With the signing of Senate Bill 228 last week, the State of Delaware has extended the deadline to enter into its abandoned and unclaimed property voluntary disclosure (VDA) program to September 30, 2014.
Delaware plays an important role in unclaimed property compliance and reporting, with projections of $514 million to be collected in 2015. In fact, it is the third largest revenue source for the state with most of the revenue resulting from audit assessments.
Compliance with Delaware’s unclaimed property laws is mandatory. Companies that are not in compliance can choose to proactively address the issue through the VDA program or wait to be selected for audit. However, this window of opportunity to make the proactive choice is quickly closing.
On July 29th, SC&H Group’s Unclaimed Property team is hosting a webinar on the Delaware Secretary of State’s abandoned and unclaimed property VDA program.
Topics to be covered during the webinar include:
- Background on the Delaware Secretary of State’s VDA program
- Deadline for completion of the VDA program
- Logistics and application of the program
- Practical examples and experiences of completing the VDA process
- Potential risks related to not enrolling in the program
Trish Hopper, Principal of the SC&H Group Unclaimed Property Services practice, reveals insights into unclaimed property and the “Delaware Factor” in a recent podcast.
Please listen to the full interview below.