Blog

Negative Reporting – What If I Have No Records to Report?

If you have no new unclaimed property records for a particular state this filing year, does that mean you are off the hook? Well, not necessarily.   Most states want you to file with them each year. If you’ve reported in the past, they want to hear from you even in the years when you […]

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To Aggregate or Not to Aggregate – There Is No Question – Not

Article written By Bill Dadmun, Records and Receipts Manager, State of Virginia   How many of you use the aggregate function when reporting?  Does it make your life easier?  Listen to this scenario and tell me if it sounds familiar.   You get a call from someone that is due $49.95 from a credit balance.  […]

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Reciprocal Filing – Why You Should Proceed with Extreme Caution

This isn’t the first time I’ve blogged about the dangers of reciprocal filing, but I feel like it is a topic worth covering again for those who may have missed it. Reciprocal or exchange filing means reporting records to a state even though the last known addresses for the records are not in that state. […]

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Demystifying Codes for Unclaimed Property Compliance

Have you ever been confused about which property code to use for a certain type of property? We have all been there. NAUPA, the National Association of Unclaimed Property Administrators, has a list of standard codes that you can view here starting at the bottom of page 23.   Each code is made up of two alpha […]

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Due Diligence – The Way to Customers’ and States’ Hearts

Due Diligence is the act of sending out letters to your lost owners or publishing their names in newspapers.  Almost every jurisdiction has laws that require companies to perform due diligence. The most common requirement is to send letters 120 days to 60 days before your filing is due. You’ll definitely want to meet each […]

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What Could a Yield Curve Inversion Mean for IRS Tax Reporting Enforcement?

With unemployment low and productivity high, the US economy appears to be steaming along. But one key metric suggests otherwise: the yield curve is inverted, historically a sign that a recession is on the way. A downturn in the economy could have a major impact on how the IRS enforces tax reporting compliance.  A yield […]

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The Rising Tide of Digital Tax: Are You Surfer or Shark Bait?

Anyone familiar with the Discovery Channel’s Shark Week and the portrayal of hungry sharks setting their sights on surfers may be surprised to learn that tax and IT professionals may be feeling every bit as wary as those surfers as they enter their own version of shark-infested waters. The reason: IT and tax pros are […]

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Why Your Company Needs a Reporting Manual for Unclaimed Property

Many times in my twelve years of providing customer support, I’ve heard, “This is my first time reporting and I don’t know what to do. Can you help me?” My heart goes out to those people because I know how daunting it can be to figure out how to get a report to the state. […]

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5 Best Practices for Unclaimed Property Reporting

Finding the best way to manage unclaimed property risk is very challenging, especially if you are filing for the first time and not under state audit. If you find your company is in an initial compliance situation you need to immediately initiate an outreach program and make every effort to contact the owners of the […]

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Moving the Goalposts or Tweaking the Boundaries? Recent Updates to Intrastat Reporting

For those currently in the midst of preparing monthly Intrastat returns, the recent increase in reporting thresholds by a number of countries across the European Union (EU) will be of limited comfort. For those companies where the volume of goods being moved between EU countries are close to the current reporting thresholds however, the updates […]

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Understanding Data Storage Requirements for E-Receipts in Italy

Introduced on 1 January this year, the Italian e-invoicing mandate and the strict archiving requirements for fiscal documents are well known by companies with business in the Apennine Peninsula. While some retailers are exempt from the e-invoicing mandate in the country, they must still comply with different auxiliary obligations.  This includes transmission of the data […]

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Insurtech Companies: Are you up to Speed with IPT compliance?

Slowly but surely, so-called insurtech companies are increasing their share of the insurance market. After a record year in 2018 that saw USD 4.15 billion invested into insurtech companies, 2019 is likely to surpass this achievement with USD 1.42 billion already invested during the first quarter. While official announcements of partnerships with long lasting classic […]

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How do Insurers Apportion Premiums When the Risks are Unknown?

Global insurance programmes will cover risks in multiple jurisdictions throughout the world and allocating the premium between all these jurisdictions can be a major challenge for insurers.  It gets even more complicated when the risks of that particular programme are unknown at the time of contract inception. Bon voyage This could be, for example, where […]

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Greece e-Reporting Scheme Takes Shape Under Newly Elected Government

Last month, we made some predictions on how the outcome of the recent elections would impact the agenda of the Independent Authority of Public Revenues (IAPR) on the envisaged e-invoicing and e-reporting reform. It looks as if the newly elected government is fully in-line with the IAPR agenda to implement e-reporting and bookkeeping (mandatory e-invoicing […]

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Sovos Closes Foriba Acquisition, Advancing Mission to Solve Tax for Good™

Sovos officially closed the acquisition of Istanbul-based Foriba. This acquisition represents another significant milestone in our mission and makes it easier for businesses to overcome one of the greatest challenges they face: the digital transformation of tax. Across the globe, governments are mandating their own digital transformation, giving businesses two choices. The first is to […]

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IRS Warns Investors about Crypto Taxes without Releasing Guidance

The IRS sent letters to more than 10,000 cryptocurrency holders last week, educating them about their income tax obligations associated with cryptocurrency transactions. The IRS also included information in that correspondence about applicable penalties for taxpayers who fail to report income and pay crypto taxes.  The agency sent three letters to taxpayers: Letter 6173 https://www.irs.gov/pub/notices/letter_6173.pdf […]

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IRS to Issue Penalties for Backup Withholding Failures

At the Nationwide Tax Forums in Chicago last week, the IRS communicated details about the first wave of backup withholding penalty notices that payers should expect to receive in September and October.  These new penalty notices are related to the enforcement campaign that kicked off from the IRS Cincinnati office in July. Background The IRS […]

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Gift Cards: The Gift That May Keep Giving … Back to the States

Are unclaimed gift cards reportable as unclaimed property? It all depends. A recent ruling favoring the state of Delaware against an online retailer brought escheatment of unclaimed gift cards into the spotlight. Unclaimed property is escheated to the state of the property owner’s last known address, but challenges arise with gift cards due to lack […]

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