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November 21, 2018
Earlier this year, in Revenue Ruling 2018-17 the IRS issued guidance stating that holders of traditional IRAs required to report IRA assets to a state as unclaimed property were required to withhold federal income tax upon such amounts and issue a 1099-R form indicating the owner as the recipient of
November 14, 2018
Recently, Ohio passed House Bill 353, which broadens the scope of the current exemptions for gift cards and gift certificates under the unclaimed property act. Effective January 22, 2019 the bill will exempt certain "open-loop" prepaid cards, "closed-loop" prepaid cards, and rewards cards. The rev
November 12, 2018
You may not have noticed, given that there was almost no news coverage of it, but this past Tuesday was Election Day in the United States. While the consequences of that election on national policies are being hotly debated, there were several elections that may impact the future course of unclaime
September 24, 2018
Delaware ex rel French v.
September 19, 2018
The office of the Illinois State Treasurer, Michael Frerichs, recently announced a new program called "Money Match" which is intended to reunite more Illinois residents with their unclaimed funds. Under the new program, the state will send written notification to all apparent owners of property hel
June 15, 2018
In our last post, we mentioned a potential class action against a "digital currency exchange" dealing in Bitcoin and other cryptocurrencies brought by a private plaintiff alleging, among other things, violations of California’s unclaimed property laws. It appears that specific claim will no longer
May 14, 2018
In May of 2010, a Jacksonville software developer named Laszlo Hanyecz made the first purchase of real world goods (2 pizzas) using the cryptocurrency Bitcoin. Since that time, cryptocurrencies – digital currencies that rely upon computerized cryptography to control monetary flow (i.e., the amount
May 2, 2018
A few weeks ago, the unclaimed property industry was abuzz with the news of California legislation that would implement the Golden State's first Voluntary Disclosure Agreement (VDA) program since 20o2. VDA arrangements are amnesty programs pursuant to which holders of unclaimed property can self-re
April 25, 2018
Kentucky Governor Matt Bevin recently signed House Bill 394 into law, which enacts a version of the 2016 Revised Uniform Unclaimed Property Act promulgated by the Uniform Law Commission. The new law incorporates many of the Uniform Act's structural and procedural changes, including the establishmen
April 23, 2018
A recent bankruptcy case raising unclaimed property related issues, as described by my colleague, Bradley Lehman, an attorney with MDM&C's Bankruptcy Practice. A recent opinion from the U.S.
January 3, 2018
According to release from the Delaware Department of Finance, Brenda R.
November 27, 2017
As we noted earlier, Delaware legislation passed October 1 (effective October 11) commenced a 60 day period during which some holders undergoing Delaware unclaimed property audits have the option of converting that audit to a Voluntary Disclosure Agreement. Unlike a traditional unclaimed property a
October 12, 2017
On October 1, 2017, the Delaware Department of Finance issued long-awaited unclaimed property regulations, effective October 11. The new regulations continue the overhaul of the State's unclaimed property program and provide numerous and detailed instructions to both holders and auditors relating
October 4, 2017
The annual unclaimed property report and remittance deadline is rapidly approaching in a number of states. For those businesses affected by the 2017 Atlantic Hurricanes, a number of states are offering extensions of the October 31 / November 1 fall reporting deadlines. In addition, the Unclaimed P
April 3, 2017
It has been about nine months since the National Conference of Commissioners on Uniform State Laws approved the 2016 Uniform Unclaimed Property Act and recommended it for adoption. A number of 2016 Uniform Act bills, or state variants thereof, are now working their way through state legislatures; s