FMN Taxes

FMN - 2021/March, Seg 3 - Unclaimed Property Reforms and Challenges - Part I

Property or accounts within financial institutions or companies that have not been claimed by their owner and have no activity for a year or more can be classified as unclaimed property, and if there is no contact or change, that property needs to be turned over to the state. But before that last step, when the dormancy period has passed, the entity has the responsibility to perform due diligence and make many attempts to locate the owner of the abandoned property. State Unclaimed Property Laws and Regulations seem to differ from other business regulations and tax requirements in a number of ways, including when a state law applies and the types of items to which it applies. Karen Anderson, director, and William King, tax managing director, State and Local Tax, at KPMG LLP, discuss unclaimed property reforms and challenges and explain some of the anomalies and the ways they impact businesses.

Learning Objectives:

  • Identify differences between unclaimed property laws and tax laws;
  • Recognize the most common unclaimed property types for businesses;
  • Understand voluntary disclosure programs and how they may mitigate penalties, interest, audits and examinations for noncompliance; and
  • Determine how items can become unclaimed property and what the triggers are.


Prerequisites/Advanced Preparation:

Work experience in tax planning or tax compliance, or an introductory course in taxation.


Speakers / Authors:

Karen Anderson, Senior Manager KPMG LLP

William King, Senior Manager KPMG LLP

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Price (USD)

Standard: $69.90

Details

Course Code : FMN1390-FM

Release Date : 03/08/2021
Expire Date : 10/14/2022
Credits :
CPE 2.00
QAS 2.00

Length : 1hr 40min
Course Level : Update
Course Type : QAS Self-Study
Passing Grade : 70%
Format Type : eLearning
Mobile Compatible
Field Of Study : Taxes


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