Unload Your Unclaimed Property Burden

Danielle Herring
March 1, 2018

This blog was last updated on February 23, 2021

Let’s face it, most companies have larger things to worry about than the dormancy period of uncashed payroll checks or researching state websites to determine if vendor checks should be escheated this year or next. What was the last activity date again? Yuck! Many of the organizations that have invested in unclaimed property filing software aren’t even aware that outsourcing might be an option. Outsourcing your unclaimed property process can be a great service to any company that simply doesn’t have the time to worry about unclaimed property and the many rules and regulations that must be adhered to.
 
Once you have enlisted an organization to complete your unclaimed property processes for you, there should be a series of activities that take place. Ideally, they should host a kick-off call so you can meet the outsourcing team supporting you and they should be easy to get in touch with. Once expectations, communication, and guidelines have been established, the vendor you selected should be able to provide accurate, efficient, and timely report processing. They should handle due diligence, claims processing, the ensuing confusion that recipients tend to have, followed by electronic filing for all applicable states, all while making sure timeframes and deadlines are adhered to.
 
If the vendor you selected also offers online filing, that would be a huge time saver for your organization so you don’t have to write checks, stuff envelopes, and go through the headache of tracking payments sent to various states. 
 
When considering a company to outsource your unclaimed property reporting processes, you will want to select a team of experts having extensive knowledge, a solid and secure reporting system, a proven track record, history of excellent customer service, and assurance they will complete the process from start to finish. 

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

Danielle Herring

In her role as compliance manager for unclaimed property reporting, Danielle Herring oversees support of the product, researches changes in state unclaimed property laws so the system is updated to comply with them, and tests changes to the system before they are released. Danielle also completes some report and letter processing for current clients, assists with their direct support, provides customer training, and helps with troubleshooting and questions about using the product. Outside of work, Danielle loves to garden and is a master gardener.
Share this post

2025 tax filing season
North America Tax Information Reporting
November 21, 2024
Top 5 FAQs to Prepare for the 2025 Tax Filing Season

This blog was last updated on November 21, 2024 While “spooky season” may be over for most of us, the scariest time of year for many businesses is right around the corner: tax filing season. As they brace themselves for the flood of forms, regulatory updates, and tight deadlines, the fear of missing a critical […]

dtc shipping law updates
North America ShipCompliant
November 13, 2024
DtC Shipping Laws: Key Updates for Alcohol Shippers

This blog was last updated on November 13, 2024 When engaging in direct-to-consumer (DtC) shipping of alcohol, compliance with different state laws is paramount and so keeping up with law changes is critical. In 2024, the rules in several states for DtC have already been adjusted or will change soon. Here is a review of […]

sales tax vs. use taxes
North America Sales & Use Tax
November 8, 2024
Sales Tax vs. Use Tax, Explained. Who Reports What, and When?

This blog was last updated on November 19, 2024 One of the core concepts in sales tax compliance is also one of the most frequently misunderstood: the differences between sales tax and use tax. These tax types may look similar on the surface, but knowing the differences is essential for staying compliant and avoiding costly […]

2025 bond project
North America Tax Information Reporting
November 4, 2024
2025 NAIC Bond Project – The Insurer’s Guide

This blog was last updated on November 14, 2024 The regulatory landscape for insurance companies is undergoing significant changes with the Principles-Based Bond Project which is set to take effect on January 1, 2025. These changes, driven by the National Association of Insurance Commissioners (NAIC), will impact how insurance companies classify and value bond investments, […]

E-Invoicing Compliance EMEA VAT & Fiscal Reporting
November 1, 2024
VAT in the Digital Age Approved in ECOFIN

This blog was last updated on November 7, 2024 The long-awaited VAT in the Digital Age (ViDA) proposal has been approved by Member States’ Economic and Finance Ministers. On 5 November 2024, during the Economic and Financial Affairs Council (ECOFIN) meeting, Member States unanimously agreed on adopting the ViDA package. This decision marks a major […]