What is the story about?
What's Happening?
Sovos, a tax compliance company, has launched ReportMyUP, a new self-service platform designed to streamline the management and reporting of unclaimed property for businesses. The platform offers two solutions: ReportMyUP and ReportMyUP Plus, providing features such as property tracking, dormancy calculations, and state reporting. The platform supports NAUPA-compliant reporting across all U.S. states and territories. Sovos aims to simplify the traditionally complex process of unclaimed property management, offering businesses a more efficient and cost-effective solution.
Why It's Important?
The introduction of ReportMyUP by Sovos is a significant development for businesses dealing with unclaimed property. By offering a streamlined, self-service platform, Sovos addresses the challenges of manual processes, potentially reducing administrative burdens and compliance risks. This innovation could benefit businesses of all sizes, particularly those with complex property types, by providing a more accessible and reliable compliance tool. The platform's ability to offer one-click electronic filing to multiple states further enhances its value proposition, potentially transforming how businesses manage unclaimed property.
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