On June 30, 2021, Delaware’s Governor signed into law Senate Bill 103, which adds “virtual currency” to the definition of “property” subject to the reporting and remitting requirements of Delaware’s unclaimed property law. “Virtual currency” is “a digital representation of value, including cryptocurrency, used as a medium of exchange, a unit of account, or
Recent CA, TX and UT Tax Rulings on Income Tax, Unclaimed Property and Electricity Taxes
In this episode we discuss three recent developments, including an electricity tax matter in California (City of Arcata v. Pacific Gas & Electric Co.) a Texas unclaimed property matter (CKD Homes Direct, Ltd v. Comptroller) and a Utah income tax matter.
Listen Now:
Subscribe to our Podcast
Ho! Ho! Ho! Delaware Sets its Sights-Again-on Uncashed Rebate Checks
There’s never a dull moment in Delaware when it comes to unclaimed property. The latest salvo comes by way of a lawsuit filed by the Delaware Department of Finance against Blackhawk Engagement Solutions (DE), Inc. (formerly known as Parago, Inc.), a provider of rebate, reward and incentive programs to retailers and other client companies. As
Sutherland Adds Counsel Amy Nogid, Continues Expansion of Leading National State and Local Tax Practice in New York
We are pleased to announce that Amy F. Nogid has joined Sutherland’s State and Local Tax (SALT) practice as counsel in New York. Prior to joining Sutherland, Amy was of counsel at Morrison & Foerster LLP.
Amy represents clients in all aspects of state and local taxation matters at the administrative, trial and appellate levels
Unclaimed Property Issues Under Debate as Uniform Law Commission Rewrites the Uniform Act
Proposed revisions to the Uniform Unclaimed Property Act were under debate this past week in Washington, DC as the Uniform Law Commission Committee to Revise the Uniform Unclaimed Property Act continued the process of crafting a new Uniform Act. The Drafting Committee focused on seven priority issues, including (1) the definition of address; (2) gift
Double-Dipping in Delaware: Delaware Assesses Unclaimed Property Liability for Years Covered by Voluntary Disclosure Agreement
By Kathryn Pittman and Jack Trachtenberg
On April 17, 2013, Select Medical Corporation (Select Medical) filed suit in federal district court seeking to enjoin Delaware from enforcing an unclaimed property assessment issued for years that had been resolved already through the state’s voluntary disclosure program. In 2006, Select Medical entered into Delaware’s voluntary disclosure program
New Jersey Amends Escheatment Laws
New Jersey amended its escheatment laws on June 29, 2012. Some of the notable amendments include:
- Extending the period for which no activity is deemed to be considered abandoned from two years to five years;
- If a balance of less than $5 remains on a gift card, issuers are required to refund the balance in
MORE “and” LESS Unclaimed Property: North Carolina’s Grab for More Information and Delaware’s Shrinking Look Back Period
North Carolina
North Carolina H.B. 692 contains several important, and somewhat disconcerting, changes for unclaimed property holders. The bill provides that for amounts due to the apparent owners of intangible property valued at $50,000 or more, holders must report the following information with respect to the owner: “full name, last known address, SSN or TIN
UPwords – Prepaid Discount Vouchers: The Not-So-Final Frontier
In addition to A Pinch of SALT (our monthly State Tax Notes column on hot issues in state and local tax), Sutherland SALT regularly publishes UPwords, which covers the latest developments in unclaimed property. In this edition of UPwords, we focus on a new form of digital property—the online prepaid discount voucher, such as those
The “I’s” Have It: Indiana and Idaho Unclaimed Property Developments
Indiana just launched a new unclaimed property compliance enforcement effort that is bringing unwelcome news to some holders. In early April, Indiana sent out formal notices to holders indicating that fines could apply for failure to timely report and remit unclaimed property. In some cases, not only did holders receive the warning notice, but also an actual assessment and invoice reflecting the threatened fines. The letters accompanying these assessments indicated that the holder has 60 days to pay the assessment, including the fine, or demonstrate to the Indiana unclaimed property authorities that the assessment was incorrect. Adding salt to the wound, the letters indicated that failure to comply may subject the company to an audit.
Idaho, on the other hand, recently passed a law that eases the compliance burden associated with reporting unclaimed corporate securities and related distributions. HB 174 (effective July 1, 2011). Idaho’s new law makes two major changes to corporate securities reporting: (1) a requirement that the owner is actually “lost” before the dormancy period commences, and (2) clarification of the requirements for reporting unclaimed dividends paid pursuant to dividend reinvestment program accounts (DRIP accounts).Continue Reading The “I’s” Have It: Indiana and Idaho Unclaimed Property Developments