Another Round of Delaware Invitation Letters Go Out

It has come to PEACC’s attention that another round of Delaware (“DE”) Unclaimed Property Voluntary Disclosure Agreement (“VDA”) Invitation letters have been mailed out by Secretary of State Office to various Holders throughout the Country incorporated in DE, in most cases.

The scheduled mailing date of these invitaion letters is mid-August. If your company happens to receive one of these letters from Delaware, it is in the Holder’s best interest to respond to the State within 90 days of the letter date. If the Holder does not respond within the 90 days the letter recipient will be selected for an Unclaimed property audit be the Delaware Department of Finance. Therefore, PEACC advises all Holders who receive the VDA Invitation letter to come forward, voluntarily and
participate in the Delaware VDA. Participants in the DE VDA are provided numerous benefits from the State that outweigh going through an unclaimed property audit and may save the Holder money.

To hear more about the Pro’s and Con’s of participating in a State VDA or fir help in navigating the process, whether formal or not, please reach out to a professional at PEACC.com by calling 410.303.5510 or email us at info@peacc.com

Call PEACC for Compliance
Call PEACC for Compliance 410.303.5510

Delaware Unclaimed Property (VDA)

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

State of Delaware map

Key Points from Delaware’s February 2020 VDA Invitation – PEACC.com

Delaware Seal

• 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 the CFO, General Counsel, Accounting Manager or others.
• It is important to inform all persons and departments of what action they should take if they have received this February 2020 DE VDE invitation letter.
• If recipients do not respond to the invitation by the July 18, 2020 due date, they may/will be referred for an unclaimed property audit.
If you firm is contemplating participating in the Delaware VDA invitation, please feel free to contact us at 410.303.5510 for a free discussion as to whether or not it may be right for you.

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