relevant unclaimed property laws, including business-to-business exemptions. Finally, our team drafted a comprehensive memo to document the review process, remediation efforts and relevant law. Baker Tilly quantified the client’s exposure, met with the buyer to answer any questions and made recommendations on how to further reduce exposure through voluntary disclosure agreements. Results Baker Tilly reduced the buyer’s originally proposed exposure by more than 75 percent. Most importantly, our professionals helped ensure that unclaimed property was not a major issue in the sale. For more information on this topic, or to learn how Baker Tilly tax specialists can help, contact our team.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely.  The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.

Unclaimed Property

State & Local Tax

Tax Advocacy & Controversy Services

Voluntary Disclosure & Remediation 

Concrete maker doesn’t let unclaimed property sink deal

When a concrete product manufacturer discovered its unclaimed property could be a problem to a potential buyer, it hired Baker Tilly to help reduce its exposure and cast itself in a better light.

No matter how complex your business’s operations may be, our dedicated voluntary disclosure specialists will help you take a proactive approach to detecting and managing historical compliance risks specific to your circumstances.

Our engagements include detailed analyses of our clients’ operations and activities to identify and calculate potential areas of exposure. We will assist your business in leveraging voluntary disclosure programs applicable in your jurisdiction. Our professionals have the knowledge and experience to reduce additional costs associated with remediating outstanding tax exposure to reduce the overall impact on your business.

Analysis of client activities and operations

Identification and quantification of historical exposure

Review of audit history, accruals, potential credits

Baker Tilly’s full suite of voluntary disclosure and remediation services include:

Our voluntary disclosure specialists work with your business to develop and pursue remediation strategies to accurately identify exposure and reduce compliance costs.

Jeffrey Davis is a tax principal in our state and local income tax group, a practice within Baker Tilly’s specialty tax team. 

Donna Scaffidi is a tax principal and the practice leader of state and local tax (SALT) services, a practice within Baker Tilly’s specialty tax team. 

Contributing to clients’ success by accelerating tax deductions, increasing tax credits, reducing cash taxes and mitigating risks

Baker Tilly’s tax team contributes to clients’ success by accelerating tax deductions, increasing tax credits, reducing cash taxes and mitigating risks.

Our state and local tax services professionals offer specialized expertise to help businesses and individuals understand increasingly complex state and local tax rules.

Our state and local tax team members understand the difficulty of doing business in multiple jurisdictions with varying tax laws, which is why they make it their business to know them for you.

We help you reduce overall property tax costs by assisting with all aspects of property tax planning and compliance.

Our state and local property tax professionals will help you reduce property tax costs by working with you through all aspects of related tax planning and compliance.

We provide clients with multistate operations customized options to manage their sales and use tax risks and minimize exposure.

Baker Tilly's state and local tax team provides clients with multistate operations customized options to manage their sales and use tax risks and minimize exposure.

We provide advocacy and operational solutions to managing and minimizing all areas of risk associated with unclaimed property compliance.

Baker Tilly provides advocacy and operational solutions to managing and minimizing all areas of regulatory risk associated with unclaimed property.

Voluntary Disclosure & Remediation

Concrete maker doesn’t let unclaimed property sink deal

Tax

State & Local Tax

Income & Franchise Tax

Property Tax

Sales & Use Tax

Unclaimed Property

Jeffrey Davis

Donna Scaffidi

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Concrete maker doesn’t let unclaimed property sink deal

Baker Tilly’s full suite of voluntary disclosure and remediation services include:

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