Keane's Unclaimed Property Blog

Escheat Law (18 articles)

NAUPA Provides Guidance on IRS Revenue Ruling 2018-17

NAUPA Provides Guidance on IRS Revenue Ruling 2018-17

Compliance, Escheat Law, Unclaimed Property Law

Since its release in May 2018, IRS Revenue Ruling 2018-17[1] 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 […]

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Gift Card Escheatment Laws

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 […]

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Quick Guide: New York Escheat & Unclaimed Property Laws

Abandoned Property, Abandoned Property Law, Dormancy Periods, Escheat Law, Escheatment, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

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.

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Missouri Unclaimed Property Reporting: Legislature Proposes Changes to Unclaimed Property Law

Escheat Law, State Escheatment, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

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 […]

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