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Annual Compliance Reporting

Remove headaches, ensure accuracy, build confident efficiency 

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Do you know where your unclaimed property is? Are you ready for the next reporting cycle? Who’s in charge?

In large organizations, answering questions about the company’s abandoned and unclaimed property activities can be a challenge. Sometimes responsibility for annual, recurring unclaimed property activities lies with a company’s tax, treasury, finance, compliance or accounting department, because they oversee financials. In a bank, financial advisor firm, investment/mutual fund firm or credit union - unclaimed property might be managed by deposit operations; in oil and gas, by the land division, which deals with mineral interests and royalty property.

Sometimes abandoned and unclaimed property is simply ignored and overlooked until it becomes an unavoidable problem.

Every organization handles the annual cycles of abandoned and unclaimed property differently depending on the company’s industry, property types, geographic location and other factors. However, all organizations face the same general abandoned and unclaimed property challenges:

  • Identifying every location unclaimed property can be found in the company and uncovering all the various property types
  • Stale-dating unclaimed property correctly and managing it effectively
  • Performing due diligence activities to fulfill strict statutory responsibilities and effectively proving it
  • Properly removing property from dormant liability accounts and reissuing payments if reunited with the property owner
  • Filing complex reports with varied deadlines to document unclaimed property
  • Keeping up with challenging, ever-changing statutes that differ from state to state
  • Striking a balance between reporting too much and not reporting enough
  • Doing it all over again several times a year

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With MarketSphere, you can uncover the underlying issues behind your company’s unclaimed property challenges

Some unclaimed property service providers simply help you account for your company’s unclaimed property. A partnership with the professional unclaimed property advisors at MarketSphere doesn't only help you ensure ongoing compliance with all states’ strict unclaimed property laws. It helps you determine root causes of your unclaimed property problems and find customized solutions to ensure you are not under- or over-escheating. This also helps you streamline your unclaimed property processes, so they demand less time and money.

Let us remove the headaches and challenges of your annual reporting processes, so you and your staff can concentrate on more strategic areas of your business.

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We Can Help You:

  • Perform initial compliance assessment for companies with gaps in their reporting history (or companies that have never filed)
  • Create an annual planning calendar and manage ongoing compliance tasks with high accuracy and efficiency
  • Activate our unique proprietary technology and consultative services to manage your company’s unclaimed property data effectively
  • Analyze your records to make sure you have identified unclaimed property properly in all business units and locations
  • Perform due diligence outreach to your customers and handle their responses, with the goal of property reissuance
  • Identify legal exemptions, and remove exempt properties from your company’s unclaimed property liability
  • Determine correct statutory dormancy periods and reporting dates, and navigate complex reporting rules for all states
  • Properly calculate escheatment amounts and prepare state reports to assure seamless compliance
  • Use our experience as auditors in previous positions—and with hundreds of customers, from small organizations to Fortune 100 firms—to create custom, best-practices-based unclaimed property processes and policies you can be proud of

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Must Read: Get Better U.P. Results with Compliance Innovation

Are you overcomplying? Undercomplying?

Are you reporting and escheating too many dollars? Or are you reporting too little and risking huge penalties? Take two minutes to take the JustRight Compliance® quiz to find out!

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MarketSphere clearly has a high-level of expertise in Unclaimed Property issues. You dealt directly with our various third-party agents and helped us reduce unnecessary involvement from our employees.

Deputy Group Company Secretary, Global Communications Leader