Michael Giovannini and Andy Yates will speak at this program hosted by the Council On State Taxation (COST).
Michael Giovannini will participate in the panel “Emerging Issues Associated with Unclaimed Property.” States are getting more aggressive in the unclaimed property area. They are shortening their dormancy periods, asserting claims to new types of obligations, and hiring contingent-fee auditors. Some states use unclaimed property as a source of revenue rather than acting as trustee for the true owners. While unclaimed property is not a tax, a company’s tax function frequently owns the audit. Just when you thought dealing with a state income or transactional tax audit can be burdensome, wait until you wrestle with an unclaimed property audit with no statute of limitations or uniform procedures, limited protest rights, and very little guidance. This session will provide an overview of the states’ unclaimed property practices and cover recent unclaimed property legislation and litigation. It will bring you up to date on the latest unclaimed property issues.
Andy Yates will participate in the panel “Acquisitions, Mergers, and Divestitures.” It may not be your favorite project to work on, but failing to conduct a due diligence review when your company faces an acquisition, merger, or other significant type of business restructuring can be costly to both you and your company. You will spend a productive afternoon learning the dos and don’ts of conducting a due diligence review, verifying that documents are drafted correctly, mitigating successor liability issues, and considering issues after the transaction. Students will test and build on the key concepts learned in this class by breakout into small groups to discuss a case study.
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