Written by: Gwen Lawhorn—Managing Director, Unclaimed Property

In financial management, unclaimed property compliance poses a significant challenge. Its dynamic nature requires a strategic approach that extends beyond simply adhering to rules and regulations. In this insightful exploration into the complexities of compliance, we will examine the role of due diligence letters, the importance of preparing for fall filing, and the challenges faced by compliance and tax professionals.

THE TIME-CONSUMING BURDEN OF UNCLAIMED PROPERTY COMPLIANCE

Unclaimed property compliance directly impacts your organization’s reputation, financial health, and legal standing. Non-compliance can result in penalties and audits, and can damage relationships with customers, past employees, and other dormant account holders. Compliance demonstrates professionalism, transparency, and ethical responsibility.

Managing unclaimed property compliance is a time-consuming burden because the regulations are a moving target—the laws vary by state and jurisdiction. Keeping up with changes, deadlines, and reporting requirements can seem impossible. The sheer volume of due diligence letters and the meticulous preparation required for fall filing can overwhelm even the most seasoned financial teams.

THE ROLE OF DUE DILIGENCE LETTERS

Due diligence letters serve as a bridge between your organization and account holders with unclaimed property. These letters inform account holders about their dormant assets and encourage them to claim what rightfully belongs to them. Crafting these letters, tracking responses, and following up is a time-consuming cycle—yet, it’s a critical step in maintaining compliance. Timeliness matters, and delays can jeopardize your efforts.

PREPARING FOR FALL FILING: THE FINAL STRETCH

Fall filing is the culmination of your compliance efforts and involves reporting unclaimed property to the relevant authorities. Proper preparation ensures accuracy, minimizes errors, and avoids a last-minute rush. That’s why partnering with an unclaimed property compliance expert can optimize your results.

LIGHTEN THE LOAD WITH DMA’S EXPERTISE

At DMA, we recognize the burden unclaimed property compliance places on financial teams. Our experts specialize in navigating the complexities of state-specific regulations by providing:

Comprehensive Compliance Strategy

We dig deep to identify unclaimed property and assess compliance gaps.

Customized Solutions

We create tailored processes that keep you compliant while optimizing your internal resources.

Improved Efficiency

By partnering with us, your team can focus on revenue-generating tasks.

STRIKING THE BALANCE

Staying compliant isn’t just about avoiding penalties—it’s about maintaining trust and integrity. Due diligence letters and fall filing are essential components of this process. DMA’s experts will guide you through, ensuring compliance while empowering your team to drive business success.

Ease Unclaimed Property Burdens

Contact us today to learn how DMA can ease the burden of unclaimed property compliance, allowing you to focus on what truly matters: serving your customers and growing your business. 

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