Unclaimed Property
California – One Step Closer to a Voluntary Disclosure Program
On September 13, 2022, California Governor Gavin Newsom signed AB 2280 into law, paving the way for the creation of a long-awaited Voluntary Compliance Program
Solution: Unclaimed Property
Iowa HSB 33; IA SSB 1055
Companion bills have been introduced in Iowa proposing to amend the banking provisions in Iowa’s Unclaimed Property law to include electronic messaging as an activity
Oregon Senate Bill 311 Introduced
On January 17, 2023, Oregon Senate Bill 311 was introduced. The bill proposes to amend Oregon’s False Claims Act. Because False Claims Act violations are
Oregon House Bill 2160 Introduced
On January 17, 2023, Oregon House Bill 2160 was introduced. The bill proposes to amend both the securities and wages provisions in Oregon’s unclaimed property
Unclaimed Property
How to Avoid 6 Common Unclaimed Property Myths
Unclaimed property is often misunderstood. Despite their best intentions, we find that many companies operate under factually inaccurate assumptions that could put their business at
Required Distribution Date for IRAs is changing
On December 29, 2022, President Biden signed the Omnibus Bill (HR 2617) also known as SECURE ACT 2.0. The new law includes provisions that will
Unclaimed Property
Unclaimed Property 101
It’s the law to track and report abandoned property to the states. Make sure you have all the information you need to file successfully and
Unclaimed Property
Major Updates Included in NAUPA III Format Release
The National Association of Unclaimed Property Administrators (NAUPA) has finally published its long-anticipated draft of the proposed NAUPA III file format after a delay of
Unclaimed Property
What is the Unclaimed Property Compliance Hub?
States continue to enforce unclaimed property (UP) compliance. UP is broadly defined as any property held by companies in which the owner is lost and/or
Delaware VDA Program
Join the experts from Sovos and Delaware Department of State for our webinar on Delaware’s VDA Program. Topics will include: Unclaimed Property Overview Information on
1099
Focus on Financial Institutions: What You Should Know About 1099 and Unclaimed Property Reporting
Tax information reporting for financial institutions presents unique challenges and details to keep in mind when reporting specifics related to 1099 and Unclaimed Property. Incorrect or incomplete
California Uses 2021 Corporate Income Tax Return Filings to Drive Unclaimed Property Compliance
California recently introduced two new questions to their state income tax forms regarding unclaimed property compliance; Has the company ever filed unclaimed property reports with
Unclaimed Property
Top Tips for Unclaimed Property Audits
By: Laurie Andrews and Paola Narez Picture this: you just completed a risk assessment on your unclaimed property processes, and you feel like you have this
Cryptocurrency
Crypto Tax & Unclaimed Property Compliance – A Year-Round Strategy for Success – Part II
Part I of II – written by Wendy Walker Click here to read part I of the series. This quarterly blog series focuses on tax information
Cryptocurrency
Unclaimed Property Insights into Cryptocurrency
Unclaimed Property Insights Into Cryptocurrency The rapid adoption and use of cryptocurrency by businesses and organizations inevitably leads to large sums of unclaimed digital assets.
1099
Tax and Unclaimed Property for Mergers and Acquisitions
Mergers and acquisitions (M&A) have always been inherent in the financial institution landscape but have recently increased at an unprecedented pace. A recent Fortune.com article
Unclaimed Property Functionality
Unclaimed Property: How to Stay Ahead of Compliance Challenges
This blog was updated on March 24, 2023 Did you know that approximately one in 10 people have unclaimed property (UP) in their name? Research
Unclaimed Property
The State of Unclaimed Property
Join the Unclaimed Property experts from Sovos for an in-depth look into our Unclaimed Property Report: The State of Unclaimed Property! Topics will include: Why