Jordan M. Goodman, Patrick J. Reynolds and Diane L. Yetter will discuss the basics of identifying your unclaimed property and your obligation to reunite it with the proper owner. Register for the webinar here.
12:00 – 1:30 PM CT
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.
Jordan and his co-speakers will cover the basics of identifying your unclaimed property. They will also discuss how to report unclaimed property to the states and trends across the state in rewriting rules and adopting new ones. Lastly, they will 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.