Unclaimed Property: The Threat to Financial Success You Didn’t See Coming

Unclaimed property is not a “tax” and nor does it act like one, as the entire amount of unclaimed property is due to the states, not just a percentage of the amount. It is something often overlooked by businesses as it may seem inconsequential, taking the form of funds like uncashed vendor checks, unclaimed deposits, or unredeemed gift cards.

However, since unclaimed property is an increasingly important revenue driver for states, you should expect more active enforcement of laws through audits, voluntary disclosure programs, as well as new rules and legislation. Without proactive compliance and monitoring of proposed and enacted changes, you are increasing your risk for an audit—which states are initiating at a rapid pace, particularly through third-party auditing firms that may have agreements with multiple states to look into your company!

Don’t wait until you find yourself under an audit or receive a compliance notice. Join this webinar to get clear on your obligations as an unclaimed property holder, processes you should implement, and what’s happening in the landscape. States have enacted new unclaimed property legislation in 2022 and the Supreme Court will consider an unclaimed property case in early October 2022.

Your Teaching Staff

This 90-minute live webinar is taught by SALT Partner Jordan Goodman of HMB Legal Counsel and Senior Tax Counsel Patrick Reynolds of Council on State Taxation (COST). Diane Yetter of the Sales Tax Institute will moderate this critical session, probing for answers to all your questions. 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.

During the live Q&A portion of the webinar, you can get answers to your specific unclaimed property questions directly from Jordan, Patrick, and Diane.

Learning Objectives for this webinar include:

• Understand critical unclaimed property concepts (like holder, owner, and abandonment period) so you have a solid foundation.
• Find out your obligations to reunite property with the owner and how to report unclaimed property to the states.
• Learn about high-risk business transaction areas and methods for mitigating and controlling risk.
• Understand record retention and reporting requirements so you can ensure that your company has adequate internal tracking and accounting procedures in place.
• Discover what actions to take if you are selected for an audit, including potential ways to reduce the impact of noncompliance.
• Learn about proactive measure like performing internal reviews and entering voluntary disclosure agreements to limit penalties and interest.
• Gain knowledge about the latest unclaimed property developments across the states, including those enacting statutes modeled after the 2016 Revised Uniform Unclaimed Property Act and important court challenges.