Alston & Bird Tax Blog

Unclaimed Property Advisory

Bracing for the Next Wave of Delaware Unclaimed Property Reform: Review of SB 103 and SB 104

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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. [...]Read more

Top Unclaimed Property Regulatory and Enforcement Challenges in 2021

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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 auditors to obtain information on accounts with small balances. The top 6 challenges facing holdersHow these issues can affect your bottom lineSteps the C-suite can take to prepare Read the full advisory here. [...]Read more

FAQs on Unclaimed Property Aspects of Retirement Assets

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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

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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

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

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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