Unclaimed Property Automated Solution
Unclaimed property is one of the most difficult business responsibilities for which to gain clarity. Over the past few decades, governments have expanded efforts related to the reporting and remittance of abandoned or unclaimed property. The digital age has assisted in these efforts by providing a means for improved financials handling, centralized advertisement of unclaimed property, and electronic channels for owners to claim the funds. As a result, the need for businesses to formalize the management of their unclaimed property has significantly increased over the years, as well as the need for enhanced technology.
Being aware of unclaimed property tax laws and abiding by them in every state is vital to good standing and reputation. Frequently, uncashed checks are simply deleted from an organization’s outstanding check register and erroneously taken as revenue. Moreover, when unclaimed property is not reported in a timely manner, it is carried as a liability on a business’ records for years. When exposed to the responsible state agency upon audit, these reporting and remission delinquencies may result in penalties and interest which can then be used to extrapolate across the audit data set.
The Software Solution
Abandoned & Unclaimed Property Total Compliance “AUPTC” addresses the management of unclaimed property and ensures compliance with unclaimed property regulations in the United States and Canada. AUPTC is designed to maintain property from the point the check becomes stale to the time the property is collected by an owner or escheated to the correct jurisdiction.