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Kendall Houghton

About Kendall Houghton

Ms. Houghton is a nationally recognized expert whose practice focuses on state and local tax planning, tax controversies and unclaimed property/escheat matters. She leads the Alston & Bird SALT practice and serves on the firm’s Partners’ Committee.

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FAQs on Unclaimed Property Aspects of Retirement Assets

February 2, 2021 By Kendall Houghton and Matt Hedstrom

Our Unclaimed Property Team has created FAQs to stimulate review of the numerous challenges associated with the potential escheatment of traditional IRAs and other tax-advantaged retirement assets. How does ERISA play a part?Why would a custodian voluntarily escheat an ERISA-governed plan asset or distribution?What safeguards can a custodian rely on? Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: CARES Act, Department of Labor, DOL, ERISA, IRAs, SECURE Act

UP Front: A 2021 Sightline for Unclaimed Property Professionals

January 25, 2021 By Kendall Houghton, Matt Hedstrom and Michael Giovannini

Our Unclaimed Property Team provides a line of sight into the developing trends, ongoing policy debates, and litigated disputes that may shape the future of unclaimed property law and compliance. Legislation, both federal (H.R. 8696) and state (RUUPA)State compliance and enforcement programs (audits and VDAs)Holder planning and implementation of compliance and risk-management best practicesHolder/state litigation perhaps no longer a “last resort” Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Audits, CARES Act, IRAs, RUUPA, SECURE Act, VDAs, voluntary disclosure agreements

Challenges With Escheatment of Tax-Deferred Retirement Assets, Part 2

August 3, 2020 By Matt Hedstrom and Kendall Houghton

Holders of tax-deferred retirement assets must weigh and balance significant owner-facing risks against a clear set of state-facing compliance requirements and risks. In this installment of “UP Ahead” for Tax Notes State, unclaimed property partners Kendall Houghton and Matt Hedstrom continue their discussion of potential challenges of a holder’s escheat compliance process for traditional and Roth IRAs. To read part one, click here. To read part two, click here. [...]Read more

Filed Under: Unclaimed Property Tagged With: ERISA, Escheat, IRA, IRS, required minimum distribution, RMD, Roth IRA, RUUPA, SECURE, Setting Every Community up for Returement Enhancement Act, tax deferred retirements, Tax Notes State, The Further Consolidated Appropriations Act, UP Ahead

Pushing Beyond the Limit: Examining the Scope of Subpoenas Issued During Unclaimed Property Audits

July 28, 2020 By Josh Labat, Matt Hedstrom, Kendall Houghton, Michael Giovannini, Kathleen Cornett, Maryann Luongo and Ethan Millar

A Delaware court quashed a subpoena aimed at an unclaimed property holder, but the victory may be short-lived. Our Unclaimed Property Team explores the latest court decision addressing a subpoena for records dating back to the 1990s. The subpoena asked for every check issued from 27 accounts over 20 years, including cleared and voided checks and checks issued to payees in other statesThe court found the subpoena too expansive and unreasonableThe third-party auditor’s incentives and motives were called into question Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: AT&T, Delaware, Delaware Court of Chancery, Kelmar, Section 1172(c), State of Escheator, subpoena, Univar

New York Assembly Introduces a Bill on the Escheat of Virtual Currency

June 25, 2019 By Kendall Houghton and Kathleen Cornett

New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for  a  medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more

Filed Under: Unclaimed Property Tagged With: cryptocurrencies, New York Assembly, Unclaimed property, virtual currency

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