About Unclaimed Property Consulting
Sovos Unclaimed Property Consulting helps organizations manage their compliance obligations related to unclaimed property laws by identifying potential liabilities and risks and developing tailored policies.
Audit assistance and support
Sovos helps with interpreting auditor requests, drafting responses, and documenting procedures to maintain compliance. Our team monitors audit activity, for example the use of client documentation, liability assessment methods, and dormancy calculation to help reduce risk and facilitate the resolution of properties that the auditors define as meeting the definition of unclaimed property and reportable to states.
Compliance and process assessment
Through system and process evaluations, Sovos identifies gaps in unclaimed property compliance. Recommendations are tailored to enhance reporting accuracy, property classification, and supporting documentation.
Domain expertise
The Sovos consulting team includes professionals with regulatory and audit backgrounds, including former state officials, CPAs, certified fraud examiners, and state auditors. This diverse experience brings depth to every engagement.
Voluntary Disclosure Agreements (VDAs)
Sovos helps evaluate VDA eligibility, providing guidance on reducing penalties and fees while ensuring accurate reporting. We also assist in implementing updated procedures to prevent over-reporting.
Policies and Procedures (P&P) development
Sovos collaborates with clients to create business-specific unclaimed property policies and procedures that comply with state regulations while minimizing operational burden.
On-demand consulting
Expert guidance is available for targeted needs such as first-time reporting, business-to-business (B2B) exemptions, mergers and acquisitions, audit support, and unique property types.
Interested in Sovos Unclaimed Property Consulting services?
Contact us to discuss your organization's unclaimed property needs.