On June 28, 2019, the Superior Court of Delaware issued an Order for Entry of Final Judgement for damages and penalties in The State of Delaware, ex. rel. William Sean French v. Overstock.com, Inc. (C.A. No. N13C-06-289 PRW CCLD). In September 2018, a jury found that Overstock had knowingly violated the Delaware False Claims Act […]
Compliance (297 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.
On June 11, 2019, the California Attorney General filed a Complaint in the Superior Court of California, County of San Francisco (CGC-19-576620), alleging that ClubCorp violated California’s False Claims Act (CFCA) and the California Unclaimed Property and Unfair Competition laws when it knowingly omitted in its unclaimed property reports approximately $10 million in unclaimed initiation […]
Recently, Keane noticed an uptick in unclaimed property audits initiated by the state of Massachusetts. We wanted to bring this to the attention of holders incorporated in Massachusetts, as well as those with a physical presence in the state, so that proactive measures can be considered. Proactive measures would include conducting an internal risk assessment […]
As increasing retirement savings continues to be a concern among Americans, will the rules surrounding unclaimed IRAs and 401(k) plans change? May 2018: IRS Issues Revenue Ruling 2018-17 Regarding Unclaimed IRAs The escheatment of an IRA account constitutes a designated distribution, subject to a 10% federal withholding. Trustees/custodians of the IRA must issue a 1099R […]