Pushing Beyond the Limit: Examining the Scope of Subpoenas Issued During Unclaimed Property Audits
Colorado’s New Revised Uniform Unclaimed Property Act Should Prompt Holder Action
Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards.
Impacted holders should consider redomestication
Will the state apply the repeal retroactively and attempt to claw back deducted funds?
Gift cards and gift certificates – maintaining the status quo
Read the fill advisory here. [...]Read more
IRS Withholding Rule for IRAs “Pardoned” at the Last Minute
Our Unclaimed Property Group takes stock of the reprieve granted by the IRS in delaying new withholding and reporting requirements on IRAs remitted to states as unclaimed property.
Effective date delayed until January 2020
Logistical and practical compliance issues
A holiday treat for the financial services sector
Read the full advisory here. [...]Read more
Thanks for the Memories, Quill: The Supreme Court Adopts a New Nexus Standard for Use Tax Collection
The U.S. Supreme Court’s Wayfair decision overturns decades-old precedent and fundamentally changes the use tax collection landscape while leaving a number of questions unanswered. Our State & Local Tax Group explains how this decision has huge implications for online retailers, states’ coffers, and consumers’ wallets.
The physical-presence standard under Quill is no more
What is the new standard?
Retroactivity and a host of other unresolved issues
Read the full advisory here. [...]Read more