Keane's Unclaimed Property Blog

Unclaimed Property Law (50 articles)

Trouble Keeping Up With Unclaimed Property During COVID-19? Keane Offers a Discount to Help

Trouble Keeping Up With Unclaimed Property During COVID-19? Keane Offers a Discount to Help

Compliance, Unclaimed Property Law, Unclaimed Property Reporting

During this difficult time, the Keane Team wants to send our best wishes for health and safety to you, your employees and families. Keane has taken steps to ensure the safety and well being of our Team. At this time, 100% of our service teams are functioning remotely. We have created a COVID-19 Changes to […]

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Delaware Sending Reporting Reminder Letters

Delaware Sending Reporting Reminder Letters

State Escheatment, Unclaimed Property Law, Unclaimed Property Reporting

The State of Delaware Department of Finance is sending out letters reminding organizations of their annual unclaimed property responsibility. While Delaware accepts negative or $0 reports they do not require negative reporting. It appears that these letters are targeted to holders that previously reported unclaimed property to the State of Delaware but may have discontinued […]

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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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The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

The Raw Data Analytics LLC Case May Change the Unclaimed Property Landscape and Liability for the Holder Community!

Compliance, Escheatment, Litigation, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Unclaimed property compliance has been on the rise since the early 2000s. Many companies are aware of state unclaimed property laws, programs, and annual filing requirements. State auditors, third party audit firms, and amnesty programs such as voluntary disclosure agreement (“VDA”) have also contributed to the increase in compliance. VDA programs allow companies to become […]

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The Times, They Are A Changing

The Times, They Are A Changing

Legislative Updates, Unclaimed Property Law

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 […]

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