Course Description
Unclaimed property - what's it all about? Find out how to comply with Georgia laws and prevent costly audits.
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 risen as a popular avenue for increasing revenue stream. Unclaimed property touches all industries, company sizes and locations. 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.
Who should attend?
This seminar is designed for accountants, controllers, tax managers, CFOs, bankers, treasurers and attorneys.
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
- Tips on maintaining records and keeping up with changes in requirements
- Learn how to prevent - or survive a state or third-party audit
Learning Objectives
- You will be able to explain the basic principals of unclaimed property compliance.
- You will be able to discuss the amnesty and voluntary disclosure reporting.
- You will be able to describe how to recover funds for your company.
- You will be able to identify the basics of audits.
Agenda
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This seminar will be presented by James O. Santivañez, Timothy Goodyear, Jay Starr, Kelly E. Evers and Jennifer M. Seaman. |
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8:00 AM - 8:30 AM |
Registration |
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8:30 AM - 9:50 AM |
Unclaimed Property 101 |
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- History
- Modern Terminology
- Foundational Case Law
- The Uniform Unclaimed Property Acts
- Basic Requirements
- Due Diligence
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9:50 AM - 10:00 AM |
Break |
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10:00 AM - 10:30 AM |
Compliance - Basic Principles |
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- High Level Process Overview
- Common Types of Unclaimed Property
- Notification Requirements
- The Notification Process
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10:30 AM - 11:15 AM |
Compliance - Intermediate Principles and Case Study |
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- Industry-Specific Compliance Concerns
- State-Specific Requirements
- Dormancy Periods
- Identify and Quantify Exposure
- Compliance Case Study
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11:15 AM - 12:00 PM |
Amnesty and Voluntary Disclosure Reporting |
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- Current Amnesty/VDA Programs
- The New Delaware VDA Program
- Benefits of Participating
- Filing Under Amnesty or Voluntary Disclosure
- Post-Filing Responsibilities
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12:00 PM - 1:00 PM |
Lunch (On Your Own) |
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1:00 PM - 2:30 PM |
Unclaimed Property Audits |
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- The Different Types of Audits
- How an Entity Is Selected for Audit
- Initial Reaction and Response
- States' Rights and Responsibilities
- Holders' Rights and Responsibilities
- Dealing With Third-Party Auditors
- Statistical Sampling and Estimation Techniques
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2:30 PM - 2:40 PM |
Break |
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2:40 PM - 3:25 PM |
Unclaimed Property Reporting in Georgia |
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- Reporting Options
- Reports Due Dates and Fiscal Reporting Years
- Do I Need to Report? If so, What?
- Due Diligence Requirements and Exemptions
- Consequences of Noncompliance
- Compliance Forms and Helpful Resources
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3:25 PM - 4:00 PM |
Recover Funds for Your Company |
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- Where to Look - The Search Process
- Furnishing the Proper Documentation
- The Claims Process
- Timeframe for Success
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4:00 PM - 4:30 PM |
Legislative Updates |
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- Recent Law Changes and Important Developments
- Our Company Is in Georgia - Why Should We Care?
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