Unclaimed property is a looming liability that many middle-market privately, closely, and publicly held businesses with multistate operations have not planned for or even considered.
Enforcement of unclaimed property laws has evolved to include not only large corporations, but also small to midsize businesses. Entities that were previously off the auditing radar are now facing fines, penalties, and interest for non-compliance. This is a direct result of states’ rapidly changing escheatment laws and their use of third-party, contingent-fee-based auditors in 40 states. This session will provide a brief background on the history and purpose of these laws, proper filing requirements, recent state enforcement, and best practices.
Webinar topics include the history of unclaimed property; a definition of unclaimed property; an explanation of priority rules and dormancy periods; and an outline of administrative issues, including unlimited look back and third-party auditors as well as a legislative and case update.
At the conclusion of this session, participants will know:
- The basics of unclaimed property compliance
- Which types of property must be reported
- Where and when unclaimed property should be reported and remitted
- How to make sense of the dormancy periods and when they should be applied
Presenters | Jason Parish, state and local tax expert of Plante Moran, and Jennifer Zimmerman of the Chicago law firm, Horwood Marcus & Berk.