Keane's Unclaimed Property Blog

Legislative Alerts (171 articles)

Here you can find updates on unclaimed property laws, rules, and regulations. Unclaimed property legislation varies from state to state, and is different depending on the type of property. Check back frequently for legislative alerts and breaking unclaimed property news as it happens.

IRS Ruling: Escheatment of Traditional IRA Distributions Subject to Federal Income Tax Withholding Rules

IRS Ruling: Escheatment of Traditional IRA Distributions Subject to Federal Income Tax Withholding Rules

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.

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Washington State Seeks to Adopt Revised Uniform Unclaimed Property Act (RUUPA)

Washington State Seeks to Adopt Revised Uniform Unclaimed Property Act (RUUPA)

Compliance, Legislative Alerts

Introduced on January 10, 2018, Washington H 2486 seeks to adopt the Revised Uniform Unclaimed Property Act (RUUPA). The Act would significantly modify existing unclaimed property law in the state. Dormancy periods and triggers for existing and new property types are introduced, along with, new requirements for additional holder outreach and due diligence.

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