Unclaimed Property Audit Triggers
Ever wonder what may trigger an unclaimed property audit examination? Stay alert to the following audit triggers:1) The company has never filed unclaimed property reports in the past.2) The company is not reporting all required property types.3) The company files back-to-back negative reports stating they have no property to
New To State Unclaimed Property Reporting Requirements?
Who Is Required To Report Unclaimed Property?1) Corporations – Retail Manufacturing Service/Hospitality Industry Others (Utilities, Gov’t Jurisdictions, Colleges/Universities, Hospitals, etc.)2) Banks & Financial Institutions3) Insurance – Life Insurance Non-Life InsuranceWhat Unclaimed Property Is Required To Be Reported? Over 100 Different Property Types Depending on the Industry Main Property Types
Key Points from Delaware’s February 2020 VDA Invitation –
• Delaware's Secretary Of State Voluntary Disclosure Agreement ("VDA") invitations mailed out in February 2020 have been granted a response extention.• Responses are now required by July 18, 2020.• These extension only apply to companies that received the VDA invitation in February 2020.• Recipients of this letter may include