• States May Escheat IRAs but Who Gets the Tax Bill?
  • August 24, 2018
  • As state unclaimed property administrators have become more aggressive in recent years, the tax treatment of escheated property has become more consequential. Individual retirement accounts are a particularly good example of this development.

    In their article for Law360, Eversheds Sutherland attorneys Mark Smith, Carol Tello and Laura Taylor discuss the problematic revenue ruling by the Internal Revenue Service addressing the timing of federal income tax withholding and reporting treatment for funds escheated from traditional IRAs.