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
UP Front: A 2021 Sightline for Unclaimed Property Professionals
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
Challenges With Escheatment of Tax-Deferred Retirement Assets, Part 2
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
Pushing Beyond the Limit: Examining the Scope of Subpoenas Issued During Unclaimed Property Audits
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
Unclaimed Property Challenges in the Health Care Industry
States across the country are undertaking unclaimed property audit campaigns. These audits are targeting large national health care providers and insurance companies. Learn from Unclaimed Property partners Kendall Houghton and Matt Hedstrom why these audits raise HIPAA and unclaimed property concerns for the health care sector.
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