What Is a VPN, and Why You Need One
The best VPNs can help secure your web traffic against snoops, spies, and anyone else who wants to steal or monetize your data. Article by Max Eddy for PCMag.com https://www.pcmag.com/news/what-is-a-vpn-and-why-you-need-one Have you ever connected to a public Wi-Fi network and wondered if someone, somewhere might be able to see of your...
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Delaware AUP VDA Letters Mailed: Be Aware and Be Proactive!
Be Aware and Do Not Ignore these Notices... In February 2020, Delaware Secretary of State sent via certified mail over 100 letters inviting companies (holders) to enroll in Delaware's Voluntary Disclosure Agreement (VDA) program. These notice letters should be taken seriously as they are generally followed by an audit notice...
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Judge rules to pay interest and penalty on late filed unclaimed property!
Judge decides in a historic case that JP Morgan should have paid interest and penalties for filing past due unclaimed property to states. Is your Company in compliance with state unclaimed property laws? Inquire with your legal, tax, and accounting departments. If your company is not in compliance, what could...
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Mail Alert – VDA Notices from Delaware
Watch your mail carefully as Delaware has begun issuing another round of VDA invitations to various Delaware incorporated companies. The letters encourage holder compliance with Delaware’s Unclaimed Property Laws by offering holders an opportunity to enroll in their SOS VDA Program. Recipients of the letters were chosen based on a...
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Arkansas Allowed to Liquidate Securities Upon Receipt
AR HB1427; Signed 3/15/2019, effective 3/15/19 This legislation which became effective immediately upon enactment, allows but does not require the administrator the immediate liquidation of securities. A claimant may choose to receive the securities if they remain in custody of the administrator or they may receive the proceeds received from...
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New Legislation Changing UP Laws for Life Insurers
Life Insurance reporting continues to become more regulated each year. In this session we will look at recently passed legislation effecting Life Insurance reporting in 2 states that will affect your 2020 life insurance reporting. UT SB70; Signed 3/21/2019, effective 5/13/19 Specifies when a company is deemed to have...
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Colorado and Kentucky Legislation Takes on Gift Cards & Virtual Currency
While one state tightened up its law for pawnbrokers and other secondhand dealers to enhance their record keeping for gift cards and similar products, another state refined its law related to reporting virtual currency. Colorado SB14; Signed 4/8/2019, effective 8/2/19 Requires secondhand dealers who purchase store credits, gift cards or...
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Tennessee “Spring Forward” to Fall AUP Reporting
Tennessee is now a Fall Reporting State! Tennessee SB 2278 (the companion bill to SB 1859) enacted on April 24, 2018, amended Section 66-29-125 of the Tennessee Unclaimed Property Act. The effect changed the reporting dates shifting Tennessee from a spring reporting state to a Fall reporting state. The first...
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Baffled by Delaware’s new VDA Program?
We recently learned that some holders have been contacted by the State of Delaware for a “verified report” after a filing was received. This initiative is a result of the enactment of a new “Compliance Review” process that was part of Delaware’s Unclaimed Property Law Amendment beginning in 2017. Although...
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Compliance Alert – Spring Unclaimed Property Reporting Deadlines!
Just because you are finally finished with Fall unclaimed property reporting, does not mean you can sit back and take it easy. With the New Year, you need to think about the next filing season! Remember there are states that require “spring” reporting, including: • Delaware (3/1/19) • New York...
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NEW IRS RULING REGARDING REPORTING UNCLAIMED IRA’S MAY IMPACT YOU!
The IRS recently published a new Revenue Ruling 2018-17 regarding escheated IRA’s, with an effective date of January 1, 2019. This ruling now requires holders to withhold federal income tax at the 10% rate for “nonperiodic distributions” on escheated traditional IRA accounts turned over to the states. It also requires...
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Good News! California is considering VDA Legislation!
In February, California introduced AB-2773 which would create a Voluntary Disclosure Agreement (VDA) program. This is the first time since 2000 that California has considered any kind of amnesty, so it is welcome news to all holders if it passes. HOWEVER, it has a sunset provision to end in 2024,...
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Spring into Spring Reporting!
