Illinois has completely overhauled its unclaimed property statutes and regulations including changes to reporting requirements, elimination of B2B exemptions and formalizing extrapolation techniques. The recent law change requiring “negative reporting” under SB 338 requires all businesses to file an Illinois unclaimed property return even if there is nothing to report, making unclaimed property an issue all businesses in Illinois must address. 

Since the adoption of Revised Uniform Unclaimed Property Act in summer 2017, Illinois has routinely embarked on outreach programs to educate holders of their unclaimed property responsibilities. The goal is to increase voluntary compliance with the escheatment laws coupled with increased enforcement for those that appear to be out of compliance through self-audits or direct examinations. Given the long look-back periods of 13 years for review and extrapolation potential, businesses must pay close attention to noncompliance risk that could complicate audit defense efforts, including recording ASC 450 reserves where appropriate, addressing record retention matters, banking relationship changes, and merger and acquisition activity. 

Join us for this CPE-qualified webinar that will emphasize what businesses need to know about Illinois unclaimed property compliance, risk mitigation and how to implement unclaimed property best practices. The webinar will focus heavily on industry escheatment risks and concerns in the (a) auto dealerships, (b) healthcare and (c) manufacturing/distribution industry groups. The speakers will also address material changes in California and Delaware that impact Illinois businesses.   

Learning objectives:

• Define general unclaimed property principles and describe Illinois unclaimed property compliance requirements.
• Recognize Illinois unclaimed property enforcement initiatives and risk mitigation steps.
• Describe most material escheatment risks in auto dealership, healthcare and manufacturing/distribution industries.
• Explain ASC 450 financial statement reserves for unclaimed property.