McDermott Will & Emery
Subscribe to McDermott Will & Emery's PostsGet Ready for the Countdown: Final Delaware Unclaimed Property Regulations Published
By Eric D. Carstens, Stephen P. Kranz and McDermott Will & Emery on Oct 5, 2017
Posted In Audits, Delaware, Unclaimed Property
On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. See 21 DE Reg 336 (Oct. 1, 2017). The final reporting and examination regulation contains no substantive changes from the revised version that was...
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Delaware (Re)Proposes Unclaimed Property Reporting and Examination Manual Regulation
By Eric D. Carstens, Stephen P. Kranz and McDermott Will & Emery on Aug 16, 2017
Posted In Audits, Delaware, Interest and Penalties, Unclaimed Property
On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1, 2017). The revised proposed regulation is substantially similar to the first draft proposed earlier this year, but contains a dozen or...
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Finishing SALT: Inside SALT’s Monthly Recap
By McDermott Will & Emery on Jul 11, 2017
Posted In Uncategorized
Wrapping Up June Our June 2017 blog posts are available on insidesalt.com, or read each article by clicking on the titles below. To receive the latest on state and local tax news and commentary directly in your inbox as they are posted, click here to subscribe to our email list. June 5, 2017: Nexus is...
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Illinois Unclaimed Property Law Substantially Revised As Part of Revenue Package Supporting Illinois Budget
By Eric D. Carstens and McDermott Will & Emery on Jul 7, 2017
Posted In Illinois, Unclaimed Property
Yesterday the Illinois House of Representatives voted to override Governor Bruce Rauner’s veto of Senate Bill (SB) 9, the revenue bill supporting the State’s Fiscal Year (FY) 2017-2018 Budget. Just days before the vote, SB 9 was amended to include a revised version of the Illinois Unclaimed Property Bill (House Bill (HB) 2603) on which...
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Finishing SALT: InsideSALT’s Monthly Recap
By McDermott Will & Emery on May 31, 2017
Posted In Uncategorized
Wrapping Up May – and Looking Forward to June Our May 2017 blog posts are available on our Inside SALT blog, or read each article by clicking on the titles below. To receive the latest on state and local tax news and commentary directly in your inbox as they are posted, fill out the form...
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New York State FY 2018 Budget Bill: Sales Tax Highlights
By McDermott Will & Emery and McDermott Will & Emery on Jan 31, 2017
Posted In Audits, Constitutional Issues, New York, Nexus, Procedure, Transaction Taxes
On January 16, Governor Cuomo introduced the 2018 New York State Executive Budget Legislation. The bill proposes a number of changes to the New York State sales tax law. Below is a summary of the highlights. Sales and Use Tax “Marketplace Providers” The governor’s bill proposes to impose sales tax registration and collection requirements, traditionally...
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Breaking News: Federal Court Finds Delaware’s Unclaimed Property Enforcement “Shocks the Conscience”
By Eric D. Carstens, Stephen P. Kranz and McDermott Will & Emery on Jun 29, 2016
Posted In Audits, Constitutional Issues, Delaware, Nationwide Importance, Procedure, Unclaimed Property
On June 28, 2016, the much-anticipated memorandum opinion of the US District Court for the District of Delaware in Temple-Inland, Inc. v. Cook et al., No. 14-654-GMS was released on the parties’ cross-motions for summary judgment, finding Delaware’s extrapolation methodology and audit techniques collectively violate substantive due process. According to Judge Gregory M. Sleet, “[t]o put...
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Unclaimed Property Hunger Games: States Seek Supreme Court Review in ‘Official Check’ Dispute
By Eric D. Carstens, Stephen P. Kranz and McDermott Will & Emery on Jun 10, 2016
Posted In Alabama, Arizona, Arkansas, Audits, Colorado, Constitutional Issues, Idaho, Indiana, Kansas, Kentucky, Louisiana, Michigan, Montana, Nationwide Importance, Nebraska, Nevada, North Dakota, Ohio, Oklahoma, Procedure, South Carolina, Texas, Unclaimed Property, Utah, West Virginia
Background As detailed in our blog last month, MoneyGram Payment Systems, Inc. (MoneyGram) is stuck in between a rock and a hard place as states continue to duel with Delaware over the proper classification of (and priority rules applicable to) MoneyGram’s escheat liability for uncashed “official checks.” The dispute hinges on whether the official checks...
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Unclaimed Property Litigation Update – Spring 2016
By Eric D. Carstens, Stephen P. Kranz and McDermott Will & Emery on May 16, 2016
Posted In California, Delaware, Nationwide Importance, Pennsylvania, Unclaimed Property
Litigation over unclaimed property rules and obligations continues to accelerate. The first quarter of 2016 brought developments in several cases, including a much-watched contest over merchandise credits and a new battle between the states over which state gets the money. California Merchandise Credits Not Subject to Remittance as Unclaimed Property; Implicit Application of Derivative Rights...
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Delaware Court Denies Most of Defendants’ Motion to Dismiss Unclaimed Property Gift Card False Claims Action
By Stephen P. Kranz and McDermott Will & Emery on Dec 1, 2015
Posted In Audits, Delaware, False Claims Act, Nationwide Importance, Procedure, Unclaimed Property
Two years ago, a former employee of Card Fact, LLC (subsequently purchased by Card Compliant), a company providing gift card issuance and management services to retailers, filed a false claims action in Delaware alleging that his former company and its retailer clients concocted a scheme to avoid remitting unclaimed gift card funds to Delaware. Last...
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