Keane's Unclaimed Property Blog

Compliance (280 articles)

Most state estimates suggest that only 15 to 35 percent of companies are in full compliance with unclaimed property laws, and even those who are in compliance technically may be underreporting because they aren’t correctly interpreting what the law requires. Here you will find best practices and articles to help you comply with unclaimed property rules and regulations.

New Lawsuit Brings Delaware’s Audit Enforcement Measures to the Forefront: The Next Temple-Inland?

New Lawsuit Brings Delaware’s Audit Enforcement Measures to the Forefront: The Next Temple-Inland?

Compliance, Litigation, Unclaimed Property Audit

Univar alleges that the unclaimed property audit spearheaded by Kelmar violates a number of its constitutional rights, including substantive and procedural due process rights, the right to equal protection and the right to be free from unreasonable searches and seizures, and that it constitutes a taking of private property without just compensation.

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Compliance Deadline Extended: IRS Rules Escheatment of Traditional IRA Distributions Subject to Federal Tax Withholding

Compliance Deadline Extended: IRS Rules Escheatment of Traditional IRA Distributions Subject to Federal Tax Withholding

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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