Alston & Bird Tax Blog

RUUPA

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

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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

Colorado’s New Revised Uniform Unclaimed Property Act Should Prompt Holder Action

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Our Unclaimed Property Team examines the potential adverse impacts on holders as Colorado joins the list of states updating their unclaimed property laws by adopting a version of RUUPA that repeals its existing $25 reporting deduction but preserves the state’s existing treatment of gift cards.

Impacted holders should consider redomestication
Will the state apply the repeal retroactively and attempt to claw back deducted funds?
Gift cards and gift certificates – maintaining the status quo

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

What Is the Future State of Unclaimed Property?

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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

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

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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

Unclaimed Property ADVISORY: Illinois General Assembly Stealthily Enacts Version of Revised Uniform Unclaimed Property Act

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Illinois passed its first budget in two years – and snuck in (a modified version of) the 2016 Revised Uniform Unclaimed Property Act. Our Unclaimed Property Team unearths the Act’s numerous provisions, many of them unfavorable for holders.

Eliminating the B2B exemption
Other variations from the uniform Act and current Illinois law
Potential legal hurdles

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