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Illinois Unclaimed Property Reporting

Gain a better understanding of the Illinois unclaimed property laws and reporting requirements and keep your company compliant.

If your company has employees, customers, vendors and/or shareholders, then your company has the potential to have an unclaimed property reporting obligation to one or all of 54 jurisdictions. No two states have the same statutes and rules for unclaimed property compliance which can create a nightmare for companies who want to be in and stay compliant. Failure to comply with state unclaimed property laws may lead to an audit and/or large interest and penalty assessments; sometimes doubling a company's unclaimed property exposure. Whether you are the CFO or the person responsible for reconciling the bank accounts, unclaimed property affects almost all areas of a company and the more team members that are educated and trained, the easier it is to create and follow internal procedures for reporting. While providing a broad overview of unclaimed property in general, this topic will focus on Illinois' own unique requirements and specifics for reporting unclaimed property which will change starting January 1, 2018.

Runtime: 103 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

What Is Unclaimed Property?

  • History of Unclaimed Property
  • How to Identify Unclaimed Property in Your Company

- Common Property Types - General Ledger vs. Securities Related Property

  • Where Do You Report Unclaimed Property?

Illinois Revised Uniform Unclaimed Property of 2017

Illinois Unclaimed Property - General Ledger

  • Dormancy Periods
  • Reporting Exemptions
  • Due Diligence
  • When Do I Report?
  • How Do I Report?

Illinois Unclaimed Property - Securities and Other Specific Industries (e.g., Insurance)

  • Dormancy Periods
  • Due Diligence
  • When Do I Report?
  • How Do I Report?

Voluntary Disclosure Agreements (VDA) and Audit Initiatives

  • Am I Eligible for a VDA?
  • I Have Received an Audit Notice - Now What?
  • Recent Litigation Updates

Establishing Internal Policies and Procedures

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on December 14, 2017.

Call 1-866-352-9540 for further credit information.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Troy Wangen

Troy Wangen

True Partners Consulting

  • Director Unclaimed Property for True Partners Consulting, LLC (Chicago office)
  • More than 11 years of dedicated unclaimed property consulting experience
  • Represents both public and private companies of various sizes in numerous industries
  • Second vice president of the Unclaimed Property Professionals Organization
  • Has spoken on unclaimed property at various trade organizations such as UPPO, NACM, American Payroll Association, and Chicago Bar Association
  • B.A. degree, University of Mary
  • Can be contacted at 312-588-3430 or [email protected]
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401296
Published 2017
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