Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure agreements. Defining, reporting, and liquidating virtual currencyAdopting a permanent expedited audit programRescheduling statutes of limitation, audit periods, and dormancy periods Read the full advisory here. … [Continue reading] about Bracing for the Next Wave of Delaware Unclaimed Property Reform: Review of SB 103 and SB 104
IRS APMA’s Results May Suggest COVID-19 Immunity
Our International Tax Group analyzes the report on the IRS’s Advance Pricing and Mutual Agreement Program and identifies important insights and trends for advance pricing agreements. Effects of the COVID-19 pandemic on APMA operations and … [Continue reading] about IRS APMA’s Results May Suggest COVID-19 Immunity
New York’s FY 2022 Budget Bill Crosses Finish Line
New York State’s budget bill is on the governor’s desk. Our State & Local Tax Group provides the most significant highlights for you and your business. Higher tax rates for the wealthy, lower tax rates for the middle classCorporations will see … [Continue reading] about New York’s FY 2022 Budget Bill Crosses Finish Line
Borrowers Beware: Short Sales of Distressed Assets May Have Unfavorable Tax Consequences
Beware of being shortsighted. Last week, our Federal Tax Group takes the long view for borrowers and their creditors seeking to use short sales to extricate themselves from nonrecourse debt. What is a short sale?Is the short sale one integrated … [Continue reading] about Borrowers Beware: Short Sales of Distressed Assets May Have Unfavorable Tax Consequences
Top Unclaimed Property Regulatory and Enforcement Challenges in 2021
State governments’ quest for revenue in the wake of the pandemic will only heighten their focus on unclaimed property. Our Unclaimed Property Team highlights the consumer protection and privacy risks facing companies when states use third-party … [Continue reading] about Top Unclaimed Property Regulatory and Enforcement Challenges in 2021