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
Our Unclaimed Property Team examines a pair of fast-tracked Delaware bills that would reform a swath of the state’s escheat laws in response to ongoing litigation and other disputes over audits and voluntary disclosure...more
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
Banks, insurers and other financial services companies, as well as other companies holding unclaimed property, are automatically liable for interest that accrues on unclaimed property held by them in New York, without having...more
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
Colorado has joined 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. Our...more
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
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
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
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
The court case challenging Delaware’s unclaimed property audit methodologies has settled following an opinion brutalizing Delaware’s position. This settlement leaves the US District Court for the District of Delaware...more