As we’re entering the home stretch of the fall filling season, it is important for companies to ensure that they are reporting accurately and comprehensively. We have been seeing an ever-increasing volume of audits and state enforcement, added sophistication in state report review processes, as well as, assessments of penalties and interest. Many companies who have been reporting unclaimed property for years are now being targeted for unclaimed property audits as gaps in their reporting processes are being identified.
It is now more important than ever that companies ensure that they review their unclaimed property policies and procedures to bring them up to speed with the changing regulations and landscape. All it takes is one missed property type to have the auditors on your door step. Our mission with our regular blog posts is to help you identify areas of potential non-compliance and industry changes that may impact your company to assist your organization with maintaining compliance.
Our entire team is not only committed to serving our clients and the unclaimed property holder community, they are the creators of our KeepUP™ blogs. This diverse group of individuals lends their expertise to create educational and informative articles for the holder community. In case you missed them, here is a roundup of Q3 posts.
- Unclaimed Property Exposure; What Is Your Risk? Unclaimed property exposure should be a concern for every holder. Conducting regular evaluations can help keep your escheat compliance program in good health and avoid risks.
- Unclaimed Property: The Essentials Of An Effective Compliance Function. Unclaimed property compliance requires the coordination and cooperation of multiple departments and personnel. Without it, Holder’s open themselves up for several issues unfavorable audit outcomes. Learn about what you can do to get your escheat compliance program on track.
- What Should A Company Do With Unclaimed Property? Learn simple ways to identify if your company has unclaimed property and how to get started on the road to compliance.
- Illinois’ Unclaimed Property: The Saga Continues. Illinois Unclaimed Property continues to change. Learn about the recent activity that may impact holders.
- Deeper Dive Into Unclaimed Property With Escrow Refunds. Escrow account balances can become dormant and need to be reported as unclaimed property. Discover tips to manage this type of property within your escheat compliance program.
- Retailer Found Guilty In Gift Card Case. Jury trial against Overstock.com comes to a close when jury finds failure to report and remit dormant gift card balance to the State of Delaware in unclaimed property case.
- RUUPA Impacts On Foreign Transactions. Revised Uniform Unclaimed Property Act (RUUPA) revisions bring some clarity to U.S. holders of unclaimed property when managing foreign transactions.
If there are ever topics that you would like us to discuss in an upcoming blog posts or whitepapers, please do not hesitate to reach out. If you'd like to have blogs conveniently delivered to your inbox, be sure to sign up for our KeepUp™ blogs.
