March 2, 2020
January 21, 2020
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...
September 27, 2019
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...
May 10, 2019
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...
May 9, 2019
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,...
May 2, 2019
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...
January 28, 2019
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...
January 21, 2019
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...
January 8, 2019
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...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...- 1
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