Alston & Bird Tax Blog

Unclaimed Property Advisory

Supreme Court–Appointed Special Master Applies Place-of-Purchase Jurisdictional Rule to MoneyGram’s Unclaimed “Official Checks”

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Our Unclaimed Property Team reviews the report of the U.S. Supreme Court’s Special Master parsing the definitions of “money orders” and “similar instruments” and how those words decide if certain unclaimed property falls under federal common law or the federal Disposition of Abandoned Money Orders and Traveler’s Checks Act. The report is a master class in statutory constructionThe Special Master analyzed MoneyGram “official checks” to determine those meet three statutory conditions for an instrument to constitute a “similar instrument”This analytical framework may have broader [...]Read more

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