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Audits Escheat

Eversheds Sutherland (US) LLP

Unclaimed property hot topics: What you need to know in 2024

Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more

Eversheds Sutherland (US) LLP

Delaware Escheator steps up verified report inquiries for unclaimed property

Many organizations have recently received a notice from the Delaware Department of Finance Office of Unclaimed Property requesting a sworn verification of the completeness and accuracy of their unclaimed property reporting....more

Alston & Bird

Litigate, Legislate and Repeat: The Delaware Escheat Law Spin Cycle

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Our Unclaimed Property Team reviews Delaware SB 281, which would grant additional power to the State Escheator. This bill: Attempts to clarify Delaware’s unclaimed property laws....more

BakerHostetler

[Podcast] What is Unclaimed Property/Escheat?

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What in the world is unclaimed property and escheat? And why are tax people dealing with it? Matt Hunsaker gives a basic high-level overview of the world of unclaimed property....more

Eversheds Sutherland (US) LLP

What to expect in unclaimed property trends for 2021

Many US companies will face the threat of increased unclaimed property exposure in 2021 as states and private litigants ramp up audits, litigation and legislative changes designed to increase payments to states. Although...more

McGuireWoods LLP

Court Quashes Delaware’s Unclaimed Property Audit Subpoena on Abuse-of-Power Grounds

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In a decision addressing issues of first impression concerning Delaware’s use of subpoenas to enforce unclaimed property laws, the Delaware Court of Chancery has quashed the state’s subpoena in its entirety, holding that...more

Eversheds Sutherland (US) LLP

Top five unclaimed property trends for 2020

Unclaimed property audits and compliance issues will continue to be a challenge for companies in a wide range of industries. States view escheat as an important source of revenue, and contingent fee auditors will do their...more

Alston & Bird

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

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The continuing epic of Univar’s struggle against Delaware and its use of a third-party auditor continues in district court, only to continue on in state court, again. Our Unclaimed Property Team breaks down the many...more

Eversheds Sutherland (US) LLP

Unclaimed property — What’s new for gift, payroll, loyalty and stored-value cards?

A wave of new unclaimed property statutes and rules is changing whether and when businesses should escheat gift, payroll, loyalty, and other stored-value cards. Ten states have adopted new statutes or rules in this area over...more

Jones Day

Illinois Unclaimed Property Auditors Target Previously Exempt Business-to-Business Property

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A recent written auditor request indicates an aggressive position and differing treatment on previously exempt Illinois business-to-business property. Other states are poised to follow. Illinois contingent fee auditors...more

McDermott Will & Emery

Delaware Starts Unclaimed Property “Compliance Reviews” (Different from Audits)

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If the Delaware Office of Unclaimed Property believes that a person may have filed an “inaccurate, incomplete, or false report,” the State Escheator may authorize a “compliance review” under Del. Code Ann. tit. 12, § 1170(b)....more

Alston & Bird

Delaware’s Escheats Law Is Back in Court

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Our Unclaimed Property Group examines the latest challenge to Delaware’s Escheats Law, regulations, and audit practices. - Lawsuit in response to state subpoena of holder’s records - Substantive challenge to audit...more

Eversheds Sutherland (US) LLP

Unclaimed Property: 5 Key Developments for 2018

Onerous unclaimed property audits and vexing compliance issues will continue to challenge companies in a wide range of industries in 2018. Even with the robust economy, new federal tax provisions will push states to view...more

Pillsbury - Gravel2Gavel Construction & Real...

Third Circuit Addresses Preemption By Federal Common Law

The states employ unclaimed property laws (also referred to as escheat laws) to determine if property owned by one person but that is in the possession of another person is subject to the state’s control after the period of...more

Alston & Bird

Third Circuit Continues the Marathon Battle Over Delaware’s Escheat Law

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On December 4, 2017, the Third Circuit Court of Appeals vacated the Delaware federal district court’s dismissal of the plaintiffs’ claims in Marathon Petroleum Corp., et al. v. Cook. The court held that the plaintiffs did in...more

Alston & Bird

Delaware Finalizes Much-Anticipated Audit Regulations

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On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more

Alston & Bird

Delaware’s Escheats Law Faces Due Process Challenge

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In 2015, following Delaware’s commencement of an unclaimed property audit of Plains All American Pipeline, that holder initiated a lawsuit in the U.S. District Court for the District of Delaware seeking declaratory judgment...more

Pillsbury - Gravel2Gavel Construction & Real...

Third Circuit Breathes Life Into Procedural Due Process Claims In Pipeline’s Case Against Delaware’s State Escheator

In the case of Plains All American Pipeline L.P. v. Cook, et al., decided on August 9, the U.S. Court of Appeals for the Third Circuit largely affirmed the dismissal of Plains All American Pipeline L.P.’s (Plains) complaint...more

Alston & Bird

Delaware Reworks Its Recent Unclaimed Property Overhaul Legislation

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On June 29, 2017, Delaware Governor John Carney signed into law Senate Substitute 1 for Senate Bill 79, which revises parts of Senate Bill 13, the major unclaimed property legislation passed earlier this year. Perhaps...more

Troutman Pepper

Tax Update, Volume 2017, Issue 2

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THE NEW REGULATIONS EXPAND THE FILING REQUIREMENTS FOR FORM 5472 TO INCLUDE DISREGARDED ENTITIES WITH FOREIGN OWNERS WHEN THERE ARE CERTAIN REPORTABLE TRANSACTIONS. If a non-U.S. person (individual or corporation)...more

Troutman Pepper

Temple-Inland Decision Leads to Proposed Delaware Escheat Reform Legislation: Tax Update Volume 2017, Issue 2

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The proposed reforms are a welcome change, specifically as they relate to lookback periods, electronic filing and limited compliance reviews. As a result of what some might view as a scathing decision by the U.S....more

Alston & Bird

Sailing the Sea Change of Delaware’s New Escheats Law

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On February 2, 2017, Delaware Governor John Carney signed Senate Bill 13 into law, completing a wholesale rewrite of the Delaware Escheats Law, codified at 12 Del. Code Ann. § 1130 et seq. The final version of the legislation...more

Alston & Bird

Delaware’s Unclaimed Property Overhaul Legislation Awaits the Governor’s Signature

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Exactly two weeks after introduction, Delaware’s major unclaimed property overhaul bill – SB 13 – passed both the Senate and the House of Delaware’s General Assembly on January 26. The bill is now on the desk of newly...more

Alston & Bird

Delaware Moves to Revamp Its Unclaimed Property Law

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On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is...more

Alston & Bird

Unclaimed Property Advisory: Delaware Secretary of State Assesses Impact of Temple-Inland on VDA Program

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On Friday, August 26, 2016, Delaware Secretary of State Jeffrey Bullock issued a statement to representatives of holders currently registered in the Delaware VDA program, with a direct opening message to recipients: In...more

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