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Top Tips for Unclaimed Property Audits

By: Laurie Andrews and Paola Narez  Picture this: you just completed a risk assessment on your unclaimed property processes, and you feel like you have this whole unclaimed property thing figured out. You enhanced your systems to make sure you are reviewing every property type and analyzing it the right way, but you have discovered a […]

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Crypto Tax & Unclaimed Property Compliance – A Year-Round Approach

This quarterly blog series focuses on tax information reporting (TIR) and unclaimed property (UP) issues impacting businesses facilitating transactions involving digital assets. Each quarter, Sovos experts will provide updates and reminders on tax and UP issues in advance of the next quarter – to help you have a line of sight into what to expect […]

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Tax and Unclaimed Property for Mergers and Acquisitions

Mergers and acquisitions (M&A) have always been inherent in the financial institution landscape but have recently increased at an unprecedented pace. A recent Fortune.com article indicated a whopping $2.4 trillion in M&A deals in 2021, up 158% from last year. In February 2022, the FDIC prioritized policy updates to the 25-year-old Bank Merger Act in […]

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Unclaimed Property: How to Stay Ahead of Compliance Challenges

Did you know that approximately one in 10 people have unclaimed property (UP) in their name? Research conducted by Sovos found that there is upwards of $77 billion in UP assets currently in the United States. As states crack down to close the estimated $600 billion tax gap, UP is a prime target for states […]

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The Latest RUUPA Updates

On July 13, 2016 the Uniform Law Commission (ULC) approved its drafting committee’s final draft of the Revised Uniform Unclaimed Property Act (RUUPA). The approved RUUPA is now considered the latest version of a model law that will serve as reference for state legislatures in modifying and enhancing current state unclaimed property statutes. The introduction […]

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West Virginia Unclaimed Property Law Enacted

West Virginia’s governor signed WV HB 4511 into law on March 28, 2022. The newly enacted law includes significant changes to West Virginia’s unclaimed property. The provisions of this bill will become effective June 10, 2022, which is 90 days after its passage by the legislature. The changes are as follows: Electronic Mail: The definition […]

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Crypto Tax & Unclaimed Property Compliance – A Year-Round Approach

Despite the reputation of being a “once a year” thing, tax information reporting and withholding is a year-round organizational compliance process.  Add unclaimed property (UP) obligations to the monthly to-do list, and businesses have a lot of compliance obligations to prepare for – all throughout the year. This quarterly blog series will focus on tax […]

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California Introduces Unclaimed Property VDA Program

On February 16, 2022, California introduced AB 2280, allowing the California Controller to establish a California Voluntary Compliance Program (VDA Program). This is a significant development as California has long declined to provide a formal or informal unclaimed property voluntary disclosure agreement (VDA) program, despite automatically assessing 12% interest on late reported property. In the […]

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Insights on Developing State Compliance Efforts

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 […]

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Cryptocurrency is Subject to Unclaimed Property Too?

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 […]

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Delaware Unclaimed Property VDA Notices

Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to participate in the Delaware VDA program around February 21, 2022 and July 22, 2022.  If a company is interested in participating in the VDA, they must complete the VDA-1 application and email it to the DE SOS before the deadline.  If […]

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Healthcare Organizations and Unclaimed Property

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 […]

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Common Unclaimed Property Questions and Answers

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 […]

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Industry Spotlight: Financial Institutions

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 […]

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Securities Audit – What Holders Need to Know

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 […]

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Unclaimed Property Reporting Season Review

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 on your recent filing season using the below […]

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Texas House Bill 1514

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 […]

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Fall Reporting: The Unclaimed Property Busy Season

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 […]

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