Nice job on getting your fall filing done! You deserve a reward! Take the rest of the day off and make yourself a drink I like to call ‘Good Escheat.’ 1-part orange pop, 1-part lemonade, 1-part rainbow sherbet. Mix it together and enjoy! And remember, just as it takes multiple different items that alone might be good to make one great drink, it takes multiple steps throughout the year to result in a consistently successful filing process. It’s not enough to think you have until spring to do this again.
Remaining compliant means looking at your current process to make sure you are hitting all the compliance deadlines. This includes entering records in a timely manner so that you are ready for due diligence letters, getting them out in the appropriate timeframe for a given state, and then filing enough in advance that you have time to get your payment in by the deadline, and are therefore on time for each reporting period.
Also keep in mind that if you file reciprocally, the state you file to will take time to process records and then send your records to the property owner’s state. This may result in your report and payment being late to that state, so filing directly to the state of the property owner’s last known address is a best practice. Celebrate being done with your most recent filing, but don’t wait too long to set yourself up for a great process year-round!
Contact Sovos to learn more about unclaimed property solutions.