Unclaimed Property

Unclaimed Property: What Tax Professionals Need to Know

These are a few of the basics that you should understand about unclaimed property – from what exactly it is, to potential risk areas and compliance issues.

Washington Issues Guidance on the Taxability of Unredeemed Gift Cards

Washington has addressed options for businesses to report or recognize income from unredeemed and abandoned gift cards.

Illinois Authorizes Information Sharing to Administer Unclaimed Property

Effective August 11, 2017, the names of people who are due unclaimed property held by the Illinois State Treasurer can be shared with the Department of Revenue to aid in returning unclaimed property.

New York Reduces Reach Back Period for Unclaimed Property Voluntary Compliance Program

Amazon.com entered a voluntary sales tax collection agreement with Wyoming. Amazon will begin collecting Wyoming sales tax on its sales to Wyoming consumers and businesses beginning March 1, 2017.

Consumer Financial Protection Bureau Rules State Laws are Superseded by Federal Law on Gift Cards

In April 2013, the Consumer Financial Protection Bureau (CFPB) ruled that unclaimed property laws in Maine and Tennessee that deem gift cards as abandoned property if not used within a certain period are preempted by federal law. Under the Electronic…

Delaware Assesses Unclaimed Property Liability for Period Covered by VDA

On April 17, 2013, Select Medical Corporation (Select Medical) filed suit in federal district court seeking to enjoin Delaware from enforcing an unclaimed property assessment issued for years that had been resolved already through the state’s voluntary disclosure program. In…

Insurance Companies Lose Unclaimed Property Case in Kentucky

The Franklin County Circuit Court in Kentucky rejected a challenge by Kemper Insurance Companies to the state’s new unclaimed property law. Kemper immediately filed a notice of appeal. The decision upholds a law enacted by Kentucky last year that requires…

Delaware Offers Amnesty for Unclaimed Property

Delaware is currently offering an amnesty opportunity for unclaimed property. Currently, if the state of Delaware locates and contacts a taxpayer for an unclaimed property audit (generally conducted by third party auditors), the state can go back to 1981. Few…

Ohio has increased the mandatory notice requirements holders of unclaimed property must follow.

When the unclaimed property’s value is worth more than $50 but less than $1,000, notice may be mailed via first class mail; if value if $1,000 or more holders must now send notice via certified mail, return receipt requested. Holders…