Understand the consequences of unclaimed property non-compliance as well as ways to start reporting if your organization has never filed before.
Nearly all organizations generate unclaimed property in various aspects of their everyday operations. It could be something as simple as an employee who doesn’t cash a payroll check or more complex issues involving IRA accounts with an owner who’s non-responsive. Financial institutions, including banks, are unique in nature. States may require different dormancy periods and off-cycle reporting deadlines. Common property types (e.g., DDA’s, Certificates of Deposit, IRAs and Safe Deposit Boxes) held by financial institutions may also come with their own special rules.
Navigating state escheat law(s) can be a challenge, and with penalties and interest assessed for non-compliance, this regulatory compliance concern must be taken seriously and addressed with best practices. This presentation will help those responsible for unclaimed property compliance understand how to accurately comply with state law. This program also explains the consequences of non-compliance as well as ways to start reporting if your organization has never filed before. Failing to have a proper compliance program is becoming a great risk for many organizations as states are increasing audit and outreach activity.
Learning Objectives
- You will be able to discuss an overview of unclaimed property.
- You will be able to review common bank property types and reporting rules.
- You will be able to identify recent law changes.
- You will be able to explain audits.
Agenda
Overview of Unclaimed Property
Common Bank Property Types and Reporting Rules
- CDs
- DDAs
- IRAs
- Custodian Accounts
- Safe Deposit Boxes
Reporting Cycles/Building a Calendar
- Off Cycle Reporting Dates
- Due Diligence
- California Requirements
Recent Law Changes
- Money Orders and the Supreme Court
- New York Decedent Confirmation Rule
First Time Reporting/Vdas
- Informal Programs
- Formal Programs
- DE VDA Program
- Audits
- Increased Enforcement
- State Audits
- Third-Party Audits
Speakers
James O. Santivañez,
JMS Advisory Group, LLC- Founder and president of JMS Advisory Group, LLC
- For more than 20 years, he has provided guidance and consultation to clients in all industries regarding unclaimed property and state/local tax matters
- He works with clients to design and implement complex compliance solutions, negotiates amnesty and voluntary disclosure agreements to mitigate and resolve unclaimed property liabilities, and provides representation for third-party and state unclaimed property audits
- Specialist in unclaimed property compliance reviews designed to identify exposure, potential savings opportunities, and process enhancements and risk mitigation
- Staunch defender of client interests – provides assertive representation for dozens of unclaimed property audits on behalf of clients in varied industries including insurance, health care, financial services, retail, hospitality, manufacturing, distribution, transportation, energy, and utilities
- Prepares protests, appeals, litigation support documentation, and requests for rulings
- Regularly meets with state unclaimed property administrators and state treasurers throughout the country to stay abreast of developing policies and legislation
- Has provided expert testimony and lobbied for client legislative interests in various states
- Negotiates with all state unclaimed property agencies and administrators advocating client interests and policies beneficial to the holder community
- Drafted proposed legislation and made formal recommendations to state legislators on significant unclaimed property issues impacting holders’ rights
- Former National Practice Leader, Ryan, Inc.; former Regional Practice Leader, KPMG, LLP and former law clerk, Multi-state Tax Commission
- Nationally recognized expert on unclaimed property matters; has spoken to the membership, or appeared as a speaker on behalf of the following organizations: American Gas Association, American Payroll Association, Atlanta Tax Club, Broadcast Cable Financial Management Association, Healthcare Financial Management Association, National Restaurant Association, Tax Executives Institute, Texas Society of CPAs, and Unclaimed Property Professionals Organization
- J.D. degree, Washington College of Law, American University, Washington, D.C.; B.A. degree, Yale University
Who Should Attend
This live webinar is designed for presidents, vice presidents, branch managers, loan officers, compliance officers, loan department personnel, accountants, controllers, CFOs, credit and collection managers, and attorneys.
