5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Do Gift Cards Keep on Giving How the Law Affects the Consumer, the Retailer and the State
Our Unclaimed Property Team examines how the new SECURE Act’s changes to an IRA’s required minimum distribution (RMD) age affect holders of IRA assets, especially in states that aren’t aligned with federal law....more
Our Unclaimed Property Team has created FAQs to stimulate review of the numerous challenges associated with the potential escheatment of traditional IRAs and other tax-advantaged retirement assets....more
For a host of legal and practical reasons, the only feasible alternative for disposing of the accounts of missing participants in a terminating 401(k) or other defined contribution retirement plan qualified only in Puerto...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
The Internal Revenue Service recently issued a ruling describing the tax treatment of individual retirement accounts that become unclaimed property. IRA owners should be aware of this ruling and ensure that they are taking...more
The IRS recently issued a ruling describing the tax treatment of IRAs that become unclaimed property. IRA owners should be aware of this ruling and ensure that they are taking appropriate measures to avoid having their IRAs...more
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...more
The payment of a traditional individual retirement account or annuity (IRA) over to a state unclaimed property fund will now be subject to federal tax withholding and reporting, according to Rev. Rul. 2018-17 released by the...more
As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more
Significant changes affecting all holders of unclaimed property were included in amendments to Pennsylvania’s Fiscal Code adopted as part of the state’s 2016-17 budget. The amendments establish requirements for the...more
The Pennsylvania General Assembly passed HB 1605 on July 13, 2016, and it was approved by Governor Tom Wolf on the same day. Contained within this omnibus finance bill are two sections that significantly amend Pennsylvania’s...more
Late this summer, the Massachusetts Treasurer demanded mutual fund records on a nationwide basis as part of a multistate unclaimed property audit. Thirty-five (35) states are involved in the audit, but the Treasurer has...more