Blog

What are RUUPA’s Pre-Presumption Outreach Requirements?

Managing compliance with unclaimed property has become challenging due to the constantly changing legislative environment. A recent obligation gaining traction among states, which companies must be mindful of, is the requirement to conduct outreach to owners before their property is considered abandoned. This obligation, referred to as “pre-presumption outreach,” stems from the enactment of the […]

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Consequences of Non-Compliance with Unclaimed Property Laws

Building and maintaining a program to ensure compliance with the ever-changing unclaimed property laws is challenging, costly and time consuming. As a result, many companies put off or delay coming into compliance or do not put enough resources into creating a robust program. Those delays, erratic reporting and even ignorance that unclaimed property laws exist […]

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5 Things to Expect at the 2024 UPPO Annual Conference

The unclaimed property (UP) community will convene in Las Vegas starting Sunday, March 10 for the 2024 Unclaimed Property Professionals Organization (UPPO) Annual Conference. Running until Wednesday, March 13, approximately 600 people will descend upon the Planet Hollywood hotel for three and a half days of learning, networking and sharing of ideas. According to UPPO, […]

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Delaware Announces 2024 VDA Invitation Dates

Delaware’s Secretary of State (SOS) recently advised that they plan to send invitations to companies to participate in the Delaware Voluntary Disclosure Agreement (VDA) program on February 23, 2024, and July 26, 2024. In the event that a company receives an invitation to participate in the VDA program and is interested in taking advantage of […]

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You Received a Revised Delaware Verified Report Request – What Now?

November 2023 saw a sharp increase in the number of Notices Requesting Verified Reports for Report Year 2022 being issued by Delaware. After further research, Sovos learned that Delaware recently contracted four third-party audit firms (Kelmar, Specialty Audit Services, Discovery Audit Services, and Escheatment Experts Consulting Services) to perform the review functions related to the […]

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A Look Back at Fall Unclaimed Property Reporting

Another October unclaimed property filing season is now over for both clients and Sovos. Overall, 70% of reports filed by Sovos on behalf of our clients occur for states with deadlines on October 31 and November 1. The last 60 days of the filing period require significant coordination between our clients and Sovos. Many tasks, […]

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Nevada Enacts Some Unwelcome Changes to Unclaimed Property Law

For the third time in four years, Nevada has amended its unclaimed property law. Indeed, Assembly Bill 55 was enacted in Nevada on June 2, 2023, and became effective July 1, 2023. The new law impacts the analysis of when certain property types are presumed abandoned. Further, a new certified mailing requirement is added for […]

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New York Requests Delay in Reporting Unclaimed Virtual Currency

In an interesting development, New York has requested that companies hold off on reporting unclaimed virtual currency this year. This news comes in the wake of a newly enacted law requiring holders to report and remit unclaimed virtual currency owned by New York residents. Virtual currency is the latest property type to become a target of […]

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Top 5 Things to Consider Heading into Fall UP Filings

It’s that time of year when we all begin focusing on fall unclaimed property (UP) filings. For anyone who has experience with UP filings, you have all had to cope with change during a filing season. The catalyst to change can appear in many forms, such as statutory changes to dormancy or filing dates, a […]

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Are Rebates, Refunds and Incentives Considered Unclaimed Property?

In the world of unclaimed property, there tend to be more questions than answers with certain property types and what should be considered reportable to the states. High on that list are rebates, refunds and incentives. While efforts have been made to help clear the fog, questions still abound as companies seek to improve customer […]

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How to Prevent Unclaimed Property Fraud

Unclaimed property is ripe for potential fraud due to the nature of the property – after all, it is either lost or abandoned and nobody will know that it is missing. Unclaimed property fraud can occur at both the holder and state levels. It can be perpetrated internally by employees or externally by people posing as […]

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How to Set Up a Successful Unclaimed Property Program

Unclaimed property compliance can be difficult and overwhelming. Clients often ask what they should be doing to ensure they are compliant with the various laws and regulations. It isn’t easy, especially if you have multiple property types such as checks, credits or customer accounts that have the potential to become unclaimed property in multiple states. […]

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Breaking Down the California Unclaimed Property Reporting Process

The chorus to “California, Here I come,” a popular showtune from the Great American Songbook, starts with the lyrics, “California Here I come, right back where I started from.” For holders trying to stay on top of their California unclaimed property reports, it sometimes feels like a piece of musical déjà vu. Wait, didn’t we […]

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Common Unclaimed Property Issues for Small Businesses

Oftentimes, small companies hold unclaimed property without realizing it, mistakenly assuming only mid-sized and large companies have the potential to generate it. In fact, many are not aware that such liabilities even exist. If small businesses do have some awareness, they do not fully understand the numerous responsibilities concerning unclaimed property and the consequences for […]

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What are Top Overlooked Sources of Unclaimed Property Exposure?

When most businesses think of unclaimed property, they likely consider outstanding checks issued from primary operating accounts, overlooking other sources that may hold potential exposure. Failure to recognize these exposures could result in significant interest and penalty assessments once discovered. Some of the most overlooked sources of potential unclaimed property include the following: Voided checks […]

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Unclaimed Property 101: Understanding the Basics

Unclaimed property is generally defined as a fixed and certain interest in intangible property that is held, issued or owed in the course of a holder’s business that has gone unclaimed for a specific period of time (the dormancy period) by the rightful owner. At its most basic level, unclaimed property laws are intended to […]

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California Begins Voluntary Compliance Program Rollout

The California Voluntary Compliance Program (VCP) is now available, according to an announcement from the California State Controller. For the first time, we are hearing from the State Controller’s Office (SCO) regarding the VCP authorized by the California legislature in September 2022. The announcement on the SCO’s website provides guidance concerning the upcoming program and […]

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How to Prepare for the Pending California Voluntary Compliance Program

In our recent blog, “California – One Step Closer to a Voluntary Disclosure Program,” Freda Pepper outlined everything we currently know about the program, including who will be eligible to participate, a requirement to complete an education program, timeline requirements and, most importantly, the benefits related to completing the program. While there’s a lot that […]

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