Since its release in May 2018, IRS Revenue Ruling 2018-17 has raised significant legal and operational concerns for holders. Under the Ruling, the escheatment of an IRA to the state constitutes a designated distribution, subject to a 10% federal tax withholding. The trustee or custodian of the IRA must also report the designated distribution on a […]
Escheat Law (18 articles)
Abandoned Property, Abandoned Property Law, Compliance, Dormancy Periods, Escheat Law, Escheatment, Gift Card Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting
Update 2019: Are gift cards escheatable? Unfortunately, the answer is not simple as each state and territory have different unclaimed property laws regarding gift cards and the time before escheatment. These differences in state laws impact gift card breakage, the revenue companies gain through unredeemed gift cards. The Electronic Funds Transfer Act and the Consumer […]
The holidays are around the corner and the hunt for the perfect holiday gift is under way for many consumers. According to the National Retail Federation, the total spending on gift cards for the 2013 holiday season will reach $29.8 billion. Before you purchase a gift card for a family member or friend, ensure you […]
Are you interested in learning some of the key concepts of New York escheat and unclaimed property laws? Have a specific question about reporting, auditing or compliance? This page gives you key information pertaining to New York State escheat laws including reporting & compliance.
On February 2, 2011, Missouri unclaimed property reporting met new stipulations. The Legislature submitted a bill proposing a business-to-business exemption to its Missouri unclaimed property law. The proposed law exempts any "intangible property due or owed by a business association to, or for the benefit of, another business association resulting from a transaction occurring in […]