UPExpress, the free tool for companies to eFile unclaimed property reports directly to participating states, was discontinued at the end of 2020 because the current file formats no longer aligned with many of the state’s newly implemented technologies.
You can still eFile unclaimed property reports to states that accept online reporting. However, if you plan on eFiling on your own, that means filing each state’s reports one at a time on their individual websites. Sovos has put together an interactive map of unclaimed property laws by state to help clarify each states’ rules and regulations.
If you don’t want to take on individual state reporting yourself, the best option is to find an unclaimed property reporting software provider. When choosing, make sure to ask the following questions:
- Do they have a process to remit reports to all applicable states and jurisdictions?
- Do they have access to incoming mail and due diligence responses, as access to most office buildings remains limited?
- Do they have secure file transport systems in place for customers? And for reporting to the states?
- Do they have mass printing and mailing capabilities for due diligence letters? Are you able to customize them?
- Do they have mass scanning capabilities to receive due diligence responses?
- Do they have systems in place for you to track each step of the process?
- Do they offer eFile capabilities to participating states?
- How do they stay on top of state regulatory changes? How do they implement these changes into their software or services?
- Do they have postal address verification measures in place?
- Do they provide a full audit trail?
Learn how Sovos, the creators of UPExpress, can help you with all of your unclaimed property management, due diligence and reporting needs in one end-to-end solution.
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