ARLINGTON, Va., Aug. 17, 2015 /PRNewswire-USNewswire/ -- Bloomberg BNA today announced the release of a new edition of Unclaimed Property, its Tax Management Portfolio providing in-depth analysis and practical insights from prominent practitioners on escheatment and unclaimed property laws. The Portfolio has been made available to all subscribers to the Bloomberg BNA Premier State Tax Library and Bloomberg Law.
State unclaimed or abandoned property laws (also known as "escheat" laws) have become the subject of considerable controversy and debate in recent years. These laws, which were originally designed to be used to provide a procedural mechanism to reunite owners with their lost or forgotten property, have become a significant source of revenue for many states. As a result, many states have revised these laws or sought to interpret these laws expansively to substantively alter the nature of the debtor-creditor relationship between the owner and the holder of unclaimed property.
The Portfolio provides insight into the evolution of unclaimed property law, its current status among various states, important issues facing practitioners in the field, and current as well as likely future controversies. The Portfolio was written by leading unclaimed property lawyers at Alston & Bird, including John Coalson, Kendall Houghton, Ethan Millar, Michael Giovannini and Matthew Hedstrom, who provide comprehensive in-depth analysis of unclaimed property.
"Whether working for a corporation with unclaimed property requirements or an advisor providing guidance to businesses, this updated Portfolio is the go-to guide for practitioners who need to understand the complexities and varying patchwork of state requirements that unclaimed property laws present," said George Farrah, Editorial Director, Bloomberg BNA's Tax & Accounting division. "We are proud to have worked with Alston & Bird so that tax professionals handling unclaimed property issues can benefit from their deep knowledge and proficiency."
"This Portfolio is aimed at helping professionals navigate the unclaimed property landscape so they can make strategic business decisions that are in compliance with the laws," said Kendall Houghton, Esq., a partner with Alston & Bird and recognized authority in the field of unclaimed property law.
The enhanced Portfolio helps businesses and their advisors navigate these complex compliance requirements by providing:
- a step-by-step analysis of rules and case law governing the priority rules between states in unclaimed property disputes
- an updated discussion of the types of property that one or more states may characterize as "unclaimed property," including customer credits, prepaid gift cards, and securities
- analysis of potential exemptions or defenses or to unclaimed property compliance, such as business to business debts, foreign-owned property or foreign transactions, right of setoff, and federal preemption
- practical insights concerning due diligence and reporting
- explanations of voluntary disclosure, amnesty programs and planning opportunities
- a discussion of audit issues, including the use of third-party, contingent fee audit firms and the use of statistical sampling for estimation
The Unclaimed Property Portfolio is part of the Premier State Tax Library, which includes in-depth analysis, practice tools, news and commentary, and primary sources for all 50 states plus the District of Columbia and New York City.
About Bloomberg BNA
Bloomberg BNA, a wholly owned subsidiary of Bloomberg, is a leading source of legal, regulatory, and business information for professionals. Its network of more than 2,500 reporters, correspondents, and leading practitioners delivers expert analysis, news, practice tools, and guidance — the information that matters most to professionals. Bloomberg BNA's authoritative coverage spans a full range of legal practice areas, including tax & accounting, labor & employment, intellectual property, banking & securities, employee benefits, health care, privacy & data security, human resources, and environment, health & safety.
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SOURCE Bloomberg BNA