Unclaimed Property Reporting

Training Provided by Lorman Education Services Unclaimed property - what's it all about? Find out how to prevent costly audits, fines and penalties. How does your company account for uncashed payroll and accounts payable checks? How does your company handle aged customer credits? Do you have unclaimed dividends, gift certificates or unidentified remittances that have not been claimed by the owner? These items may represent unclaimed property liability. As states struggle to meet their annual fiscal responsibilities, unclaimed property has emerged as a new and popular avenue for increasing revenue stream. Compliance is a hot topic - therefore, it's critical for your company's financial well-being to make sure you're in full compliance with state unclaimed property laws. Attend this seminar and get an extensive overview of all aspects of unclaimed property. Don't miss this timely opportunity to learn about the obligations and current issues companies are facing. Benefits for You - Find out what unclaimed property is and how it affects your business - Avoid the financial risks of not complying with unclaimed property reporting laws - Grasp the key essentials of voluntary disclosure agreements and look-back periods - Learn how to prevent - or survive - a state or third-party audit - Discover what the future holds as unclaimed property continues to emerge in the marketplace and state requirements evolve

Unclaimed Property Reporting Agenda

This seminar will be presented by Michael J. Giannettino and Loredana C. Pfannenbecker.

8:00 am - 8:30 am Registration

8:30 am - 9:30 am Overview

- History of Unclaimed Property

- Unclaimed Property Overview

- Uniform Unclaimed Property Acts

- Common Terms and Types of Property

- Jurisdictional Issues

- Sourcing of Unclaimed Property

- Priority Rules (Texas vs. New Jersey)

9:30 am - 10:30 am Compliance

- Holder Responsibilities

- Fines and Penalties

- Identifying Property

- Exemptions

- Guidelines and Procedures

- Filing Requirements

- Due Diligence

- Statute of Limitations

10:30 am - 10:40 am Break

10:40 am - 11:40 am Audits

- The Audit Process

- State Audits and Third-Party Audits

- State Indemnification

- Look-Back Periods, and Penalties and Interest

11:40 am - 12:30 pm Voluntary Disclosure Agreements

- Review Process and Self-Audit

- Look-Back Periods

- Methods of Estimation

12:30 pm - 1:30 pm Lunch (On Your Own)

1:30 pm - 3:00 pm Current Trends and Issues

- Increased State Awareness

- Financial Statement Impact on Noncompliance

- FASB Statement No. 5 - Accounting for Contingencies

- Mergers and Acquisitions

- National Organizations

3:00 pm - 3:10 pm Break

3:10 pm - 4:00 pm Special Industries and AUP

- Target Industries

- AUP Exposures Areas by Industry

4:00 pm - 4:30 pm Question and Answer Session

About The Training Provider: Lorman Education Services

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