Keane's Unclaimed Property Blog

Increase in Massachusetts Audits

Increase in Massachusetts Audits

Compliance, Escheat Audits, Unclaimed Property Audit

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 […]

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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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Accounting for Unclaimed Property

Abandoned Property, Compliance, Unclaimed Property, Unclaimed Property Law, Unclaimed Property Reporting

Escheatment is the process of remitting an asset to the state of the address of record as unclaimed property. When not correctly managed and reported, the historic unclaimed property liability coupled with the risk of state audits – and subsequent fines and penalties for non-compliance – become material to your annual reviews, findings, and ultimate opinions. And, given the […]

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