Can you afford fines in excess of $100,000?
Almost every corporation accumulates unclaimed property in
the form of uncashed checks, dormant accounts, unclaimed benefits,
and more. You are required by state law to return this property
to the rightful owner, or turn it over to the state where
the owner last resided.
State governments are facing unprecedented budget shortfalls.
As a result, many of them are stepping up enforcement of unclaimed
property laws to compensate for diminishing revenue from their
traditional sources.
What does this mean to you?
Those who have put unclaimed property compliance on the
back burner can no longer feel safe from audits and potentially
steep penalties. If you are audited, unclaimed property laws
support penalties up to $25,000 per item, plus 25 percent
of the property value, and 12 percent interest. Compliance
audits can reach back 20 years or more, and penalties have
climbed beyond $750,000 in some cases. Do you understand your
reporting obligations as a property holder?
Many business managers mistakenly believe that they are only
required to report to one state. In fact, unclaimed property
must be reported and surrendered to the state where the rightful
owner was last known to reside. This dramatically increases
the reporting effort required for any company with property
holders in multiple states. And to make matters more complicated,
each state has the power to establish its own report format,
deadlines, dormancy periods, and due-diligence procedures
for each property type—and these regulations are subject
to frequent change.
It all adds up to a compliance challenge
….but one that can be remedied with a software or
outsourcing solution from Fiserv. Our TRACKER Unclaimed Property
system helps you streamline the labor-intensive process of
managing and reporting escheated property, while it protects
your organization from penalties and interest associated with
non-compliance. It’s the leading choice in compliance
software, used by nearly 4,000 companies.
If you prefer to delegate the compliance reporting tasks,
choose our unclaimed property service. We will work with you
to manage and report unclaimed property according to each
state’s requirements. Fiserv will detect and eliminate
duplicates records, create the due diligence letters, preliminary
reports, and final reports required for total compliance.
Compliance reports prepared for your internal use keep you
fully informed of current activity, and forecast your future
liability.
Unclaimed property consulting services are also available
to provide valuable advice on the most efficient ways to collect
and prepare data for successful reporting, and facilitate
the overall process of compliance.
Our specialists come to your workplace and provide onsite
guidance on a variety of technical and procedural issues.
Choose from a pre-defined list of services, or work with us
to develop a custom agenda for specific needs.
See a live presentation online!
Learn more about unclaimed property solutions and services
at a free Fiserv webinar. Live online presentations are scheduled
for October 19 and November 18. Join us to find out:
- What is unclaimed property?
- Do these laws apply to your organization?
- Why is compliance so important?
- What are your responsibilities?
- Are you prepared for an audit?
- How can Fiserv streamline your compliance process?
Attendance is limited, so visit www.fiservinsurance.com/webinar
today and make your reservation. Take action today, and avoid
the costly consequences of non-compliance.
For more information:
Call 800-943-2851 or email solutions@fiserv.com.
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