In the present day, virtual currencies are becoming increasingly popular with cryptocurrencies, such as Bitcoin or Ethereum, being the most prominent examples. Virtual currency, also referred to as virtual money exists only in digital form and is used in specific internet communities. Until recently, virtual currency was largely unregulated. However, as it gained popularity, instances […]
Companies that have chosen not to report their unclaimed property in the past often find themselves in a tricky situation when they choose to do so for the first time. Doing so involves strategic thought and planning. Companies should not just choose to suddenly come into compliance without first thoroughly evaluating the effects of doing […]
Discover the power of Voluntary Disclosure Agreement (VDA) programs for businesses. Learn how enrolling in a VDA program can help achieve compliance with unclaimed property reporting obligations while avoiding interest and penalties. Explore the exception in New Jersey and the benefits of shorter look-back periods.
Whether tangible or intangible, unclaimed property is held by a company that has been abandoned or left unclaimed for a certain period, typically due to account inactivity or owner contact (known as a dormancy period). States are increasingly targeting unclaimed property as a way to gain sources of non-tax revenue to address budget shortfalls.
Dunbar announced recently that William (B.J.) Hanson has joined the firm to further develop their growing portfolio of accounts. Formerly a Senior Vice President with industry giant Keane, B.J. Hanson comes with a wealth of experience within the unclaimed property industry.
Merger and acquisition (“M&A”) activity in 2015 was rich in large dollar deals, while in 2016 the focus has been on smaller, but more numerous, transactions. Unfortunately, no matter the M&A climate, companies often inadvertently inherit an unknown liability from the companies that they acquire (“Targets”).
The Financial Services Industry and UP All businesses are likely to generate unclaimed property (“UP”), and the financial services industry is no exception. Like other businesses, it must address potentially reportable UP in the form of vendor and payroll checks and other general ledger property.