The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, was signed into law on March 27, 2020. Under Section 2203 of the Act, required minimum distributions (RMDs) from IRAs (including inherited IRAs) and certain other retirement plans are waived for 2020. In addition to the waiver in 2020 of newly occurring RMDs, this […]
Escheat Law (19 articles)
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 […]
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.