No business wants to be in the headlines for not being compliant with the law and being assessed millions of dollars in penalties and interest. Failure to comply with state unclaimed property statutes poses such a risk.
In this course we provide an overview of the unclaimed property regulatory scheme and discuss its nuances and their impact on businesses. We also identify major non-compliance risks and audit triggers and discuss how to analyze your company’s escheat compliance and how to work toward full compliance. We also explore the use of state voluntary disclosure agreements and their advantages and disadvantages.
The course serves as a summary review of the basic unclaimed property concepts related to state jurisdiction, enforcement and suggested practices for effecting escheat compliance.
Learning Objectives
- Define the terms “holder” and “unclaimed property” and recognize how they apply under state unclaimed property laws
- Discover how the federal common law rules apply to state jurisdiction over outstanding intangible property
- Identify the types of risks posed by non-compliance with escheat laws
- Discover how voluntary disclosure can be used as a method for minimizing liability
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Prerequisites
Prerequisite: Awareness of unclaimed property requirements
Advanced Preparation: None