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

Live Webinar
1.5 CPE credits
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There is an audit activity by the states that most tax pros do not normally have to deal with…unclaimed property!

Unclaimed property is the obligation of every business to turn over funds for obligations to known and unknown third parties that have been sitting on your books for as little as a year. The states have been aggressively ramping up their audit activity of unreported property and most businesses have failed to fully comply. The result is large unreserved payments to the states, making unclaimed property a significant state revenue source. Many states have revamped their unclaimed property statutes in recent years to capture more revenue.

This webinar will cover the basics of identifying your unclaimed property and your obligation to reunite it with the proper owner. You’ll learn how to report unclaimed property to the states and trends across the state in rewriting rules and adopting new ones. We’ll also cover what to do when you are chosen for an audit, including some of the defenses that “holders” of unclaimed property can offer up to reduce their obligations.

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.

About the Instructor

More About Jordan M. Goodman

About the Instructor

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

About the Instructor

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. Yetter

“Sales Tax Institute information is excellent, concise, and exactly what we need to try and keep on top of the sweeping changes to sales tax.”

Additional Details About the "Unclaimed Property: The Threat to Financial Success You Didn’t See Coming" Webinar

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.

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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