Reduce Risk And Ensure Compliance With Sovos Unclaimed Property Software

Increase efficiency by automating with unclaimed property reporting software

Unclaimed property challenges

Four out of five are out of compliance

Every state imposes its own unique unclaimed property regulations with changes occurring daily. Officials estimate that 80 percent of all businesses are currently out of compliance with unclaimed property laws. This may result in fines, penalties, interest and possibly even audits which can place a financial burden on your business. If it is determined that fraud has taken place, your business’s reputation will take a hit.

MANAGED SERVICES

Reduce the risk and uncertainty of unclaimed property management with Sovos

Managed Service Solutions from Sovos ensure the correct, efficient, and timely reporting of unclaimed property. We exist to eliminate your unclaimed property compliance and reporting burden.

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State penalties summary:

47 states may charge your business a willful penalty if they determine you’re intentionally disregarding requirements
44 states may charge your business a penalty if you fail to report, pay or deliver property in their prescribed timeframe
20 states may charge your business interest on top of penalties assessed

For a complete explanation of unclaimed property rules and regulations by state, visit our interactive map.

Escheat Compliance

Escheat is the concept that property should not be allowed to go unclaimed. For businesses, this means any funds or other assets that go unclaimed by employees, vendors or any other entity could be subject to penalties. Being found in noncompliance with state laws regarding escheat also could result in an audit. Having an automated software solution to track and report unclaimed property can ensure that your enterprise remains in compliance with all the relevant requirements and prevent costly issues.