What to Expect and How to Minimize Risk of an Unclaimed Property Audit
Unclaimed property audits are a growing concern for business owners across various industries. As states become more vigilant in enforcing compliance with unclaimed property laws, audits are on the rise, and the consequences of non-compliance can be severe. It is increasingly crucial for business owners to understand the audit process and take proactive steps to […]
Can Your Business Afford to Outsource Unclaimed Property Reporting? It’s not as expensive as you may think!
Unclaimed property reporting can be a time-consuming and complex responsibility for business owners. With varying state laws, complex reporting requirements, and high penalties for non-compliance, it often becomes an administrative burden that many companies struggle to manage internally. Yet, despite the challenges, many businesses hesitate to outsource this function, usually assuming hiring an outside expert […]
Balancing Compliance and Security: Best Practices for Storing Unclaimed Property Records and Protecting Customer Data
Navigating the unclaimed property reporting process requires meticulous record-keeping and strict adherence to regulatory requirements. However, storing these records is a significant responsibility: safeguarding sensitive customer information from data breaches. Balancing compliance and security for businesses reporting unclaimed property is challenging but essential for maintaining trust and avoiding costly penalties. Thus, they must discover and […]
Mastering Multi-State Unclaimed Property Reporting
Navigating the complexities of unclaimed property reporting across multiple states can be daunting. With varying regulations, deadlines, and reporting requirements, ensuring compliance can quickly become overwhelming for any business. It’s clear that reporting unclaimed property requires meticulous attention to detail and a significant investment of time and resources. However, by employing effective strategies and considering […]
Unclaimed Property Correspondence: It Cannot be Ignored
Most businesses will have to go through the process of reporting unclaimed property at some point in time. Despite this being a shared experience for almost all business owners and their employees responsible for assisting with the process, many still dread the time they finally have to do so. Whether businesses have reported unclaimed property […]
Navigating the Top Unclaimed Property Reporting Challenges for Businesses
Unclaimed property reporting is an essential yet complex aspect of business operations. The intricacies of state-specific regulations, administrative burdens, and evolving compliance requirements can present significant challenges for businesses striving to achieve compliance. Thus, companies must be aware of the most common unclaimed property reporting challenges and the strategies for resolving them to ensure they […]
How do unclaimed property experts help streamline compliance responsibilities?
Navigating unclaimed property compliance is a complex and ever-evolving process for businesses. With varying regulations across states and evolving reporting requirements to fulfill, staying compliant can be challenging. Ensuring compliance requires expertise and strategic planning. Thus, unclaimed property experts play a pivotal role in assisting businesses in streamlining their compliance efforts by offering specialized knowledge […]
Mastering Unclaimed Property Compliance: Combining People, Processes, and Technology
Achieving unclaimed property compliance is no easy feat for companies. With rapidly changing laws that differ for each state, it is no wonder many holders struggle to report their unclaimed property correctly and on time from year to year. However, unclaimed property, can be manageable with proper training, documented procedures, technology and some help from […]
Delaware Ramping Up Enforcement Efforts with Verified Report Process
The state of Delaware recently made a significant changes to its unclaimed property law. It is important for all companies that report unclaimed property to this state to be aware of these changes, so they can remain compliant with the reporting process. According to 12 Del. C. § 1170(a), the state of Delaware is now […]
You Just Acquired a Company and a Huge Unclaimed Property Liability. What Now?
Acquiring a new company is an immensely exciting time for the business doing so. It is a time of expansion and opportunity, allowing that business to serve more consumers over a greater distance. However, many businesses fail to realize when they acquire another company this is not the only type of growth they may exhibit. […]