Unclaimed property holders know that the escheat environment is constantly changing. Q1 2018 has been no different. Audit letter issuances are on the rise, and RUUPA adoption and penalty/interest assessments have been hot topics. We've addressed them all, and more, in our blog posts. Before diving into the subjects highlighted in Q1, I'd like to take a moment to express a couple of points of gratitude.
First & foremost are our clients. We truly appreciate each and every one of the companies and the people at those companies that trust us to assist them with their unclaimed property needs. We've made it a priority to work ever more closely with them to better understand their needs, how we can better serve them, and in turn, tailoring our current solutions and developing new ones to better meet those needs and make their escheat compliance lives even easier.
I'd also like to thank our team. This group is comprised of driven, industry-leading specialists from many former backgrounds including multiple, former 3rd party audit leaders, accounting specialists, and technology innovators just to name a few.
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 Q1 posts. If you'd like to have blogs conveniently delivered to your inbox, be sure to sign up for our KeepUP™ blogs.
- Unclaimed Property Update: California May Finally Get A Voluntary Disclosure Program. California may offer unclaimed property holders a voluntary disclosure program with the introduction of bill AB 2773.
- Cryptocurrency: Unclaimed Property Challenges & Implications. Companies emerging as part of the support system to cryptocurrency or accepting Bitcoin or other similar cryptocurrencies as payment should prepare for unclaimed property compliance implications.
- Why Holders Need To Include SSN’s On Unclaimed Property Reports. Holders know the sensitive nature of SSN’s and may be reluctant to include them as part of the escheat report. However, there are important reasons why some states are requiring them.
- Revised Uniform Unclaimed Property Act – Adoption Continues In 2018. The 2016 Revised Uniform Unclaimed Property Act (“RUUPA”) is keeping holders on their toes this year as more jurisdictions are proposing legislation to adopt the Act.
- Unclaimed Property Early Reporting. Unclaimed property early reporting may sound like a good idea. Holders need to be aware that stipulations vary by jurisdictions and understand related risks.
- 3 Ways To Reduce Risk Of Unclaimed Property Penalty/Interest Assessment From California. California is stringent when enforcing the penalties and interest sections of its unclaimed property laws. Learn about measures to prevent these assessments.
- Illinois’ New Unclaimed Property Act – Impact On Business To Business Transactions. Illinois’ new Unclaimed Property Act has a significant impact for holders who previously reported business to business (B2B) transactions.
- Did You Miss Out – Delaware Audit Conversion & VDA Election. If you’re having difficulty explaining the complexities of determining the best path to take in Delaware, or have other unclaimed property concerns that need to be discussed with colleagues, we can help with 6 Ways Unclaimed Property Takes A Toll.
