Abandoned and Unclaimed Property “AUP” Hot Topics

Thursday, January 21st, 2021 | 2 to 3 p.m. EST

Field of Study: Taxes
Program Level: Intermediate
Delivery Method: Group Internet-Based
Prerequisite: None
Advanced Preparation: None
Successful completion of this program qualifies you to receive up to 1 CPE credits.

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Description

Unclaimed property compliance is an area that is commonly overlooked by many companies, and rather than raising taxes, many states are turning to unclaimed property compliance as a source of revenue in the face of budget shortfalls. All 54 U.S. jurisdictions including (Guam, Puerto Rico, District of Columbia and US Virgin Islands) have an unclaimed property law. With states targeting companies of all sizes and in all industries for unclaimed property audits, companies could experience a significant drain on internal resources and a negative impact to their bottom line as a result.

The interactive session will include a discussion of best practices in regards to risk management, compliance, audit practices, and governance associated with unclaimed property. It will discuss common errors and how to avoid them, practical tips and suggestions on how to manage the risk from adversely affecting a company’s financial health, and how to remediate and report to the different state unclaimed property jurisdictions.

Learning Objectives

  1. Attendees will obtain an overview of Abandoned and Unclaimed Property (“AUP”), understand its purpose, and identify governing laws
  2. Attendees will be able to identify abandoned and unclaimed property types
  3. Attendees will gain an understanding of compliance responsibilities
  4. At the end of the session, attendees will understand common audit triggers and risks

Speaker Biography

Heela Popal, Principal – Abandoned and Unclaimed Property, PriceWaterhouseCoopers LLP

Biography

Cherrelle Nyankojo, Director – Abandoned and Unclaimed Property, PriceWaterhouseCoopers LLP

Biography

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The Institute of Financial Operations is
a non-profit, membership and certification based professional association serving the financial operations ecosystem.

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