, , , , , ,

The Top 5 Ways to Stay Ahead of Unclaimed Property

Sovos
April 28, 2020

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 stay ahead of your unclaimed property obligations, before they turn into penalties.

1. Review procedures and document them: A lack of good audit trails and procedure documentation is commonplace in the world of unclaimed property. This adds disorganization to your compliance process and exposes your business to risk.

2. Use an automation tool: If you are trying to manage this manually, consider a web-based automation tool with compliance intelligence and comprehensive audit tracking capabilities. If you already have an automation tool in place, now is a great time to review those areas where manual work is still impacting your ability to effectively and efficiently manage the process. The less manual your process is, the better it is for you and your business.

3. Meet summer compliance deadlines: Several states have reports or due diligence requirements due throughout the summer months. Prepare your business to meet these deadlines.

4. Take inventory of dormant property: So many companies think unclaimed property simply takes the form of uncashed checks. The state statutes are much more comprehensive. Now is a good time to do your homework, review the types of properties that your organization could be holding and make sure you are reporting all property types.

5. Perform a cost benefit analysis: If you are managing this work internally, what is the cost? Would it make sense to consider unclaimed property automation software? Perhaps software could be a cost-effective way to maintain compliance.

Take Action

Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Sovos

Sovos was built to solve the complexities of the digital transformation of tax, with complete, connected offerings for tax determination, continuous transaction controls, tax reporting and more. Sovos customers include half the Fortune 500, as well as businesses of every size operating in more than 70 countries. The company’s SaaS products and proprietary Sovos S1 Platform integrate with a wide variety of business applications and government compliance processes. Sovos has employees throughout the Americas and Europe, and is owned by Hg and TA Associates.
Share This Post

North America Tax Information Reporting
June 7, 2023
4 Ways to Elevate Your Direct State Reporting Process

Direct state reporting obligations have gotten increasingly difficult for some businesses over the past few years. With more states requiring direct reporting of form series 1099, more companies are subject to penalties if they do not comply with those obligations. As state reporting evolves, ensuring your process is efficient is critical. Strengthening your reporting process […]

EMEA VAT & Fiscal Reporting
June 7, 2023
The Value of SAP S/4HANA Add-On Software Certification

Many companies utilise SAP for their tax processes, but limitations in native software functionality add a layer of complexity. Custom coding is often required for businesses to achieve their desired results, producing the need for ongoing customisation and optimisation – this creates a hefty burden for companies, in addition to their tax compliance obligations. SAP-certified […]

North America Sales & Use Tax
June 5, 2023
Sovos Onboarding: 6 Departments Dedicated to Customer Success

If you are evaluating Sovos, we want you to understand expectations for the customer experience and what teams are there to support you. At Sovos, we have a range of teams ready to support you from the day you sign a contract. Whether it be a customer success representative to review the value you are […]

North America Sales & Use Tax
June 1, 2023
3 Things to Remember if You Get a Sales Tax Notice

Have you ever received a sales tax notice from a state department of revenue? Whether you answered yes or no, there are important things to keep top of mind to help keep your business prepared. Finding out that you have failed to comply with one or more of your sales tax obligations can be startling. […]

EMEA VAT & Fiscal Reporting
May 31, 2023
Bizkaia: What is Batuz LROE?

The Ledger of Economic Operations (Libro Registro de Operaciones Económicas), also known as LROE, is a main compliance element of the Batuz tax control system. This system is under implementation in the province of Bizkaia, located in the autonomous Basque community in Spain. Taxpayers under the Batuz mandate must comply with both TicketBAI and LROE […]