Blog

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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More
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. […]

Read More
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 […]

Read More
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 […]

Read More
Benefit Your Business Through Due Diligence

Due Diligence is the act of sending letters to lost owners or publishing their names in newspapers. Almost every state and every jurisdiction within a state requires companies to perform due diligence. Benefits Due diligence not only benefits owners of unclaimed property, it can also benefit your business. Many of your lost owners are customers […]

Read More
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. […]

Read More
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 […]

Read More
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 […]

Read More
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’ […]

Read More
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 […]

Read More
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 […]

Read More
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 […]

Read More