Compliance, Legislative Alerts
Originally introduced in February 2017 as a drug and alcohol dependency bill, Illinois H 3806 was amended on May 31, 2018, and would revise the banking provisions in the Illinois Revised Uniform Unclaimed Property Act. If passed, the provisions of the bill would become effective immediately.
Compliance, Unclaimed Property Reporting
This post details an unclaimed property reporting calendar for holders to follow month-by-month. Keane has utilized this timeline to file annual reports on behalf of our hundreds of reporting clients in an efficient and streamlined manner.
Compliance, Legislative Alerts
Under a recent Internal Revenue Service Ruling, the escheatment of payments made from a traditional IRA account to the state’s unclaimed property fund constitutes a designated distribution that is subject to federal tax withholding rules for IRAs. The trustee or custodian of the IRA must also report those payments on a 1099-R, identifying the owner as the recipient.
Compliance, Unclaimed Property Reporting
Even for the most seasoned professionals, the annual unclaimed property reporting process is not without its pitfalls. With 55 individual jurisdictions and varying state escheat laws, there are plenty of potential mistakes to avoid. While the list below is not exhaustive, here are some of the most common unclaimed property reporting errors to which many […]
Individuals tasked with bringing their organization into compliance for the first time would be best suited by implementing a comprehensive unclaimed property compliance program serving as the foundation for ongoing reporting and compliance efforts. Here’s how to get started.
Latest Webinars