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As unclaimed property regulations continue to change and the methods that states implement to engage holders evolve, it is important for holders to gain from the lessons learned and make adjustments to remain compliant and effectively manage unclaimed property liabilities. The following information captures just a few of the insights and lessons Sovos learned throughout […]
It seems like you can’t go a day without hearing something about cryptocurrency or the associated terms like virtual currencies, bitcoin and fiat currencies. Since the release of Bitcoin in 2009, thousands of cryptocurrencies have emerged, with Ethereum being another prominent name. The current cryptocurrency market is estimated to be worth more than $3 trillion […]
This blog was updated on January 10, 2023 Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to participate in the Delaware VDA program around February 24, 2023 and July 14, 2023. If a company receives an invitation to participate in the Delaware VDA 2023 program and is interested in taking […]
Every industry has its own set of unique issues relating to unclaimed property and organizations related to healthcare are no exception. Unclaimed property compliance for healthcare companies generally falls under two categories: general ledger types of unclaimed property resulting from corporate operations such as vendor payables or payroll and unclaimed property in the form of […]
Over the years, we have hosted numerous webinars and events around unclaimed property. Throughout these events, we’ve received many excellent questions from attendees. We combed through and provided some of the most frequently asked questions and their answers from our unclaimed property experts. Due Diligence If we have property where due diligence needs to be […]
The last time I wrote to you about recent trends with unclaimed property and financial institutions, I talked about the increased audit activities and unique challenges that financial institutions face. Read the April 2021 article here. Regardless of your industry, I am sure you have heard the Consulting Team at Sovos share just how important […]
What is an unclaimed property securities audit? It is an audit of the holder’s equity positions (i.e., common stock) held by the shareholders of a publicly held company. These positions are recorded in an account specific to each shareholder. The accounts are generally administered by the holder’s transfer agent. These accounts include the number of […]
This blog was updated on November 8, 2022. Congratulations, you made it through the busy October unclaimed property reporting season. Now what? Sure, you may like to forget about unclaimed property until the next reporting season comes along but that isn’t the best practice as unclaimed property compliance is a year-round job. Perform a review […]
Texas has been quite active in amending its unclaimed property statute. Not long ago, it enacted Texas House Bill 3598 (HB 3598), which amended the manner in which holders report property to the state. Additional revisions were recently made to the statute, focusing on a number of other subjects in Texas House Bill 1514. Texas […]
The unclaimed property filing season is broken down into three major categories: Analysis, Due Diligence and Final Reports. The cut-off date for the “Fall” filing season is June 30, the analysis is typically performed during July and diligence mailings are executed by August 31. Due diligence mailing requirements allow 30 days for a recipient to […]
Sovos’ consultants have noticed a growing trend in 2021 as states across the country increase their unclaimed property pre-audit activity or voluntary compliance programs. Due to the negative economic impact resulting from COVID-19, Sovos’ consulting, reporting and regulatory teams have been preparing for increased unclaimed property compliance enforcement efforts to shore up struggling state budgets. […]
Unclaimed property due dates are spread across the calendar year and differ by state and holder/company type. Complicating matters even further, each state’s own unclaimed property rules and regulations are updated frequently. We’ve gathered state-specific information on unclaimed property due dates to help you stay on top of this changing information. The Sovos regulatory analysis […]
If you are currently enrolled in Delaware’s voluntary disclosure agreement (VDA) program, it is very important to provide periodic updates to the VDA administrator contact assigned to you – either Faegre Drinker Biddle & Reath LLP or TL2Q, LLC.. All correspondence from the state or it’s administrators should be treated seriously and responded to in […]
As offices around the world begin to reopen after nearly 18 months of employees working from home, many buildings aren’t as full as they used to be. In fact, 2.7% of the workforce quit their jobs in June 2021 alone. This is caused in large part by what many are calling the “Great Resignation.” Finance […]
The State of Delaware Department of Finance sent out letters to Holders requesting verification of annual unclaimed property reports for property presumed abandoned as of December 31, 2020. These Delaware reporting verification letters are targeted to holders that previously reported unclaimed property to Delaware but did not submit a 2020 report, which was due on […]
So, who wants to read another article about unclaimed property audits and how burdensome they are? I mean sure, most of you have either heard, read about, or experienced firsthand how difficult the examinations are to navigate and how long they can be, but rarely do we hear any good news when it comes to […]
In my previous two unclaimed property and cryptocurrency blogs posts titled, “Regulation and the Impact on Digital Assets” and “Due Diligence Requirements and Compliance,” we explored the impact of unclaimed property regulations in the virtual currency world and the what, why, when and how of due diligence compliance. Now that you have completed your due […]
Reciprocity in unclaimed property: why refrain from the practice of reciprocity when it seems so simple? Reciprocity or reciprocal filing came about in 1954 to keep holders from duplicate reporting liability. In other words, if a holder reported unclaimed property to one state (state A for example) and another state (state B) had a better […]