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Escheat

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

Unclaimed Property Challenges in the Health Care Industry

December 26, 2018 By Kendall Houghton and Matt Hedstrom

States across the country are undertaking unclaimed property audit campaigns. These audits are targeting large national health care providers and insurance companies. Learn from Unclaimed Property partners Kendall Houghton and Matt Hedstrom why these audits raise HIPAA and unclaimed property concerns for the health care sector.

Click here to read the article.

  [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: audit, california consumer privacy act, california privacy law, CCPA, data privacy, ERISA, Escheat, federal preemption, GDPR, health care providers, health insurance, health insurance portability and accountability act, heath care, HIPAA, insurance, risk management, Unclaimed property, VDA

What Is the Future State of Unclaimed Property?

November 2, 2018 By Kendall Houghton

Over the past two years, a series of sea-change developments in the unclaimed property compliance arena has impacted corporations in the U.S. As part of this series of articles produced by Duff & Phelps asking what's next, Kendall Houghton considers how investment assets will continue to generate audit disputes and litigation.

Read the articles here. [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: 2016 Revised Uniform Property Act, assets, caveat investor, Delaware, Escheat, investment, investment assets, National Association of Unclaimed Property Administrators, NAUPA, RUUPA, Unclaimed property

Predicting the Possible “Perfect Storm” of Unclaimed Property Trends in 2018

March 14, 2018 By Michael Giovannini and Kendall Houghton

Our Unclaimed Property Group looks ahead to 2018’s perfect storm of holder- and state-initiated litigation and more.

Litigation – what happened and what’s next
Adopting the Revised Uniform Unclaimed Property Act
The ABA’s Model Unclaimed Property Act
Delaware’s VDA program

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

Filed Under: Unclaimed Property Advisory Tagged With: ABA, ABA's Model Unclaimed Property Act, Delaware, Delaware qui tam, Escheat, False Claims Act, Litigation, Marathon Petroleum Corp., Marathon Petroleum Corp. v. Cook, New Jersey Unclaimed Property Administration, Plans All American Pipeline, Revised Uniform Unclaimed Property Act, RUUPA, Unclaimed property, unclaimed property litigation, VDA, voluntary disclosure agreements

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