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Unclaimed Property: Why Your Company Can't Afford NOT to Be in Compliance - Webinar

  • ID: 3841700
  • Webinar
  • October 2018
  • Region: Global
  • 100 Minutes
  • Lorman Business Center, Inc.
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It is critical to your companys financial wellbeing to avoid the risks of not complying with unclaimed property reporting laws.

The 2016 Uniform Unclaimed Property Act, Delaware enforcement reform, and the rise of the third party audit firms, are factors that have triggered dramatic change in the unclaimed property compliance paradigm. Anticipating shifting state requirements and potentially costly audit pitfalls has become increasingly difficult for businesses attempting to navigate the unclaimed property compliance maze. This topic provides not only a basic understanding of unclaimed property requirements and an overview of state audits and voluntary disclosure programs but also an update on the legislative and regulatory trends that may continue to define business compliance obligations now and in the future. Presenters will offer insights for realigning policies, procedures and processes consistent with the trends will be discussed to aid you in considering measures that may enhance your companys unclaimed property compliance program.

Learning Objectives
  • You will be able to identify potential property types that may be generated within your organization.
  • You will be able to describe the basic unclaimed property compliance obligations.
  • You will be able to explain the pros and cons of state voluntary disclosure programs.
  • You will be able to recognize specific trends and adapt your unclaimed property compliance approach to align with them.
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Unclaimed Property Fundamentals
  • Type of Items That May Be Unclaimed Property
  • Jurisdictional Rules
  • Unclaimed Property Anomalies
  • Statute of Limitations
  • Contingent Fee Third Party Audits
  • Penalties and Interest
  • The Uniform Unclaimed Property Acts
A Business' Basic Obligations
  • Internal and Statutory Due Diligence
  • Report and Remittance
  • Record Retention
Unclaimed Property Audits
  • Notice and Scope
  • Audit Chronology
  • Scope and Record Production
  • Liability Assessment
  • Closing Agreement
  • Audit Appeals
  • Suggested Practices
Voluntary Disclosure Programs
  • Benefits and Drawbacks of VDAs
  • VDA Qualifications
  • The Significance of Formal vs. Informal
  • Scope
  • Differences From Audits
  • Suggested Practices
Unclaimed Property Trends and Pending Legislation
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Karen L. Anderson - KPMG LLP, Jacob D. Garcia - KPMG LLP
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This webinar is designed for accountants, CFOs, controllers, accounts payable professionals, tax managers, presidents, vice presidents, bookkeepers and tax preparers.
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