- Be applying the wrong dormancy period
- Not be reporting all property types
- Failing to take into consideration property that may be outsourced to a third party (such as securities or payroll)
- Forgetting about merger and acquisition activity. Mergers and acquisitions can lead to potential exposure because of the acquired entity’s historical accounting practices and lack of compliance.
Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.