Delaware Sends Unclaimed Property Voluntary Disclosure Agreement Program Invitation Letters
DALLAS, Nov. 6, 2018 /PRNewswire/ — Delaware has the most robust unclaimed property enforcement program in the country, often targeting companies incorporated in that state for audits that typically last multiple years and become a drain on internal resources. As part of a periodic and ongoing effort, Delaware has, in recent weeks, begun to send out Voluntary Disclosure Agreement (VDA) Program invitations to a sizeable number of large companies that are incorporated in Delaware. The VDA Program is a type of unclaimed property amnesty program in which companies can disclose previously unreported unclaimed property in exchange for a waiver of interest and penalties. However, according to the invitation letters, if a company receives one of these invitations and does not respond within 60 days, the company will be referred to the Delaware Department of Finance for audit. In other words, the invitation letters are, in reality, a first step towards a potential audit notice.
The invitation letters are typically sent to high-level executives, such as the CEO or CFO, and tend to not reach the appropriate level recipient in time for the company to make an informed decision about whether or not to enter into the Delaware VDA. For this reason, Ryan is recommending to all its clients that their mail rooms be put on alert for these Delaware VDA invitation letters that are being sent via certified mail by the Delaware Department of State. If your company receives a Delaware VDA invitation letter, please contact one of Ryan’s unclaimed property professionals to discuss appropriate options for responding to the invitation.
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multi-jurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a six-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan’s multi-disciplinary team of more than 2,200 professionals and associates serves over 14,000 clients in more than 50 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Firm” refer to the global organizational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.
TECHNICAL INFORMATION CONTACTS:
Mark A. Paolillo
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