The State of Delaware has recently initiated a major unclaimed property enforcement effort by mailing Voluntary Disclosure Agreement (VDA) opportunity letters to hundreds of Delaware-incorporated companies nationwide.
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60-Day Deadline is Critical: Companies receiving a VDA letter have only 60 days to formally respond and enter the program.
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Failure to Respond = Audit: Companies that do not respond within 60 days will be immediately referred to the Delaware Department of Finance for a mandatory unclaimed property audit, often conducted by aggressive, third-party, contingency-fee auditors.
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Best Practice Alert: All mailrooms and relevant personnel must be notified to actively look for official correspondence from the State of Delaware regarding this VDA program.
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Proactive Compliance: Even if your company has not received a letter, as a Delaware-incorporated entity, it is a critical “best practice” to immediately review your unclaimed property compliance and reporting status to mitigate audit risk, as the State is poised to aggressively enforce its requirements.
For further information about this Delaware VDA letter writing campaign or the State’s VDA program and its benefits, please contact PEACC.com at 410.303.5510 for a free confidential consultation.
