Unclaimed property compliance requirements have been in effect for many years. However, many states have not aggressively pursued the collection of unreported property until recently. As a result, many companies have failed to fully comply and are now facing unexpected compliance responsibilities and liabilities, as well as audit inquiries for prior periods as states move to supplement their budgets.
Who should attend? This webinar is intended for financial and operations personnel—including tax, general accounting, accounts payable, sales, tax technology, purchasing and credit—who deal with unclaimed property as part of their responsibilities. This course is also intended for individuals who need an understanding of unclaimed property concepts. The course is also designed for general practitioners with minimal to no experience.
Patrick J. Reynolds is a Senior Tax Counsel with the Council On State Taxation (COST). He currently leads COST’s legislative advocacy function, serves as staff liaison to the Unclaimed Property Committee and the Sales Tax Committee, and edits two of COST’s regular publications.
More About Patrick J. Reynolds
Diane L. Yetter, President & Founder, YETTER and Sales Tax Institute
Diane L. Yetter is the “Sales Tax Nerd TM” as well as a strategist, advisor, speaker and author in the field of sales and use tax. She is president and founder of YETTER Tax, a sales tax consulting and tax technology firm in business since 1996. She is also the founder of The Sales Tax Institute, which offers live and online courses to educate business professionals about sales and use tax.
More About Diane L. YetterUnclaimed property is not a “tax.” The entire amount of unclaimed property is due to the states – not just a percentage of it. Except for a few states that have enacted special legislation, there are no statutory audit limitation periods. States have the right and authority to assess an unclaimed property assessment on a company retroactively to the date the unclaimed property statute was enacted in their state. As a result, a tolerable “one-year” assessment amount can be projected into an unimaginable and unexpected assessment. Projections including 10-20 years are not uncommon! In addition, unclaimed property risk can result in SOX disclosures and internal control deficiencies. The Temple-Inland case in Delaware has brought even more focus to the area.
In this 90-minute live webinar Diane Yetter will be joined by Pat Reynolds, Senior Tax Counsel with the Council On State Taxation (COST), and they will teach you the fundamentals of unclaimed property and get you up-to-speed on the latest developments regarding unclaimed property across the states. In addition, you’ll get the opportunity to get answers to your questions during the Q&A portion of the webinar.
Learning Objectives for this webinar include:
CPE Information:
Webinar attendees can earn 1.5 hours of CPE credit in the “Taxes” field of study
Prerequisites: This course requires no prerequisites or advance preparation.
Program Level: Basic
Delivery Method: Group Internet-Based
Additional Information about CPE
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Custom sales and use tax trainings are available for those needing a specialized program.