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RUUPA

UP Front: A 2021 Sightline for Unclaimed Property Professionals

January 25, 2021 By Kendall Houghton, Matt Hedstrom and Michael Giovannini

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

Filed Under: Unclaimed Property Advisory Tagged With: Audits, CARES Act, IRAs, RUUPA, SECURE Act, VDAs, voluntary disclosure agreements

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

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

April 17, 2019 By Michael Giovannini and Kathleen Cornett

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

Filed Under: Unclaimed Property Advisory Tagged With: $25 reporting deduction, Colorado, gift card, RUUPA, Unclaimed property, UP

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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