Unclaimed Property
What is the Unclaimed Property Compliance Hub?
States continue to enforce unclaimed property (UP) compliance. UP is broadly defined as any property held by companies in which the owner is lost and/or
Category: UP Compliance
Unclaimed Property
Increase in Unclaimed Property Pre-Audit Activity
Sovos’ consultants have noticed a growing trend in 2021 as states across the country increase their unclaimed property pre-audit activity or voluntary compliance programs. Due
Unclaimed Property
Unclaimed Property Due Dates by State
Unclaimed property due dates are spread across the calendar year and differ by state and holder/company type. Complicating matters even further, each state’s own unclaimed
Unclaimed Property
6 Key Ways to Maintain VDA Administrator Contact
If you are currently enrolled in Delaware’s voluntary disclosure agreement (VDA) program, it is very important to provide periodic updates to the VDA administrator contact
Unclaimed Property
Delaware Reporting Verification Letters
The State of Delaware Department of Finance sent out letters to Holders requesting verification of annual unclaimed property reports for property presumed abandoned as of
Unclaimed Property
Reciprocity in Unclaimed Property
Reciprocity in unclaimed property: why refrain from the practice of reciprocity when it seems so simple? Reciprocity or reciprocal filing came about in 1954 to
Unclaimed Property
Recent Developments Impacting the Delaware Unclaimed Property VDA
60-Day Response Period Extended for February VDA Recipients The deadline to respond to Delaware unclaimed property VDA invitations mailed in February 2021 was extended to
Unclaimed Property
Alaska Unclaimed Property Notices
The Alaska Department of Revenue is sending out notices alerting holders of their obligations to file unclaimed property reports to the state in accordance with
Unclaimed Property
General Ledger Unclaimed Property
General ledger is an area all companies, regardless of industry, should monitor for unclaimed property compliance. In this section, general ledger refers to unclaimed property
Cryptocurrency
Unclaimed Property and Cryptocurrency: Regulation and the Impact on Digital Assets
For the past 70 years, unclaimed property reporting requirements have been challenging for US businesses. Understanding the nuances of individual state statutes and how to
Unclaimed Property
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
Tax Compliance
Act Now: Temporary Extension to Enroll in the Delaware VDA Program
Did your company receive an invitation in February 2020 to join the Delaware Voluntary Disclosure Agreement Program (SOS VDA Program)? If so, you have extra
Unclaimed Property
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
Tax Compliance
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
Unclaimed Property
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
Tax Compliance
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
Unclaimed Property
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
Due Diligence
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