Alston & Bird Tax Blog

Unclaimed Property Advisory

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

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

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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

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

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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