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Unclaimed Property Dormancy Periods by State: What You Need to Know

Understanding unclaimed property dormancy periods by state and executing the appropriate decisions can make or break your company’s unclaimed property program. This is due primarily to the fact that each state has varying dormancy periods. To complicate matters even further, each state has specific dormancy periods for each corresponding property type. As a result, determining […]

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Sovos Buys Keane’s Unclaimed Property Consulting Services & Software as States Accelerate Audits

Last week, Sovos purchased the unclaimed property consulting services and reporting technology of Keane. This acquisition boosts our SaaS and services offerings for unclaimed property compliance — just as states are hungry for revenue streams to offset their budgetary gaps. This is a critical time for insurers, financial institutions and other companies facing compliance regulations […]

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The Top 5 Ways to Stay Ahead of Unclaimed Property

Unclaimed property compliance is a year-round job. Preparations must be made monthly in order to stay compliant. Below are the top 5 ways you can stay ahead of your unclaimed property obligations, before they turn into penalties. 1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in […]

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The Danger of Unclaimed Property for Healthcare Providers

Healthcare providers build up patient credit balances from collecting more coinsurance, copays, and deductibles than they earn. Unfortunately, because the fees are unearned, the healthcare provider has inadvertently accepted fiduciary responsibility for the funds. In addition to safeguarding the funds from potential loss, the healthcare provider is now facing penalties and interest from the states […]

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The Top 4 Benefits of a Cloud-based Unclaimed Property Solution

According to Forrester Research, 65 percent of North American enterprises relied on public cloud platforms in 2019. This is five times the percentage that used cloud platforms 6 years ago. Leading businesses are flocking to cloud solutions because of the numerous benefits they provide. Below are the top 4 benefits of using a cloud-based unclaimed […]

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How to Prevent a Delaware Unclaimed Property Audit

Did your business receive a letter from the Delaware Secretary of State (SOS) Office? On February 20th, the Delaware SOS office sent “over 100 letters to various companies…that have been identified as likely being out of compliance with Delaware law, 12 Del. C. ch. 11, as it relates to reporting dormant, abandoned, or unclaimed property.” […]

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Your Guide to Posting Unclaimed Property Advertisements in New York

Not all states have the same requirements for completing an unclaimed property state report. The state of New York requires that certain companies publish unclaimed property information in newspapers in the form of advertisements. It is important to note the advertising does not replace the need to send due diligence letters. Both advertising and due […]

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Three Best Practices for Unclaimed Property Record Retention

Unclaimed property retention requirements vary based on each state’s rules and regulations. Depending upon the property type and state, record retention periods can take up to 10 years, not including the dormancy period. This means you could retain records for up to 20 years. To successfully keep track of all these records and avoid an […]

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Navigate California’s Unclaimed Property Reporting Cycle in 4 Simple Steps

It has been several years since California changed its unclaimed property reporting process, yet many holders are still unsure how to remain compliant. This is because California’s reporting cycle includes two different reports. Below are the steps to submitting those reports and remaining compliant in California: Step 1: Holder Notice Report The first report is […]

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The Top Five Most Common Unclaimed Property Compliance Mistakes

Full compliance when it comes to unclaimed property requirements can be difficult to determine. For many businesses, it isn’t until they are audited and fined that they find out they made a mistake. Below are the most common mistakes businesses make when complying with unclaimed property requirements. 1. Reporting is mandatory Reporting unclaimed property is […]

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Unclaimed Property: “Good Escheat” Ingredients

Nice job on getting your fall filing done! You deserve a reward! Take the rest of the day off and make yourself a drink I like to call ‘Good Escheat.’ 1-part orange pop, 1-part lemonade, 1-part rainbow sherbet. Mix it together and enjoy! And remember, just as it takes multiple different items that alone might […]

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States Crack Down on Unclaimed Property

Recently, a landmark ruling in New York shed light on a nationwide trend in the world of unclaimed property compliance. State governments across the U.S. and Canada are cracking down on businesses that fail to report their unclaimed property accurately and on time. And, as proven by the case in New York, no business, no […]

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Whose Responsibility Is It to Report Unclaimed Property?

Unclaimed property results from the everyday functions of a company’s operations. As state budget deficits continue to grow, companies should expect unclaimed property compliance and related audits to continue and possibly increase. So, who is responsible for handling the process of Unclaimed Property management and escheatment to the state and keeping their company compliant? Tax […]

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Unclaimed Property Reporting: Well Begun Is Half Done!

If you have ever had a child wait until the night before an assignment is due to ask for help, or had a client push a deadline as far back as possible to start, you know the frustration of rushed and ineffective project completion. With your unclaimed property reporting process, you can reduce this last-minute […]

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Are You Considering Outsourcing Your Unclaimed Property Processes?

Managing an organization’s unclaimed property can be a full-time job. With the complexities of regulatory requirements, the numerous due diligence and dormancy tracking rules by property type and state, along with due diligence requirements, also varying by state, record retention needs in case of an audit, as well as reporting to multiple states, the process […]

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Unclaimed Property Penalties

“We have less than $1,000 to submit, we’ll just do it ourselves.” Does this thought process sound familiar? The thought is if it’s a small amount, it doesn’t matter nearly as much. It’s totally understandable for one to think along these lines. Unfortunately, the states may disagree with you. Regardless of the dollar amount or […]

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Unclaimed Property Alberta Filing Information

Many companies ask me about filing to Alberta. There is some confusion about which companies really need to file to Alberta. If your company is located or has a branch in Alberta you should file with them. If you are a company incorporated or domiciled in the United States, Canadian property records should be treated like […]

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Unclaimed Property: What Are Relationship Codes?

We get this question almost every day through our support line. Nearly every state requires relationship code values on the records you are reporting. I’ll explain what they are, how to find them, and how to use them. NAUPA has a list of standard relationship code values. They can be found here on page 23. States have […]

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