Keane's Unclaimed Property Blog

Check Your Mail: NC Sending Letters

Check Your Mail: NC Sending Letters

Escheat Audits, Unclaimed Property Audit

Notice: The North Carolina Department of State Treasurer is sending letters to companies (“holders”) to determine compliance with their Unclaimed Property statutory reporting requirements. It is important to note that response to these letters is required within 30 days. The form attached to these letters request company, unclaimed property reporting, accounting, payroll, outstanding checks, vendor […]

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Eton Corporation and Fruit of the Loom Follow Suit, Filing Back-to-Back Lawsuits Against Delaware

Eton Corporation and Fruit of the Loom Follow Suit, Filing Back-to-Back Lawsuits Against Delaware

Compliance, Litigation

Eton Corporation and Fruit of the Loom (along with related entities) are the latest companies to have filed suit against Delaware in federal court[1], alleging that the state violated their constitution rights in connection with the state’s estimation methodology used in unclaimed property audits by its contingency fee auditors.  These back-to-back lawsuits filed on December […]

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SECURE Act Impact on Unclaimed Property

SECURE Act Impact on Unclaimed Property

Compliance

On December 20, 2019, President Trump signed into law the SECURE Act (“Setting Every Community Up for Retirement Enhancement Act”) as part of the government’s spending bill. Two important provisions in the SECURE Act will affect the unclaimed property reporting of retirement accounts, and will be effective on January 1, 2020: The age for required […]

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Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Delaware Faces New Lawsuit Related to Unclaimed Property Audits

Escheat Audits, Litigation, Unclaimed Property Audit

On December 9, 2019, AT&T filed a lawsuit against the state in Delaware federal court, AT&T v. Geisenberger[1], alleging that certain document requests issued by Kelmar, acting as the state’s third party contingent fee auditor, made in connection with an unclaimed property audit that began in 2012, violate the company’s Fourth, Fifth and Fourteenth Amendment […]

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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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