How to Achieve Hassle-Free Unclaimed Property Reporting
If you’re in charge of reporting unclaimed property for your company, you understand the dreaded challenges it can bring each year, especially if reports for multiple jurisdictions are needed.
Just a few of the many frustrations include:
Searching for state-specific forms
Varying mandatory filing dates for unclaimed property
Determining where and how to report to each state
Using the correct codes that are specific to each state
As if that’s not enough, you have to produce final reports on a timely basis.
Audits or numerous penalties can easily become a reality if reporting is inaccurate or late. An audit by a state or third-party can be triggered by filing late, flawed reports, or improper reporting formats. Wanting to avoid these scenarios brings a certain amount of stress with the job.
Additionally, reporting unclaimed property incorrectly takes away much-needed internal resources from core business operations, all while accruing expensive legal costs and penalty fees. Each state has their own interest penalty and daily fines depending on the situation, which can put a dent in your company’s budget and operating costs.
Perhaps the most confusing aspect is keeping all the unclaimed property reporting deadlines straight, in order to avoid running into any of the aforementioned problems.
Unclaimed Property Reporting Due Dates
Most states have a fall reporting deadline of October 31 or November 1, and a few have a spring or summer date. In some cases, states may have multiple deadlines depending on thetype of property.
It’s essential for businesses to be prepared for the unclaimed property reporting period(s) and be educated on the many rules and regulations that come with it. One method that refines the process for a hassle-free experience is electronic reporting, which decreases the amount of errors and aids in avoiding hefty interest, penalties and fines.
Achieving Hassle-Free Reporting
An Intuitive Software Solution for Comprehensive Compliance
It is time-consuming to keep up with the ever-changing laws, reporting procedures and state specific forms, but there’s a solution with an unclaimed property reporting software like HRS Pro. Everything you need to meet compliance for each jurisdiction is at your fingertips. Equipped with full reporting capabilities in the NAUPA II format for all states—including Puerto Rico and the District of Columbia—HRS Pro is a seamless reporting tool and cost-efficient solution.
Here are just a few of the awesome features of the HRS Pro ‘Enterprise’ version:
Quick input and export of data
Due diligence letter outlines and templates for each state
Unlimited number of companies (FEINs)
Unlimited properties per state report
All required state forms
Use of State specific codes for property types, owner types, relationship types and tangible types
Links to each state’s website and state contacts
There’s also the choice of desktop or web applications, depending on your company’s preferred data solution.
Unparalleled Accessibility Through Desktop or Web
The Enterprise version for HRS Pro offers two software options: desktop or web application. To determine which is better for your reporting needs, we’ve listed a few key differences.
Enables you to locally host the application and data
Allows for data to be configured to a network location where multiple users can access the same data