Voluntary Disclosure Agreement Program
If you are a company who has operating entities incorporated in Delaware with at least $100 million in annual revenue, and have never been audited or filed a Delaware VDA, we urge you to take this matter seriously.
You should be aware of the significant changes that the State of Delaware has made to its Unclaimed Property Law in the past few months as it relates to Voluntary Disclosure Agreements (“VDA”) and audit proceedings:
- The VDA program is now indefinitely being administered by the Secretary of State’s office.
- The look-back period for a VDA has been reduced.
- You have 60 days to respond to the Secretary of State once you’ve received the VDA Invitation Letter (see sample to the right.). If there is no response within 60 days, you will be referred by the Secretary of State’s office for potential audit.
- The State is now targeting companies with at least $100 million in annual revenue.
While these changes have been designed to make the law more “business friendly,” it is important to be proactive and determine if there is a risk of being audited. Even if you have not yet received the attached letter, you are on the State’s radar and they will eventually contact you.
The seasoned experts at Clearview have helped companies of varying sizes across multiple industries complete Delaware VDAs. We would be happy to discuss the VDA process and benefits in further detail with you. Please contact Eric Mauldin at (410) 415-9751 or complete the contact form to the right.