5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Do Gift Cards Keep on Giving How the Law Affects the Consumer, the Retailer and the State
In a decision that may reshape how states administer their unclaimed property statutes, the Tenth Circuit held that property owners can pursue takings claims against the Colorado State Treasurer (Treasurer) without exhausting...more
In this article, the authors delve into the Department of Labor’s temporary ERISA enforcement policy for unclaimed retirement benefit payments of $1,000 or less. The Department of Labor (DOL) has announced a temporary...more
In litigation challenging unclaimed property examination findings, the Michigan Supreme Court took a first step towards curtailing the seemingly never-ending examination process, but left open an opportunity for the State to...more
Likely due to the tremendous number of healthcare mergers, acquisitions, and private equity deals that have been taking place, the industry has recently been the target of multistate unclaimed property audits. This increased...more
The February Monthly Minute highlights a new online ACA reporting alternative, the DOL’s temporary policy regarding escheatment of small retirement benefits owed to missing participants, and new guidance clarifying the gag...more
On January 14, 2025, the DOL issued Field Assistance Bulletin (FAB) 2025-01, providing sponsors and administrators of ongoing defined contribution plans with a new option for missing participant balances of $1,000 or less:...more
Our Unclaimed Property and Employee Benefits & Executive Compensation teams delve into the Department of Labor’s temporary ERISA enforcement policy for unclaimed retirement benefit payments of $1,000 or less....more
State unclaimed property audits are becoming more frequent. Is your company in compliance? State unclaimed property audits are becoming more frequent as states look for ways to increase revenue. There is a growing chance that...more
Our Unclaimed Property and State & Local Tax teams review the state legislation that impacted businesses’ gift card programs in 2024. Notably, Idaho now expressly exempts gift cards that do not expire or impose fees but...more
In a significant development for state unclaimed property programs, Wisconsin has joined a bipartisan coalition of 30 states in reaching a settlement with Delaware, effectively concluding a long-standing dispute over...more
Following the Supreme Court’s 2023 decision in the MoneyGram case, Delaware and a coalition of 30 states have settled. Our Unclaimed Property Team examines the impact of the settlement on future litigation over escheated...more
Kilpatrick’s David Hughes and Jordan Goodman recently joined BDO for a discussion of trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more
Regulations purporting to authorize unclaimed property examinations performed by third-party auditors put on ice. Our Unclaimed Property Team examines an Office of Administrative Law (OAL) ruling that shuts down regulations...more
Hong Kong’s District Court recently granted a car park operator default judgment in ATL Logistics Centre Hong Kong Ltd v. Wellfit Chun Yip Logistics Ltd DCCJ 3840/2023 for unpaid parking charges and declarations passing...more
Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more
Many organizations have recently received a notice from the Delaware Department of Finance Office of Unclaimed Property requesting a sworn verification of the completeness and accuracy of their unclaimed property reporting....more
California is taking applications for its new voluntary compliance program for unclaimed property holders. Our Unclaimed Property Team sheds light on the program’s knowns and unknowns....more
Our Unclaimed Property Team analyzes how the Nevada Treasury Office’s interpretation of the state’s new unclaimed property law will create chaos and disruption for holders in the already-busy fall filing cycle....more
At long last, California is on the verge of creating its own voluntary compliance program for unclaimed property holders. Our Unclaimed Property Team investigates how the state plans on implementing the system and cautions...more
The U. S. Supreme Court has redirected escheatment of certain unclaimed funds from states that were previously presumed properly to claim the funds. In this decision, instead of escheating all of the unclaimed funds arising...more
Delaware has maintained a nearly 60-year death-grip on its lucrative funding source of abandoned and unclaimed property. Another finger on that grip was loosened by Delaware’s recent loss at the U.S. Supreme Court when...more
On January 19, 2023, the Michigan Court of Appeals affirmed two 2022 trial court orders, holding that initiating an unclaimed property audit does not toll (or freeze) the running of the statute of limitations (time-bar) for...more
The U.S. Supreme Court released its long-awaited decision in the MoneyGram case pitting 30 states against Delaware. Our Unclaimed Property Team breaks down the decision and how it could affect holders in the future....more
All nine Supreme Court Justices sided with a group of 30 states in a dispute with Delaware over hundreds of millions of dollars of unclaimed checks issued by MoneyGram, a money transfer company. The Court held that the...more