Robert Peters and Scott Regan Discuss Unclaimed Property Rules and the Implications on Lost Cryptocurrency

Robert Peters, Managing Director and Scott Regan, Director in Duff & Phelps’ Unclaimed Property and Tax Risk Advisory practice, spoke to Accounting Today about the fast approaching deadlines for state unclaimed property filings and the inclusion of reports about lost bitcoins and forgotten cryptocurrency passwords, in the article titled, “Unclaimed Property Rules Can Apply to Lost Cryptocurrency.”
 
There are states that have adopted rules that would include cryptocurrency, unused bitcoins as an example, as a form of unclaimed property,” said Robert Peters, managing director in the Duff & Phelps Unclaimed Property and Tax Risk Advisory team. “More and more states are not only looking at it but adopting rules, so that unused cryptocurrency would be included in the definition of unclaimed property.”

“There’s a major reporting season coming up,” said Scott Regan, director in the Duff & Phelps Unclaimed Property and Tax Risk Advisory team. “We’re in the midst of it now. The two important dates are October 31 and November 1. There are fully 40 states that have deadlines on those two dates. The problem is that there’s a real lack of uniformity, and the states all have nuanced requirements that make this a headache for corporate accounting professionals at big companies.”

Peters and Regan go on to discuss the different dormancy periods for various types of property, the implications of the Uniform Law Commission passed the Revised Uniform Unclaimed Property Act for retailers, and the growing sophistication of States in identifying potential targets for noncompliance.

Subscribers can read the full article here.

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