All U.S. states, the District of Columbia, Puerto Rico, and the Virgin Islands have laws requiring businesses to report and remit unclaimed property. The funds from unclaimed property compliance filings, amnesty programs, and audits have emerged as a material source of revenue for states. For example, in 2022, after accounting for reunited balances, Delaware's unclaimed property receipts were $349 million, or approximately 6% of the state's general fund.

The Washington State Supreme Court in Quinn v. Washington recently upheld the state's 7% excise tax on certain capital gains exceeding $250,000 in a calendar year. As a result, individual taxpayers in a state that does not impose a net income tax just became subject to capital gains excise tax and new filing requirements.

As another year comes to an end, Andersen invites you to join us in reflecting on 2023 and making plans for 2024. This webcast will provide you with important reminders, insights, and prospective possibilities that can benefit you and your fund.

Andersen Managing Director Joe Calianno's comments are featured in the recent Tax Notes article, "IRS Narrows Scope of Excess Asset Basis Rules in ‘Killer B' Regs". The article covers recently proposed regulations on Sec. 367(b) related to so-called Killer B triangular reorganizations. The proposed rules follow earlier IRS notices, which aim to block certain types of transactions using Killer Bs. In the article, Joe characterized the interplay between earlier IRS guidance and Killer B transactions as a "cat and mouse game,” which had largely shut down the transactions. He added that the scaling back of the excess asset basis rules in the proposed regulations was a positive development.

Andersen, the fastest-growing independent, multidisciplinary professional services firm in the world, has launched a new global valuation practice to broaden its platform of tax, legal and related services for clients.

Andersen Global Chairman and Andersen CEO Mark Vorsatz discusses the growth of Andersen's platform in Africa in the Bloomberg News article, "Revived Andersen Accounting Firm Sees Revenue Up 19% This Year.” Mark expressed the impact of Andersen's expansion in Africa as the integrated services we provide means that as Africa grows, Andersen grows with it. Andersen has a presence in 47 countries in Africa and offers legal services in 38.

Andersen Director Deanne Morton was a significant contributor of Comments on Ways to Improve Dispute Resolution Programs submitted by the American Bar Association's Tax Section to the Internal Revenue Service (IRS) on September 15, 2023.

Andersen professionals will analyze the influence of debt and interest rate movements on real estate valuations and explore potential strategies to minimize tax considerations.