Tax & Accounting Blog

Thomson Reuters Expands Its Unclaimed Property Services with New Asset Recovery Solution

Blog, ONESOURCE June 14, 2011

Referral relationship with Locator Services Group Ltd. (“TLSG”) enhances Thomson Reuters clients’ revenue, cash flow and sustainability

Thomson Reuters announces it is working with The Locator Services Group Ltd. (“TLSG”) to further expand its unclaimed property offerings and to assist its clients in recovering millions of dollars in unclaimed assets.

“In recent years, unclaimed property has been used as an additional avenue for states to shore up their deficits without raising taxes,” said Mark A. Paolillo, Vice President of Unclaimed Property for the Tax & Accounting business of Thomson Reuters. “To that end, we are developing relationships with complementary service providers like TLSG to help our clients offset their cost of complying with increasingly complex and enforced unclaimed property laws.”

TLSG is a recognized leader specializing in unclaimed asset recovery and is a primary industry referral for corporate asset recovery services. TLSG specializes in the identification and recovery of unclaimed property for Fortune 500 companies.  With more than 16 years’ experience in unclaimed asset recovery, TLSG has an A+ rating with the Better Business Bureau and this year received a Past Performance Rating of 96 out of 100 by Dun & Bradstreet, reflecting TLSG’s client satisfaction and overall performance. TLSG is also a certified Women’s Business Enterprise (“WBE”).

Utilizing state of the art technology, TLSG endeavors to provide the greatest net recovery to its clients and to expedite the payment of their unclaimed assets, while simultaneously minimizing the expenditure of their clients’ internal and external resources. For more information about TLSG, visit http://tlsgltd.com/.

“TLSG has achieved great success in our affiliations with other premier service providers and we look forward to working with Thomson Reuters,” commented Kim Sawyer, President and General Counsel at TLSG.

Under the terms of the relationship, Thomson Reuters will offer clients TLSG’s corporate asset recovery services to identify and recover unclaimed property as part of its full-service unclaimed property consulting, reporting and compliance services.

Unlike a tax, there is generally no “statute of limitations” and nexus rules do not apply when states perform abandoned property audits. Unclaimed property, pursuant to priority rules prescribed by the U.S. Supreme Court, reverts to the state of the owner’s last known address or state of incorporation if the address is unknown. Failure to properly comply with these statutes may subject a company to both state and possible federal implications. In addition to potentially facing stiff fines and penalties for non-compliance at the state level, there could also be federal implications for publicly traded corporations for failure to properly address this important compliance requirement as outlined in Sections 404 and 302 of Sarbanes-Oxley.