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Unclaimed Property: What is it? Do you have it? And what do you do about it?

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1.5 CPE credits
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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.

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
Additional Details About the "Unclaimed Property" Webinar

Unclaimed 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:

  • Understand unclaimed property concepts so you have a solid foundation.
  • 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 is staying compliant.
  • Gain knowledge about the latest unclaimed property developments across the states, including Delaware and national initiatives.
  • Learn about the audit issues that arise with unclaimed property & discover potential voluntary disclosure and amnesty opportunities
  • Understand what management needs to be know regarding unclaimed property.

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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