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Unclaimed Property Advisory

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

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

Federal Tax Update to IRAs Will (Further) Impact State Escheat Requirements

January 2, 2020 By Alston & Bird Tax Team

Last week, our Unclaimed Property Group examined the recently enacted SECURE Act and the significant changes the new law makes to the treatment of IRAs for state escheatment purposes.

Lengthens required minimum distribution age from 70.5 to 72
Repeals maximum age for traditional IRA contributions
Latest federal tax development to impact the unclaimed property treatment of IRAs

Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: IRA, SECURE Act

A Qui Tam Win for Holders, New Federal Common-Law Ruling, JPMorgan Appeals, and a Possible California Amnesty Program

October 11, 2019 By Alston & Bird Tax Team

Our Unclaimed Property Team highlights several recent rulings – both federal and state from across the country – and a new California law that could have broad implications for holders.

Qui tam rulings in Delaware and New York
A fight for removal from state to federal court
A possible California amnesty program

Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Budget Act of 2019, California Amnesty, California State Controller's Office, ClubCorp, Common-Law Ruling, CVS, Delaware, New York’s False Claims Act, NYFCA, qui tam, Sentate Bill 109, Unclaimed property, UP

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