- The understanding of business-to-business (B2B) exemptions is the key to the benefits for the holders of unclaimed property.
- Continuously looking for new sources of revenue, states have begun to increase their enforcement of unclaimed property laws.
- The Surface Transportation and Veterans Health Care Choice Improvement Act of 2015 (the Act), signed into law July 31, 2015, modified several tax provisions.
- While B2B exemptions can reduce a holder’s unclaimed property liability many are unaware of that states will accept any property remitted to them and will not ensure that a B2B exemption is properly applied.
- This update highlights two fundamental changes to the IRS’s examination procedures to better prepare taxpayers for to have meaningful discussions with IRS agents about draft IDRs.
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