Automate Unclaimed Property Compliance with a Hosted Solution Complying with regulations regarding unclaimed property is extremely complex and can quickly turn into a huge hassle for employees in tax, finance, accounting, and legal departments. With different rules in all 50 states and even some Canadian provinces, unclaimed property compliance is fraught with potential disasters for organizations: multi-year audits, fines, penalties and, not insignificantly, the risk of negative media coverage and loss of reputation. The Sovos suite of Unclaimed Property solutions provides automated, secure functionality that enables organizations to stay compliant with unclaimed property regulations, minimizing risk while freeing employees to pursue other critical business functions. Sovos Unclaimed Property solutions: ▶ Fully automate the process of managing unclaimed property compliance. ▶Feature an online reporting network to states. ▶ Enable customers to click a button and generate a remittance, with no PDF or CD required (except in instances where states have not implemented online capabilities). ▶ Are fully web hosted, requiring no installation on-site and minimal maintenance and support. ▶Offer a compliance engine with unmatched depth and complexity. ▶ Are fully HIPAA and SOC-2 compliant. ▶Includes the option for outsourcing UP compliance. Key benefits: ▶ The Sovos compliance team streams state dormancy and due diligence changes so clients always have the most up- to-date state rules and regulations applied to their data. ▶ The UP intelligence engine minimizes risk of error by taking the manual effort out of determining when a due diligence letter needs to be sent to be in compliance with state law. ▶ The engine streamlines compliance by calculating when an unclaimed property record is ready for escheatment. ▶ The Sovos online reporting network has significantly reduced the cost of reporting as well as the time needed to prepare for reporting. ▶The solution achieves automation from initial dormancy, minimizing both risk and the need for manual processes. ▶ The Sovos outsourcing team serves as an extension to a company’s UP team. About Sovos Sovos is a leading global provider of software that safeguards businesses from the burden and risk of modern transactional taxes. As VAT and sales and use tax go digital, businesses face increased risks, costs and complexity. The Sovos Intelligent Compliance Cloud is the first complete solution for modern tax, giving businesses a global solution for tax determination, e-invoicing compliance and tax reporting. Contact us +1 866 890 3970 www.sovos.com/contact Atlanta, Boston, Boulder, Cedar Rapids, Minneapolis, Colombia, Lima, Santiago, São Paulo, Tucumán, Amsterdam, Istanbul, London and StockholmNext >