If you aren't already gearing up for 2018 Spring reporting, you better get a "spring in your step" to be in compliance with due diligence and remittance activities for UP reporting for the following states: CT (due 3/31 in non-leap years) DE (due 3/1 for all except financial) FL (due...
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ARE YOU IN COMPLIANCE WITH STATES’ RETENTION LAWS?
Every state except Mississippi requires holders to maintain unclaimed property records for up to 10 years after filing. Most states’ unclaimed property record retention periods exceed the more familiar standard tax laws. Some states do not have specific requirements regarding times and types of property to be retained, while others...
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IMPORTANT NEWS FROM ILLINOIS: UNCLAIMED PROPERTY HIGHLIGHTS
Earlier this year, the Illinois Revised Uniform Unclaimed Property Act was passed by the Illinois General Assembly. This was the first complete re-write of the Illinois Unclaimed Property law since the original enacted in 1961. The new law took effect on January 1, 2018. With the passage of the Illinois...
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UNCLAIMED PROPERTY POLICIES & PROCEDURES – Where does YOUR firm stand?
Many holders do not have formal written policies/procedures for managing their unclaimed property liabilities. This omission could have a negative fiscal impact in the event of an audit. One of the first things an unclaimed property auditor asks for is this manual. In addition to compliance issues, strong, current documents...
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DUE DILIGENCE – ARE YOU DILIGENT?
Trying to find lost owners can be challenging, but if you have good procedures in place, you may be more successful. Below are some tips from the experts at UPCR: • Confirm the minimum dollar values required by states. • Verify whether the state requires a date or a time...
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TIME RUNNING OUT FOR HOLDERS IMPACTED BY DELAWARE’S NEW REGULATIONS
As we previously mentioned, Delaware enacted SB 13 on February 2, 2017, which was a major overhaul of its unclaimed property statute. They later amended the bill (SB 13) in June. This legislation and ensuing adopted regulations will have a major impact on holders: • Companies who are currently undergoing...
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UNCLAIMED PROPERTY FALL REPORTING DUE DATES?
As you are painfully aware, time is running short to submit your Fall unclaimed property reports to all the states. If your company reports to all jurisdictions, it is even more time consuming and stressful. Just one of the confusing aspects is the due date for filing the report with...
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Are you new to Unclaimed Property Reporting – or just baffled by all the laws and procedures?
If you are new to – or even if you have been reporting for years, you know that AUP reporting is complicated and confusing. Each state has its own rules, dormancy periods, property type codes, and other requirements. It can be overwhelming! If you are a life insurance holder, you...
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Fall Reporting Extensions for Businesses Affected by Recent Hurricanes
UPPO released this information Wednesday, October 4, 2017: In light of recent hurricanes, multiple jurisdictions have extended their fall unclaimed property reporting deadlines for affected businesses. UPPO has been working closely with NAUPA to determine details regarding these deadline extensions. NAUPA has provided UPPO with a current list of available...
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ALERT – DELAWARE VDA PROGRAM UPDATE NOTICE!!
We recently received a notice from the Delaware State Unclaimed Property Administration regarding an important update about the Delaware Secretary of State (SOS) Voluntary Disclosure (VDA) Program. In two weeks, (around the middle of October) the Delaware office will begin mailing notices to Holders who have been identified as likely...
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ARE YOU ON TRACK FOR FALL UNCLAIMED PROPERTY REPORTING?
October 31st is around the corner! How are you doing on your annual Abandoned & Unclaimed Property reporting time frame? Are you still getting due diligence responses? Are you running out of time to meet all the states’ reporting deadlines? Do you know most state UP administrators will grant reporting...
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BOOOO! Are you ready for October 31st?
No… not Halloween – although that would be more fun! BUT, no trick - this date is important for companies who are required to file and remit their abandoned unclaimed property to the states! A reminder – don’t “get tricked” by making common unclaimed property reporting mistakes like: Writing off...
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Holy Escheat, Plains Won!
Background In October 2014, Delaware notified Plains All-American Pipeline (“Plains”) that it intended to conduct an audit using its third-party auditor, Kelmar. Plains sued Delaware and Kelmar challenging its authority to conduct the audit, its use of estimation, and its use of an auditor with a financial interest in the...
