Compliance Helps Avoid Audits and Penalties
Unclaimed property compliance can be a complex and time-consuming process that involves identifying, tracking, reporting, and remitting unclaimed property to the appropriate owners. Failure to comply with unclaimed property laws can result in significant penalties, interest, audits, and reputational risk. That’s why many companies choose to outsource their unclaimed property compliance to a trusted and experienced partner like DMA.
DMA’s Unclaimed Property Compliance service offers a comprehensive solution designed to address this unique challenge. By partnering with DMA, your team can proactively mitigate the risk of audits and penalties associated with non-compliance.
You can also stay current with unclaimed property compliance topics at the Unclaimed Property Professionals Organization (UPPO) or National Association of Unclaimed Property Administrators (NAUPA) websites.
DMA’s outsourced Unclaimed Property Compliance service is a complete annual compliance solution. This managed service includes:
- Managing unclaimed property compliance for all unclaimed property
- Sending formal due diligence letters and tracking owner replies
- Reissuing checks to property owners
- Filing reports with the states
- Reconciling the general ledger
Each engagement begins with a thorough discussion of your unclaimed property compliance processes and service expectations. From there, our unclaimed property compliance team creates a calendar and process defined by your unclaimed property reporting and remittance requirements. We also manage responses to state notices and inquiries about your reports. Our service is tailored to your specific needs and preferences, and we provide you with regular updates and reports on the status of your unclaimed property compliance.
Partner with DMA to Stay Compliant
Our unclaimed property compliance experts collaborate with you and your team to help guide you through the compliance management process, minimizing unclaimed property audit exposure.
By outsourcing your unclaimed property compliance to DMA, you can enjoy the following benefits:
- Reduce your compliance burden and free up your internal resources
- Ensure compliance with the latest unclaimed property laws and regulations
- Avoid penalties, interest, audits, and reputational risk
- Enhance your customer service and retention by reuniting owners with their property
- Leverage DMA’s expertise, technology, and best practices
- Save time and money by outsourcing to a cost-effective and efficient partner