Audit activity is on the rise and has been for quite some time. The vast majority of states use third party auditors. Voluntary Disclosure Programs have raised audit awareness, but multi-state audits continue to gain momentum. Delaware alone has added over 400 since 2014. Larger third party audit firms deploy expansive, sophisticated audit techniques. New audit firms have entered the space. Holders may be under audit by two or three (or more) firms at the same time on behalf of different states.
The majority of controversy has stemmed from application of states right to assert authority over use of estimation techniques for periods for which detail owner records no longer exist. All companies have some exposure to unclaimed property audits. Past audit or compliance history does not insulate a company from risk of audit (false sense of security). Legislative efforts have been slow to curb perceived abuses and a tug of war continues between “fairness” and state’s need to raise revenues.
In this 35-minute video our speakers, Michael M. Giovannini, Matthew P. Hedstrom and Kendall L. Houghton, review what to expect when you are expecting an audit. They discuss the role of external consultants and legal counsel, and while they serve as a valuable resource, it’s important to discuss and confirm the roles and responsibilities that they will hold from the very beginning. Our speakers also review internal compliance reviews, how to prepare for an audit, and how to manage potential controversies.
Michael M. Giovannini is a senior associate in Alston & Bird LLP’s SALT practice in the Charlotte office. He focuses his practice on advising clients regarding unclaimed property planning issues and representing clients in unclaimed property audits and voluntary disclosures. Mr. Giovannini has experience with all aspects of gift card laws and the structuring of gift card programs.
Matthew P. Hedstrom is a partner in Alston & Bird LLP’s SALT practice in the New York office. He focuses his practice on state and local tax planning and controversy and addresses clients’ multistate tax issues, including state income tax apportionment, tax base, business/nonbusiness income determinations, telecommunications and sales/use tax nexus, sourcing and taxability issues and unclaimed property matters.
Kendall L. Houghton leads Alston & Bird LLP’s SALT practice in the D.C. office. She is a nationally recognized expert whose practice focuses on state and local tax planning, tax controversies and unclaimed property/escheat matters. Ms. Houghton previously served as general counsel to the Council On State Taxation (COST), where she filed U.S. Supreme Court briefs in cases impacting state taxation of multistate commerce and led a tax policy initiative addressing taxation of Internet transactions.
Agenda
Faculty
Michael M. Giovannini
Alston & Bird LLP
- Senior associate in Alston & Bird LLP’s SALT practice in the Charlotte office
- Focuses practice on advising clients regarding unclaimed property planning issues and representing clients in unclaimed property audits and voluntary disclosures
- Has experience with all aspects of gift card laws and the structuring of gift card programs
- Advises clients and provides practical planning services with respect to various state and local tax issues, including complex sales, use, and corporate income tax issues
- Regularly speaks on unclaimed property and state and local tax matters and national and regional conferences
- Frequent contributor on unclaimed property and tax topics for various publications, including State Tax Notes, and co-wrote Bloomberg BNA’s Multistate Tax Management portfolio entitled “Unclaimed Property”
- Can be contacted at 704-444-1189 or [email protected]
Kendall L. Houghton
Alston & Bird LLP
- Leads Alston & Bird LLP’s SALT practice in the D.C. office
- Nationally recognized expert whose practice focuses on state and local tax planning, tax controversies and unclaimed property/escheat matters
- Previously served as general counsel to the Council On State Taxation (COST), where she filed U.S. Supreme Court briefs in cases impacting state taxation of multistate commerce and led a tax policy initiative addressing taxation of Internet transactions
- Has represented clients on a multi-jurisdictional basis with respect to significant tax disputes; negotiated favorable settlements with state and local jurisdictions; developed and advocated state tax policy and legislative positions that benefited client interests; and collaborated with clients to design transactional and organizational structures that have optimized direct and indirect tax burdens
- Advises clients with respect to unclaimed property/escheat compliance, voluntary disclosure initiatives, planning opportunities, single- and multi-state audit defense, and litigation of state unclaimed property assessments
- Featured speaker at national state tax conferences and schools and co-author of Bloomberg BNA’s Multistate Tax Management portfolio entitled “Unclaimed Property”
- Can be contacted at 202-239-3673 or [email protected]
Matthew P. Hedstrom
Alston & Bird LLP
- Partner in Alston & Bird LLP’s SALT practice in the New York office
- Focuses practice on state and local tax planning and controversy and addresses clients’ multistate tax issues, including state income tax apportionment, tax base, business/nonbusiness income determinations, telecommunications and sales/use tax nexus, sourcing and taxability issues and unclaimed property matters
- Has been published on a wide variety of state tax and unclaimed property topics in different journals, including State Tax Notes and Journal of Multistate Taxation and Incentives, and co-wrote Bloomberg BNA’s Multistate Tax Management portfolio entitled “Unclaimed Property”
- Regularly speaks on state and local tax matters and is the managing editor of the State and Local Tax Edition of the American Bar Association’s Tax Lawyer
- Can be contacted at 212-210-9533 or [email protected]
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