Similar to sales tax compliance, each state has its own set of rules related to unclaimed property compliance. The dormancy period for property in each state can be different, the due diligence process is state specific, and how you report and remit funds to each state is unique as well. The process is riddled with confusion and paperwork. If audited, assessments for unclaimed property can include a 15% or more penalty in addition to interest.
With TaxConnex’s unclaimed property compliance service, you’re able to outsource the process and minimize your risk by ensuring you are complying with each state’s guidelines.
TaxConnex’s service includes the following:
Identifying which records or “outstanding properties” are considered dormant and eligible for escheatment.
Completing the due diligence process including mailing letters to the owners of the unclaimed property.
Processing payments to the owners of the property who submit claim forms to TaxConnex.
Filing of the escheat report and remittances to the various states for unclaimed property.
Scanning and hosting of all due diligence letters, claim forms, and unclaimed property reports.
A Complete Solution: TaxConnex offers a complete unclaimed property compliance solution including managing the due diligence process, cutting and sending checks to their rightful owners, filing of the escheat reports, and scanning and electronically hosting all paperwork.
Personalized, professional service: You will work with an experienced, professional level resource that is tuned-in to your business.
Flexible Client Engagements: Your service will be tailored to your individual and unique requirements instead of being forced into an inflexible, standard process.
Timely, Responsive Communication: Your Practitioner is always available to discuss your unclaimed property concerns.
Transparency: You will have access to a secure web portal where you can view images of due diligence letters, claim forms, and reports.