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Unclaimed Property

BETTER CERTAINTY What you want and we work to deliver

Unclaimed property is a “non-tax” tax item that prompts unique and often hard to identify legal questions. We counsel you through the complex and varied state-by-state requirements involved with structures that minimize unclaimed property issues, from crafting gift card terms and conditions to conducting business operations from favorable jurisdictions.

Third-party auditors representing states complicate issues and consistently pressure unclaimed property holders. We have extensive experience identifying unclaimed property exposures you may not know you hold. When challenges are made, you will receive the proactive help necessary to eliminate liabilities and defend against aggressive third-party state auditors.

Chris Lutz - a man in a business suit, smiling at the camera
Christopher T. LutzChair | State and Local Tax Group
California’s New Escheat Reporting Requirement on Income Tax ReturnsAugust 26, 2022

By Jordan M. Goodman and Joe Carr, Tax Partner, BDO USA. Please feel free to reach out to the authors with questions.  A new trend in state and local tax reporting in California combines certain income tax and unclaimed property reporting requirements on 2021 and future business income tax returns to enhance compliance. The increased compliance efforts of the California…

California Franchise Tax Board to Share Unclaimed Property Information with State ControllerJanuary 31, 2022

Effective January 1, 2022, the California Franchise Tax Board (“FTB”) has the authority under Assembly Bill 466 to share information with the State Controller’s Office (“SCO”) relating to a taxpayer’s compliance with the California’s unclaimed property laws. To gather this information, the FTB has added a few questions to California’s business entity tax returns for tax year 2021, including whether…

Upcoming Webinar: Jordan M. Goodman Presents, “Unclaimed Property: The Threat to Financial Success You Didn’t See Coming” with Sales Tax Institute – 9/20/22September 15, 2022

Jordan and his co-speakers will cover the basics of identifying your unclaimed property. They will also discuss how to report unclaimed property to the states and trends across the state in rewriting rules and adopting new ones.

Upcoming Webinar: David A. Hughes Presents, “Unclaimed Property: Basic Principles & Current Updates” with Baker Tilly – 7/14/22June 30, 2022

When it comes to managing unclaimed property, there are many nuances you need to be aware of. On July 14th, join David Hughes, Mark Heroux and Zeinat Zughayer for a webinar where they will discuss the basic principles of unclaimed property and address current updates with regard to managing it.

Jordan M. Goodman Discusses Priority Rules for Unclaimed Property Disputes with Law360February 28, 2022

Jordan M. Goodman Discusses Priority Rules for Unclaimed Property Disputes with Law360.

David A. Hughes Published in The Illinois Manufacturer – “The Illinois Unclaimed Property Self-Audit Program”February 14, 2022

In his article, David A. Hughes discusses how to approach unclaimed property self-audits and provides a brief history and overview of Illinois’s Unclaimed Property Act.

Jordan M. Goodman Presents a Webinar, "Navigating a Distressed Business" for MICPA - 11/4/20October 7, 2020

11/4/20 4:10 PM CT The economic impact of COVID-19 is already beginning to take shape with the most obvious impact being the rising number of distressed businesses. Join Jordan for this webinar where he will determine the factors of consideration for buying and selling a distressed business, tax liabilities of all kinds, equity, COVID-19-related SALT issues and cancellation of debt…

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