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12/18/17 9:04 AM

Delaware VDA Elections and Audit Conversions

by David Poehler

delaware.pngAs we have previously posted, Delaware has been sending letters to Holders advising of the deadlines to elect to enter either a Voluntary Disclosure Agreement (VDA) or Expedited Audit. If you haven’t taken action yet – time is of the essence.

  1. Existing Delaware Audits – Although the December 11th deadline to convert existing audits into the expedited audit or VDA program has passed, companies that missed the deadline or elected to stay the course in the audit may still be able to realize some benefits. These include but are not limited to: 1. retaining your right to challenge the Delaware process and methodologies and 2. reach a favorable settlement agreement with the state.
  2. VDA Program - As we previously reported, during the 2nd and 3rd weeks of October, Delaware began issuing VDA invitation letters with a 60-day response window to companies not already subject to a Delaware audit. The deadline for companies to respond to these letters and voluntarily enter the VDA program is now occurring.  Companies that fail to respond to Delaware and enter the VDA program will be referred back to the state for audit, which may subject them to all the statutory interest and penalties of the Delaware audit program.
Have you made your decision yet and completed and returned the necessary forms to secure your election?

 

MarketSphere’s Unclaimed Property Specialists are escheat experts and will answer your questions and navigate you through your options and the process. Contact us at 844.357.1099 or upcontact@marketsphere.com and let us help you with these complex issues.

For more infomration, we'd like to invite you to take a look at recent articles that highlight managing an audit and recent Delaware activity:  

Topics: Delaware, Audit, Best Practices, Voluntary Disclosure Agreements