Tax & Accounting Blog

H.B. 1560 was signed into law by Illinois Governor Pat Quinn on Monday, August 8, 2011. The law lowers the dormancy period for unclaimed wages, payroll, and salary – in any form – to one (1) year. It was previously 5 years. This legislation became effective immediately. … Read More

Nevada S.B. 136 was signed by the Governor with an effective date of June 16, 2011, and includes provisions not originally introduced in the bill. The most urgent issue adversely affects holders who have reported more than $10 million of property on its most recent report to Nevada. In this situation, the dormancy period for … Read More

Oregon SB 756 relating to gift cards was signed by the Governor on June 22, 2011, with an effective date of January 1, 2012. It amends their existing gift card law by adding the following restrictions: A person may not sell a gift card … D) that does not give the cardholder the option to … Read More

On June 23, 2011 the Governor of North Carolina signed House Bill 692 to become effective October 1, 2011. This will make it effective for the Fall Reporting period. North Carolina H.B. 692 requires holders to report the following for each item: • Name • Last Known Address • Social Security Number or Taxpayer Identification … Read More

On Friday, June 17, 2011, the Texas Governor signed H.B. 257 into law. It lowers the dormancy period for utility deposits to 18 months; money orders to 3 years, checking/savings deposit accounts and CD’s to 3 years. The new law also allows the Texas Comptroller to sell securities on receipt at his/her discretion. These changes … Read More

Three key regulatory events have occurred in the past week.  These events drastically change the landscape with respect to future unclaimed property compliance efforts. First, insurance regulators in Florida and California have issued subpoenas and are holding hearings to investigate industry wide practices into how life insurers handle unclaimed property. Second, California announced what … Read More