2010
2009
2008
2007
2006
2005
2004
2003
This quarterly compliance newsletter provides an in-depth view and analysis of unclaimed property regulations and how they impact mutual funds and corporations. Editorial coverage of ongoing legislation changes, legislative summaries of passed and proposed law, guest columnists from state and industry professionals, Q&A sessions, continuous interpretation and recommendations to effectively comply with unclaimed property laws while increasing your company’s bottom line.
For real-time discussion of our unclaimed property news, subscribe to our Unclaimed Property Blog.
Click on the button below to register for Keanotes. You'll receive a quarterly notification when Keanotes is published and real-time alerts for unclaimed property changes.
Register Here>>
A Ripple Effect: State & Local Audits
By: Ross E. Mouhot, UHY Advisors – Houston, Texas
As states and local taxing authorities (“Jurisdictions”) feel the continued effects of low consumer spending in 2010, many face operating within drastically altered or amended budgets during the remainder of the year and into 2011. When taxpayers experience an economic crunch, taxing jurisdictions often suffer from a ripple effect as incoming tax dollars wane. A decrease in transaction tax dollars is the first wave to hit the jurisdictions, and this wave is usually indicative of more decreases to come in property and income tax funding.
Read More >>
NAST/NAUPA May 2010 Annual Conference Summary
By: Debbie Zumoff, Keane’s CCO
In spectacular and scenic Salt Lake City, the National Association of State Treasurers held its annual Treasury Management Conference and Exposition which included a full track dedicated to unclaimed property issues. While geared mainly to the primary audience of state treasurers and their unclaimed property administrators, much information was provided throughout several sessions that was informative for the holder community as well.
Gift Cards also on the Agenda in Salt Lake City
By: Freda Pepper, Keane’s Director of Compliance
Also at the NAST Treasury Management Conference in Salt Lake City, Lyndon Lyman, executive consultant to ACS, addressed the new Federal gift card regulations and their impact on unclaimed property, in a session entitled, “The Feds, Gift Cards and the Future of Unclaimed Property.” Mr. Lyman explained in great detail the components of the new gift card regulations.
Q & A from Keane’s UPSD Educational Summit – April 2010
By: Keane’s Compliance and Unclaimed Property Teams
Q. States audit back many years. For example Delaware goes back 28 years. We know today many firms do not archive that far back. How does a firm become exempt if they follow the 7 or 10 year archive rule?
A. A business does not become exempt from reporting just because they don’t maintain documents in the normal course of business farther back than their record retention policy. All states have a so called “lookback” period for audits and voluntary disclosures. For most states it is ten years plus the dormancy period. Delaware is an exception. If a company is audited and only has records going back 7 years, then the amount of liability for the rest of the lookback period will be estimated by the auditor using actual records. All estimated liability is due to the entity’s state of incorporation, since there is no address associated with it.