Agenda

If you haven’t been looking out for potential unclaimed property issues, perhaps you should be. Cash-strapped states are increasingly turning to unclaimed property as an opportunity to generate additional revenues without raising taxes. In Delaware, for example, unclaimed property collections have risen from $106 million in 1998 to $375 million in 2008.

At the same time, since the enactment of Sarbanes Oxley, the states are focusing more intensely on corporate accounting issues. This heightened level of scrutiny has enabled the states to pursue unclaimed property that arises as a result of accounting discrepancies.

Besides grappling with the complexity of these new types of audit issues, businesses challenging the results of an unclaimed property audit must overcome statutory presumptions in favor of the state.

The effect of unclaimed property audits extends beyond corporate balance sheets. They also have important federal income tax implications. Taxpayers are generally allowed to deduct amounts that were initially included in income but were subsequently found to be subject to restrictions. But this relief is available only if certain requirements are met.

Presentation Objectives: 
This webinar:
• explains what constitutes “unclaimed property”
• covers recent legal trends with respect to unclaimed property
• provides an overview how unclaimed property laws evolved to their present state
• describes the current application of unclaimed property laws across the 50 states
• highlights some of the multistate issues property holders are likely to face
• alerts attendees to recent state unclaimed property compliance techniques
• discusses efforts underway to reform unclaimed property laws
• covers important federal tax limitations with respect to unclaimed property

The objectives of this webinar include providing participants with a conceptual understanding of:
• the different types of unclaimed property that holders are generally responsible for documenting and reporting to the states
• the various contexts in which unclaimed property issues are likely to arise
• the obligation to comply with state unclaimed property laws
• some of the various techniques state auditors use to uncover unclaimed property
• how to substantiate and protect federal tax positions with respect to unclaimed property

Upon completion of this program, participants will:
• understand the various types of assets that may constitute unclaimed property
• identify the basic legal requirements and audit scenarios arising from unclaimed property laws
• gain insights regarding current trends in unclaimed property law
• see how unclaimed property can potentially affect federal tax liability