Unclaimed Property Compliance: Mitigating Risk and Exposure

Complying with unclaimed property requirements is a time consuming and costly requirement for your business. With every state imposing its own unique regulations, this creates confusion among businesses and makes it expensive and difficult to remain compliant. How big of a problem is it? Current estimates indicate that 80% of all businesses are out of compliance with their unclaimed property obligations. This can lead to fines and other financial burdens on your business. 

During this educational webinar, Sovos unclaimed property experts will be discussing:

Speaking the Language – High-level overview of unclaimed property and why it’s important to your business.

Special Guest Speaker – Kim Micha, administrator of Delaware’s (VDA) Voluntary Disclosure Agreement Program will be introducing Delaware’s VDA program and discussing why it may benefit companies to enroll.

Reporting Best Practices – We’ll share best practices for successful reporting and some common pitfalls to avoid, including the importance of creating and maintaining a policies and procedures manual. Internal processes and procedures should be followed to ensure the company isn’t exposing itself to an audit which could result in hefty fines.

Tracking State Compliance Changes – Every state jurisdiction has its own rules regarding compliance. Keeping track of compliance is a big job to track manually, so it’s important to understand how these changes impact company liability.

Keeping Management in the Loop – Executives should be “in the know” when it comes to unclaimed property and should be taken seriously.

Trends, Audit Triggers and Legal Changes – We will review those actions which could be cause for audits and penalties and how to avoid them, as well as current trends and legal changes on the horizon.

Unclaimed Property Compliance Solutions – Sovos’ Unclaimed Property Compliance Solution allows you to automate the unclaimed property compliance process saving you time, money and safeguarding your business’ reputation and financial interests. Additionally, our managed services solution takes the burden off your organization altogether, letting our experts manage the entire process for you from pre-escheat to filing.

Watch on-demand Here

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