Now that your fall unclaimed property reporting is complete, your PEACC Team of Advisors would like to announce Delaware is schedule to send out the next round of VDA invitations on November 15, 2024. The State last sent invitation letters out in February 2024.
If your organization receives a VDA (Voluntary Disclosure Agreement) invitation Letter from Delaware and fails to timely respond, you will become eligible for the dreaded, unclaimed property audit. Contact the professionals at PEACC to discuss your options, along with the process, at 410.303.5510.
https://lnkd.in/eTMSCMqp
VDA Invitation Dates – VDA Program – State of Delaware
vda.delaware.gov
unclaimed property compliance
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UNCLAIMED PROPERTY LAWS: WHAT ARE THEY ALL ABOUT?
Unclaimed property involves intangible property, normally cash, checks or securities. The only
tangible property involved would be safe deposit box contents that goes unclaimed if the
holder/bank may have lost contact with the owner. This would constitute unclaimed property
when the state dormancy/holding period has been met.
Unclaimed Property Compliance Training
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AN UNCLAIMED PROPERTY COMPLIANCE REVIEW : COMMON AREAS A STATE WILL INVESTIGATE WHEN PREFORMING
An unclaimed property compliance reviews will assist you when a state comes to audit your firm. Be prepared!
THE BENEFITS OF HAVING AN EFFECTIVE UNCLAIMED PROPERTY COMPLIANCE DEPARTMENT WITHIN YOUR FIRM
Establishing an effective unclaimed property compliance reporting division within your firm is really a no-brainer.
Where Do I Report My Unclaimed Property?
1) Unclaimed intangible property is required to be reported to the State of the property Owner’s last known address as reflected on the Holder’s books and records;
2) Unclaimed intangible property is required to be reported to the Holder’s State of Incorporation if the Owner’s address is unknown, in a foreign Country, or in a State that exempts the property type.
PEACC.com 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 Institutions
3) Insurance –
Life Insurance
Non-Life Insurance
Think You’re In Compliance? – Think Again – You May Need Unclaimed Property Consulting from PEACC.com
Think You’re In Compliance? Think Again Unclaimed Property Consulting and Compliance – Find out why you may not be in compliance.
Unclaimed Property Audit Triggers –
Unclaimed Property Audit Triggers