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RECENT SIGNIFICANT CHANGES TO STATE LAWS
Several states have recently passed laws which will affect holders' 2018 reporting. This is the first of a series of informative articles about law changes. This session includes: Delaware SB13 – passed July 29, 2017, effective with 2018 reporting period, revising many key provisions of Delaware unclaimed property law, including:...
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DELAWARE PUBLISHES UNCLAIMED PROPERTY REGULATIONS
DELAWARE PROPOSES UNCLAIMED PROPERTY REGULATIONS OVERVIEW To comply with SB 13, enacted in February of 2017, the State of Delaware has published their new proposed unclaimed property reporting and examination regulations, effective on the date of adoption by the state. The intent is to repeal and replace any current regulations...
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Illinois passes new RUPPA Act
Illinois RUUPA – SB 9 On July 6, 2017, Illinois appropriation budget bill S.B. 9 became law. The Governor had vetoed the bill, but both Senate and House voted to override the veto. One of the measures added to the bill was the Illinois Revised Uniform Unclaimed Property Act, which...
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DELAWARE SOS VDA PROGRAM UPDATED – Notably a Time Sensitive Conversion for Audit to a VDA
DELAWARE SOS VDA PROGRAM UPDATED – Notably a Time Sensitive Conversion for Audit to a VDA The Department of State (“DOS”) updated the SOS VDA Program with the following: SOS VDA Website – DOS updated the Abandoned or Unclaimed Property SOS VDA Program website. The website, which includes...
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Nearly a billion dollars in unclaimed property is waiting to be claimed in Missouri alone
“More than $988 million in unclaimed property is waiting to be returned to Missouri residents” … Did you ever wonder how states get all this unclaimed money to begin with? States have laws requiring companies to hand over unclaimed property (uncashed checks, unused credits, etc…) to the state of the...
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Manual of Credit and Commercial Laws now available
The National Association of Credit Managers (NACM) has just released Volume 1 2017 Manual of Credit and Commercial Laws. The Volume includes General Business Law, Related Statutes and Collections. It includes detailed instructions regarding all states' unclaimed property laws. This is a valuable tool for all businesses. The manual can...
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Tennessee Adopts “Uniform Unclaimed Property Act”
Tennessee joins a handful of states that have introduced or enacted measures to update their unclaimed property laws to conform generally to the Revised Uniform Unclaimed Property Act drafted by the National Conference of Commissioners on Uniform State Laws. The final amended version replaces Tennessee’s former “Uniform Disposition of Unclaimed...
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Carla McGlynn sworn in as UPPO’s 2017/2018 President
MEET THE UPPO 2017/18 PRESIDENT (Article published in April 2017 UPPO Member Update Learn more.) Carla McGlynn has a habit of saying “yes” a lot. That tendency has propelled her career, kept her involved in numerous community organizations and led to her recent induction as UPPO’s 2017/2018 president. “I can’t...
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New York – Reduces voluntary compliance program lookback period to 10 years, and keeps the 1992 lookback date for audits.
New York Reach Back Period - New for 2017 New York passed legislation in January 2017 reducing the look-back or reach back period. With respect to all VCAs entered into after January 1, 2017, the reach back period relative to General Ledger type property, has been reduced to encompass property...
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DELAWARE – Governor signs SB13 into law, being the first state to enact a version of the 2016 RUUPA.
After years of criticism about the enforcement tactics of the state’s unclaimed property laws, Delaware moved to make major changes to its unclaimed property statute. Delaware’s governor in early February 2017 signed into law Senate Bill (SB 13) that makes significant and wide ranging reforms to Delaware’s unclaimed property statute....
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ULC approves the Revised Uniform Unclaimed Property Act (RUUPA).
REVISED UNIFORM UNCLAIMED PROPERTY ACT The fourth, latest version of the uniform unclaimed property act (Revised Uniform Unclaimed Property Act, or RUUPA) was finalized by the Uniform Law Commission July 13, 2016, and now goes to each state for enactment. It has taken several years to develop, with numerous documents...
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