Alston & Bird Tax Blog

Unclaimed property

California Dreaming of a Voluntary Compliance Program

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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

Look Before You PEEP – Delaware OUP Rejects Bid to Address Issues with Program and Agreement

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Where there’s a carrot, there’s usually a stick. Our Unclaimed Property Team analyzes Delaware’s new permanent expedited examination program and finds potential issues that could be more than a holder may have bargained for. What will be found in a Request to Expedite Completion of Unclaimed Property Examination?Delaware’s Office of Unclaimed Property fails to clarify or offer guidanceThe deadline for filing a request is September 30 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

Univar, Chapter Two: Only a Pair of Constitutional Claims Survive Dismissal (For Now)

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Our Unclaimed Property Team breaks down the many individual issues at stake in the continuing epic of Univar’s struggle against Delaware and its use of a third-party auditor, and how the courts are deciding in light of earlier Third Circuit rulings.

The procedural due process and equal protection claims survive
The other claims were dismissed, but could be revived later
The next chapter will be set (again) in chancery court

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

False Claims Act Is Again in Focus, This Time in New York

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Last week, our Unclaimed Property Team uncovered the broader implications of a New York court’s False Claims Act ruling that could create a new risk for holders that report past-due property.

Overview of the action brought by the relator
The court’s decision
Implications for holders

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