Did you pay your taxes this year?
Of course you did! It’s required by law. When your business was created, the legal structure was chosen with regard to how liability and tax rates would affect business and investors. A process or schedule to stay on top of income, payroll, and other taxes was created in order to keep your business within the law and to avoid costly penalties.
Did you report your unclaimed property to the states this year?
If your answer is no, then your business is not following the law, and penalties could get costly. A letter trying to reach the owner at their last known address must be sent within a specific window depending on the state of filing. All businesses are required to report any property that still remains unclaimed by the intended owner after a specific period of time. How can you get back to doing what you are in business to do more efficiently?
Filing dates, mailing periods, and even property type codes vary by state. This can make the process time consuming and confusing if you try to manually go to every state website and decipher regulations. Fortunately for you, solutions exist to help you streamline your reporting processes. You will find options that will calculate dormancy and reporting periods for you, provide all state information in one place, and even allow you to file electronically.
Is the right person doing your unclaimed property?
You know that the right accountant can save you money. You prepare for tax time and work with them to make sure you keep as much of your money as you can. Be sure to give that same consideration to your unclaimed property compliance reporting. Now that the busiest reporting season of the year has ended, it’s a great time to prepare for the next reporting period. Whether you have never filed before or you would like to find a solution that helps you get your unclaimed property filed accurately and efficiently, protect your investment by taking the time to research and select the best unclaimed property reporting solution for your business.
Author: Jennie Henderson
Account Manager
Labels: UP Compliance
