The Next Trend in Compliance: Unclaimed Property.
Did you know that approximately 1 in 7 people have unclaimed property (UP) in their name? Research conducted by Sovos found that there is upwards of $77 billion in UP assets currently in the United States. As states are cracking down to close the estimated $600 billion tax gap, UP is a prime target for states to recoup revenue through compliance enforcement. This report takes a deep dive into the intricacies of the state of Unclaimed Property and how businesses can alleviate the stress of the UP compliance process:
- Why unclaimed property is a Priority for States
- Due Diligence – What is it?
- Unclaimed Property Types by Industry
- How and Why Companies Land on the Radar of Regulators
- Voluntary Disclosure Agreements (VDAs)
- Best Practices for Addressing State Compliance Initiatives