FMN Taxes

FMN - 2021/March, Seg 4 - Unclaimed Property Reforms and Challenges - Part II

In July 2020, the Delaware Court of Chancery reversed a subpoena issued by the Delaware Department of Finance (the Department) in the course of an ongoing unclaimed property audit of AT&T. The issuance of the Department’s subpoena on behalf of the State Escheator was initiated in 2021 requesting AT&T’s records going back 20 years from the commencement of the audit to 1992! Karen Anderson, director, and William King, tax managing director, State and Local Tax, at KPMG LLP continue our segment on unclaimed property reforms and challenges and discuss administrative subpoena authority. Are state administrators who have this authority issuing administrative subpoenas in unclaimed property audits? And are there any restrictions of the types of information that can be subpoenaed?

Learning Objectives:

  • Identify how unclaimed property audits are administered by states;
  • Recognize ways to mitigate exposure and avoid data breaches;
  • Determine the exclusions from the definition of gift certificates, store gift cards and other general-use prepaid cards; and
  • Understand how COVID-19 has impacted unclaimed property compliance and enforcement.

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


Price (USD)

Standard: $69.90


Course Code : FMN1391-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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