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Multistate Abandoned Property Review

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DESCRIPTION

All 50 states, the District of Columbia and three Canadian provinces have abandoned property laws on their books. The states secure the abandoned property of their citizens, while utilizing that property for the benefit of all citizens until the rightful owners claims it. Despite the ubiquity of these laws, compliance by holders of abandoned property is notoriously low because in the past, states have not enforced these laws with much vigor. That has changed in recent years as a result of the economic downturn and expanding budget deficits. Rather than taking the often controversial and politically-difficult steps of raising tax rates or imposing new taxes, states are increasingly turning to their abandoned property laws to raise revenue. Consequently, abandoned property audits have skyrocketed in recent years. Unfortunately, these state abandoned property laws often impose substantial liability on unwitting businesses who fail to report and/or remit the property to the state. In this seminar, we will examine the general rules posited by most state abandoned property laws, and then discuss issues that frequently arise as those rules are applied on audit. We will also discuss recent trends in the abandoned property law area so as to better prepare the webinar participants for future issues and audits. Finally, we will review state amnesty programs to help entities with outstanding liabilities understand their options.

Educational Objectives:
• What qualifies as abandoned property;
• What entities are subject to abandoned property laws;
• The obligations holders of the property must satisfy, and
• Audit tips and strategies to help minimize abandoned property liability.

Who would benefit most from attending this program?
CPAs, CFOs, Accounting staff, or anyone responsible for managing or reviewing an entity’s financial records.

SPEAKERS

JOSEPH N. ENDRES, HODGSONRUSS, LLP

Joe counsels clients on a wide range of state and local taxation issues and represents taxpayers in disputes with the New York State Department of Taxation and Finance and the New York City Department of Finance. Joe handles sales and use tax matters in the technology industry (software as a service, cloud computing, digital products, etc.) and has represented clients in numerous multistate compliance matters.

Joe has also advised clients with respect to various federal and state tax incentive-based programs such as the federal renewable energy investment and production tax credits, and New York State’s Start-Up NY Program, Excelsior Program, former Empire Zone Program, Brownfield Tax Credit Program, and Historical Building Rehabilitation Tax Credit Program. Additionally, Joe counsels clients on their abandoned property obligations in the various states and has represented large corporations in abandoned property audits and voluntary disclosures.