Massachusetts Ruling: Interest on Lawyer Trust Accounts are not Unclaimed Property
Keane Unclaimed Property Blog
by Keane Unclaimed Property Team
3y ago
The Massachusetts Supreme Judicial Court ruled on October 1, 2020 that unidentified funds in Interest on Lawyer Trust Accounts (“IOLTAs”) are not unclaimed property under Massachusetts Unclaimed Property Law (G.L.c. 200A, et seq.)[1] (the “UPL”).   Banks should no longer report IOLTAs to Massachusetts. The Matter of Gregory M. Olchowski [2] sets forth the courts findings.  The matter stems from efforts to determine what to do with unidentified funds held in the IOLTA of Mr. Olchowski following his disbarment.  In 2018 Mr. Olchowski’s attorney moved for an order to transfer ..read more
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Life Insurance Holders: CA Reporting Date Postponed
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
California life insurance unclaimed property Remit Reports are now due February 1-15, 2021. California’s Office of State Controller Betty T. Yee moved the Notice Reports file date for life insurance holders from April 30 to June 30 due to the COVID-19 pandemic. This change has therefore pushed back the life insurance report remittance deadline from December 1-15, 2020 until February 1-15, 2021. Remit reports must not be sent prior to February 2021 to ensure adequate time for holders to claim their property before it is remitted to the state. California requires a full seven to seven and one ha ..read more
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Understanding Alberta Unclaimed Property
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
Alberta enacted the Unclaimed Personal Property and Vested Property Act and Regulation in September of 2008. The Alberta Finance, Tax and Revenue Administration (TRA) provides a searchable directory for Albertans and assists them in claiming any financial assets that are theirs. Dormancy periods in Alberta range from one to fifteen years based on the individual property types, and includes life insurance policies, retirement savings plans, stock certificates, security properties, and bank accounts. Below is a high level overview of some important items for holders required to report property i ..read more
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DE Court Orders Univar to Comply with DE Subpoena
Keane Unclaimed Property Blog
by Keane Unclaimed Property Team
3y ago
State of Delaware, Department of Finance v. Univar, Inc[1] On October 29, 2020 the Delaware Chancery court ordered that Univar comply with Delaware’s administrative subpoena. Delaware’s administrative subpoena was for unclaimed property documents as part of an audit by Kelmar, Delaware’s third-party auditor. Specifically, the court made the following determinations: Rejected Univar’s argument that the subpoena power was being retroactively applied.  In doing this the court observed that (i) the power existed before the subpoena was issued, even if the Delaware’s current unclaimed propert ..read more
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New Jersey Experiencing Online Payment Processing Problems
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
The State of New Jersey is currently experiencing problems with processing online payments; per the State of New Jersey’s Treasury’s Website: Reporting Announcement: The Unclaimed Property Administration is temporarily unable to process online payments through its Holder Reporting Application. As a result, we are only accepting payment by wire or check at the moment. Payment instructions can be found under “Reporting Information” and will also be provided on the “Report Confirmation” page once the report is uploaded. We apologize for any inconvenience and hope to have this matter resolved soo ..read more
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COVID-19 Updates for Fall 2020 Reporting
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
As COVID-19 continues to create unique operational challenges for unclaimed property holders at this time, several states continue to issue statements related to extensions for reporting deadlines and extension procedures. We have compiled these statements in our COVID-19 Changes to State Deadlines and Extension Procedures page and will continue to update this information on a regular basis. During the Spring 2020 unclaimed property reporting season many states provided blanket extensions to their unclaimed property filing deadlines. We have not seen this trend continue into the Fall 2020 uncl ..read more
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What the Sovos Acquisition of Keane Means to You
Keane Unclaimed Property Blog
by Keane Unclaimed Property Team
3y ago
FROM PAUL BANKER Vice President and General Manager, Tax & Regulatory Reporting, Sovos Since announcing Sovos’ acquisition of Keane’s reporting and consulting divisions in July, our teams have spent many hours together talking about what combining forces will mean for customers. There is growing excitement as our experts build on each others’ strengths to better serve you. You may know Sovos as a tax compliance and regulatory reporting software provider. Many of our 8,000+ customers — which include half the Fortune 500 and the top insurers and financial institutions in the world — know us ..read more
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Delaware 2019 Reporting Verification Letters
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
August 11, 2020 UPDATE: Pursuant to §1170 12 Del. C. the Delaware Department of Finance recently released letters for reporting verification to companies that previously filed unclaimed property reports with the state but did not file a 2019 report. Make sure your CFO’s, upper management and Delaware registered agent watch for this letter. Continue reading to see what to do if you receive one of these notices. The State of Delaware Department of Finance sent out letters for verification of organizations annual unclaimed property responsibility in 2019.  These letters are targeted to hold ..read more
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Canadian Unclaimed Property Environment: Requirements for American & Canadian Holders
Keane Unclaimed Property Blog
by Keane Unclaimed Property Team
3y ago
The unclaimed property environment within the United States and Canada is ever-changing with amended legislation as well as statutory, administrative, and regulatory requirements. When considering the variations in regulations and legislation no two states, nor two provinces, are exactly the same—providing a broad spectrum of compliance requirements.  Despite the lack of uniformity across states and provinces, the United States and Canada share similarities in regard to unclaimed property and how it is regulated today. Both the United States and Canada have their unclaimed property roots ..read more
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Keane Reporting and Consulting Acquired by Sovos
Keane Unclaimed Property Blog
by Mikyla Croul
3y ago
Global tax software provider Sovos today announced it has acquired Keane’s unclaimed property consulting services and reporting technology. The acquisition, Sovos’ fourth this year, makes 2020 the company’s most acquisitive year yet. The purchase of Keane’s software and consulting services deepens Sovos’ footprint in the unclaimed property compliance market, as states turn to these revenue streams to offset budgetary gaps that are widening amid COVID-sparked economic slowdowns. Even before the pandemic, states increasingly viewed unclaimed property as a key revenue driver and audit t ..read more
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