Category: News

Unclaimed Property News: Delaware Tightens Compliance – What Should Businesses Do?

There is recent unclaimed property news coming out of Delaware that we believe is important to not only understand, but also be prepared for. Delaware, historically known for its business-friendly environment, is implementing a strategic two-pronged approach to enhance compliance with unclaimed property laws in the state. Here's an outline...

Unclaimed Property Reporting and Acquisition Transactions in Focus at 2023 UPPO Annual Conference

The 2023 UPPO Annual Conference is the premier event for unclaimed property professionals, and this year's conference in Nashville promises to be better than ever. With expert speakers and informative sessions, attendees can expect to learn about the latest trends, best practices, and strategies to stay ahead of the curve....

Take Action! 2021 DE SOS Unclaimed Property VDA

Delaware is once again stepping up its enforcement and sending targeted letters to companies inviting them to enroll in the DE VDA program. According to the current process, DE can not call an audit without first giving an opportunity for a company to voluntarily enroll in their Voluntary Disclosure Agreement...

UPCR featured on UPPO Provider Spotlight

UPCR LLC is proud to be featured in this week’s UPPO Provider Spotlight.https://www.uppo.org/page/providerspotlight Meet UPCR LLCUnclaimed Property Consulting & Reporting LLC (UPCR) is a recognized leader in the field of Unclaimed Property.Our focus is on delivering value-added services to companies facing critical business risks and identifying opportunities in the unclaimed...

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...

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...

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,...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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...

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:...

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...

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...

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...

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...

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...

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...

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...

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...

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....

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...