It is critical to your company's financial well-being 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 company's unclaimed property compliance program.
Learning Objectives
- You will be able to identify common types of unclaimed property.
- You will be able to recognize the reporting obligations and requirements for Unclaimed Property reporting.
- You will be able to identify the requirements related to Voluntary Disclosure.
- You will be able to identify the steps in an Unclaimed Property audit.
Credit
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Why Lorman?
Over 33 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
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
Credit
More Program Information
Why Lorman?
Over 33 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 Course
This course was last revised on January 10, 2019.
Call 1-866-352-9540 for further credit information.
CPE/NASBA - QAS Self Study 2.5 including Specialized Knowledge 2.5
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.5 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.5 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
Credit
More Program Information
Why Lorman?
Over 33 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
Karen L. Anderson
KPMG LLP
- Senior manager, KPMG, LLP National Unclaimed Property Practice Team
- Thirty years of experience: State unclaimed property administrator, business advocate and consultant
- Specializes in unclaimed property compliance and consulting in the areas of due diligence, reporting and remitting, risk minimization, State interpretation, negotiation and clarification, policies and procedures, business training and education
- Frequent speaker at seminars and conferences held by business-related associations
- Former president of the Unclaimed Property Professionals Organization (UPPO) (2013-2014)
- Former Co-Chair of the UPPO Government Relations Committee; chair of the Holders' Coalition
- J.D. degree, Loyola University of Chicago
- Can be contacted at 317-523-5049 or [email protected]
Jacob D. Garcia
KPMG LLP
- Manager in KPMG's Denver SALT practice
- Full range of experience in all aspects of unclaimed property, including multi-state general ledger and securities audits, quantification of unclaimed property liability, voluntary disclosure agreements, annual compliance reporting and the development of leading practices
- Served as a senior associate at a boutique unclaimed property firm
- Helped manage numerous audit defense and VDA projects
- Extensive experience in unclaimed property consulting for the oil and gas, healthcare, and retail industries
- Assisted with diagnostic reviews, annual compliance services, and the development of policies and procedures for several Fortune 500 companies
Credit
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Why Lorman?
Over 33 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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