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A Qui Tam Win for Holders, New Federal Common-Law Ruling, JPMorgan Appeals, and a Possible California Amnesty Program

October 11, 2019 By Alston & Bird Tax Team

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

Filed Under: Unclaimed Property Advisory Tagged With: Budget Act of 2019, California Amnesty, California State Controller's Office, ClubCorp, Common-Law Ruling, CVS, Delaware, New York’s False Claims Act, NYFCA, qui tam, Sentate Bill 109, Unclaimed property, UP

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

September 16, 2019 By Alston & Bird Tax Team

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

Filed Under: Unclaimed Property Advisory Tagged With: APL, False Claims Act, FCA, New York, New York Abandoned Property Law, OAG, Office of the New York State Attorney General, Office of the State Comptroller, OSC, qui tam, Supreme Court, Unclaimed property, UP

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

IRS Ruling on IRAs Raises Numerous Unclaimed Property Issues for Holders, Owners, and States Alike

June 5, 2018 By Kendall Houghton, Michael Giovannini and Kathleen Cornett

Many states have begun to treat IRAs as unclaimed property even before the owner can take a tax-free distribution. But now the IRS has ruled that escheatment is equivalent to a distribution and subject to federal income tax withholding and reporting requirements. Our Unclaimed Property Group dives into this dilemma for holders, owners, and states alike. Revenue Ruling 2018-17 concludes that escheatment of an IRA is a designated distribution Holders must honor federal tax withholding and reporting rules upon escheat States are aggressively auditing IRAs Potential negative impact on [...]Read more

Filed Under: Unclaimed Property Advisory Tagged With: Code, code 3405, federal withholding, Income Tax, individual retirement account, IRA, IRS, rev. rul. 2018-17, Roth IRA, section 3405(e)(1)(b), Unclaimed property, UP

Unclaimed Property ADVISORY: Delaware Moves to Revamp Its Unclaimed Property Law

January 17, 2017 By Michael Giovannini and Kendall Houghton

Our Unclaimed Property Group explores legislation introduced in the state Senate that if enacted, would prompt a sea change in Delaware law governing abandoned and unclaimed property.

Read the full advisory here.

Filed Under: Unclaimed Property Advisory Tagged With: 12 Del. Code Ann. § 1130 et seq, Delaware, Delaware General Assembly, Delaware’s False Claims and Reporting Act, Department of Finance, due diligence, Escheat, Escheat Laws, Gift cards, gift certificates, Income Tax, look-back, Loyalty Cards, record retention, SB 13, Temple-Inland decision, Unclaimed property, Uniform Unclaimed Property Act, UP, UUPA, VDA, VDA program

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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

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