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Unclaimed Property: The Problem Companies Don’t Know They Have

What is unclaimed property? Companies that don’t know could be putting themselves at risk for costly audits and financial penalties. Danielle Herring, compliance manager for unclaimed property reporting at Sovos, explains what unclaimed property is and how companies should manage it. Sovos: Unclaimed property seems like a misunderstood or maybe completely unfamiliar concept for a […]

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Unclaimed Property Electronic Reporting – Data Protection

In these modern times, security of sensitive data is at the forefront of everyone’s minds. Clients, vendors, and employees should be able to trust that their sensitive data such as social security numbers and account numbers are safe in your hands. You most likely have protocols in place within your company to maintain data security. […]

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Electronic Reporting – Welcoming Unclaimed Property to the 21st Century

Almost every state has moved away from paper reporting in favor of electronic reporting, welcoming the unclaimed property reporting process into the digital age. Many of the slow-moving processes can be easily streamlined and brought up to date with simple, intuitive technology. First, let’s describe the difference between the two types of filings as many […]

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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 17.   Property Types   There are many types […]

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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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Unclaimed Property State Exemptions: Wahoo! Free Money … Right?

Many people hear about the exemptions that states allow for unclaimed property reporting, and they get very excited. Free money, right? What could go wrong? I will share what I know about exemptions and let you decide.   Let’s start with a simple kind of exemption. Some states exempt reporting of gift cards or gift […]

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Unclaimed Property: If You Lose Your Dog, Is It Still Yours?

Of course it is! A lost dog wandering the streets is fairly easy to identify as lost, and his location doesn’t change your ownership. You know that the lost and found box at the front desk is there to reunite you with something you misplaced, but how do you identify what is ‘abandoned’ or ‘unclaimed’ […]

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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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A More Efficient Escheatment Process for Unclaimed Property

Companies are always looking for simplified ways of handling the entire unclaimed property process. As an example, generating reports to be remitted to the state(s) has come a long way in the software vendor world. Electronic reporting can minimize or eliminate manual efforts such as downloading state files to CD’s, printing coversheets, and mailing individual […]

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Unclaimed Property: Are State Exemptions “Free Money?”

Many people hear about state exemptions for unclaimed property reporting, and they get very excited. Free money, what could go wrong? I will share what I know about exemptions and let you decide. Let’s start with a simple kind of exemption. Some states exempt reporting of gift cards or gift certificates that do not have […]

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What Does Delaware’s Unclaimed Property Compliance Review Mean for You?

Part of a 2017 amendment to Delaware’s unclaimed property law has left many people confused. According to Del. Code Ann. tit. 12, § 1170(b), if the state feels that a report is inaccurate or incomplete the company may be selected for a compliance review. There is not a clear definition to which the policy applies in […]

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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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Debunking Unclaimed Property Reporting Notions Part Two

Being Partially Compliant is Better Than Not Being Compliant At All Every single company is required to not only file unclaimed property reports to the state, but also follow the law when it comes to conducting due diligence in attempting to locate lost owners, documenting those attempts, and not reporting the property as unclaimed until the […]

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Debunking Unclaimed Property Reporting Notions

We have found that many companies who think they are in compliance when it comes to unclaimed property laws and regulations are not fully compliant. It isn’t until they are audited and fined that they find out what they determined to be compliance, wasn’t full compliance in the eyes of the law. The following notions […]

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Unclaimed Property Reporting – File Accurately, Not Reciprocally

Preparing and filing unclaimed property can be a horrifying and confusing task for some individuals. It requires attention to detail with each jurisdiction’s dormancy calculation and reporting requirements. So, is there an easy way to compile and submit all your unclaimed property to only one state for the year? The answer is no.   There is much confusion […]

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Unload Your Unclaimed Property Burden

Let’s face it, most companies have larger things to worry about than the dormancy period of uncashed payroll checks or researching state websites to determine if vendor checks should be escheated this year or next. What was the last activity date again? Yuck! Many of the organizations that have invested in unclaimed property filing software […]

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How Unclaimed Property Could Be Costing your Company Big $$$

If you or your department is responsible for the management and/or reporting of unclaimed property to the state, then I feel your pain. It’s a necessary and sometimes daunting task.  Compliance is extremely important, but let’s face it….how much time are you currently spending on managing the entire unclaimed property reporting process?   If you’re […]

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