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Escheat laws by state can be difficult to keep track of, as no two states interpret unclaimed property in the same way. State escheatment laws can differ based on a variety of factors, including property type, dormancy period, and compliance requirements, among other factors.
Keanotes®, our industry leading compliance journal, eases the burden of tracking the various escheat laws by state by providing an in-depth view and analysis of unclaimed property regulations and state escheatment laws. Keanotes also includes editorial coverage of ongoing legislation changes, legislative summaries of escheat rules by state, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.
The compliance experts at Keane can help to keep you up to date the various escheat laws by state by providing real-time alerts when significant changes are made to unclaimed property regulations and state escheatment laws. Subscribers to Keane’s Unclaimed Property Compliance Portal will also receive access to view additional details on the legislative change, including a summary of the legislation and an analysis of its impact.
Click on the button below to register for Keanotes®. You’ll receive a notification when new issues are published and real-time alerts for changes in escheat laws by state. For information on subscribing to Keane’s Unclaimed Property Compliance Portal, please visit www.keanecompliance.com.
Contents of Latest Issue
As presented by Brenda Mayrack, Delaware State Escheator
At this year’s Keane Client Connection in Philadelphia, Delaware State Escheator Brenda Mayrack addressed the audience of Keane clients and industry colleagues, providing insight into her goals for her Office and the State’s unclaimed property program as a whole.
By Angela Gholson Tamhane, Chief Compliance Officer
Under IRS Revenue Ruling 2018-17 the escheatment of traditional IRA accounts to the states’ unclaimed property fund constitutes a designated distribution that is subject to federal tax withholding rules for IRAs.
By Gary Joseph, MBA, CIA Senior Manager and Ann Fulmer, CPA, CFE Consulting Practice Leader
As a result of states pursuing “released” obligations post-bankruptcy via third party audit, many holders, specifically those in the oil and gas arena, have been assessed millions of dollars in penalty and interest due to “non-compliance” with State Unclaimed Property Law prior to the petition date.
Heather Gabell, J.D., Director of Compliance
Keane provides a comparison of key RUUPA provisions against two emerging model acts in the wake of RUUPA negotiations: the American Bar Association’s Model Act (ABA Model Act), which was finalized in January 2018, and the draft revisions to RUUPA prepared by the National Association of Unclaimed Property Administrators (NAUPA).
By Heather Gabell, J.D., Director of Compliance
Keane provides an update on key decisions for court cases that have recently had an impact on the unclaimed property industry.