Bloomberg BNA has released a new edition of Unclaimed Property, its Tax Management Portfolio on escheatment and unclaimed property laws.

State unclaimed or abandoned property laws (also known as “escheat” laws) have become the subject of considerable controversy and debate in recent years. These laws, which were originally designed to be used to provide a procedural mechanism to reunite owners with their lost or forgotten property, have become a significant source of revenue for many states. As a result, many states have revised these laws or sought to interpret these laws expansively to substantively alter the nature of the debtor-creditor relationship between the owner and the holder of unclaimed property.

The updated portfolio provides insight into the evolution of unclaimed property law, its current status among various states, important issues facing practitioners in the field, and current as well as likely future controversies. The portfolio was written by leading unclaimed property lawyers at Alston & Bird, including John Coalson, Kendall Houghton, Ethan Millar, Michael Giovannini and Matthew Hedstrom, who provide comprehensive in-depth analysis of unclaimed property.  

“Whether working for a corporation with unclaimed property requirements or an advisor providing guidance to businesses, this updated portfolio is the go-to guide for practitioners who need to understand the complexities and varying patchwork of state requirements that unclaimed property laws present,” said George Farrah, editorial director of Bloomberg BNA’s Tax & Accounting division. “We are proud to have worked with Alston & Bird so that tax professionals handling unclaimed property issues can benefit from their deep knowledge and proficiency.”

The enhanced portfolio includes:

  • A step-by-step analysis of rules and case law governing the priority rules between states in unclaimed property disputes.
  • An updated discussion of the types of property that one or more states may characterize as “unclaimed property,” including customer credits, prepaid gift cards, and securities
  • Analysis of potential exemptions or defenses or to unclaimed property compliance, such as business to business debts, foreign-owned property or foreign transactions, right of setoff, and federal pre-emption.
  • Practical insights concerning due diligence and reporting.
  • Explanations of voluntary disclosure, amnesty programs and planning opportunities.
  • A discussion of audit issues, including the use of third-party, contingent fee audit firms and the use of statistical sampling for estimation

The portfolio has been made available to all subscribers to the Bloomberg BNA Premier State Tax Library and Bloomberg Law. 

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