• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar

Alston & Bird Tax Blog

  • Home
  • Services
  • Contacts

Unclaimed Property

California Dreaming of a Voluntary Compliance Program

February 23, 2022 By Alston & Bird Tax Team

Our Unclaimed Property Team reviews California AB 2280, which would allow the State Controller’s Office to establish a new California Voluntary Compliance Program. The proposed VCP would be available only to certain holders To qualify for the interest waiver, a holder would be required to participate in an educational training program and meet other requirements The controller would be authorized to reinstate interest for any holder that does not comply with reporting and payment requirements Read the full advisory here. [...]Read more

Filed Under: Unclaimed Property, Unclaimed Property Advisory Tagged With: AB 2773, AB 466, Assembly Bill 2280, California, California AB 2280, California Unclaimed Property Law, California Voluntary Compliance Program, State Controller’s Office, Unclaimed property, VCP

Challenges With Escheatment of Tax-Deferred Retirement Assets, Part 2

August 3, 2020 By Matt Hedstrom and Kendall Houghton

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

Filed Under: Unclaimed Property Tagged With: ERISA, Escheat, IRA, IRS, required minimum distribution, RMD, Roth IRA, RUUPA, SECURE, Setting Every Community up for Returement Enhancement Act, tax deferred retirements, Tax Notes State, The Further Consolidated Appropriations Act, UP Ahead

Special Challenges with Escheating Tax-Deferred Retirement Assets

June 1, 2020 By Alston & Bird Tax Team

Holders and custodians of retirement assets, such as 401(k)s, IRAs, and Roth IRAs, face numerous challenges associated with the potential escheatment of these tax-deferred retirement assets. In this installment of “UP Ahead” for Tax Notes State, unclaimed property partners Kendall Houghton and Matt Hedstrom discuss the scope of federal preemption in this arena and the concept of voluntary escheatment of tax-deferred retirement assets. Read the full article here. [...]Read more

Filed Under: Unclaimed Property Tagged With: 401(k), Escheat, IRA, Roth IRA, Tax Notes State, UP Ahead

New York Assembly Introduces a Bill on the Escheat of Virtual Currency

June 25, 2019 By Kendall Houghton and Kathleen Cornett

New York Assembly Bill 8314, introduced on June 13, 2019, would provide for the escheat of virtual currency. The bill, which also directs the comptroller to create regulations establishing when electronic communication qualifies as “written contact” from an owner, defines “virtual currency” as “any type of digital unit that is used for  a  medium of exchange or a form of digitally stored value.” The definition is meant to be broadly construed and includes decentralized currencies and those with a central depository or administrator. However, the bill excludes online gaming currencies, [...]Read more

Filed Under: Unclaimed Property Tagged With: cryptocurrencies, New York Assembly, Unclaimed property, virtual currency

Primary Sidebar

As a service of Alston & Bird’s Tax groups, this blog focuses on current issues and events in international, federal, state and local tax and wealth planning of interest to business.

Subscribe

Receive email notifications when new posts are added.

Check your inbox or spam folder to confirm your subscription.

Tags

401(k) ACA Affordable Care Act audit BEAT CARES Act CFC Corporate Tax Planning covid-19 Delaware ERISA Escheat FATCA FBAR FDII Gift cards GILTI international tax IRA IRS Kelmar New York nexus OECD qualified plans Quill RUUPA SCOTUS Section 351 Section 355 Section 367 Section 385 section 482 section 965 State legislation Subpart F Supreme Court Tax Court Tax Cuts and Jobs Act tax reform TCJA Treasury Unclaimed property UP Wayfair

Secondary Sidebar

Categories

Recent Posts

  • PTET Elections: Don’t Let Them “Pass” By Unnoticed in M&A Transactions
  • Post-Roe Issues for Health Plan Sponsors: Navigating the Rapidly Changing Legal Landscape
  • Litigate, Legislate and Repeat: The Delaware Escheat Law Spin Cycle
  • Looking Back at Georgia’s 2022 Legislative Session
  • Diving into IRS’s Annual Report on Advance Pricing Agreements: Can APMA Overcome Its Sisyphean Task?

Archives

Copyright © 2023 · Alston & Bird · All Rights Reserved. Privacy.