Are You Aware of Delaware’s New Abandoned Property Voluntary Disclosure Program?
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The Unclaimed Property team of SC&H Group and Special Guest Speaker Mike Houghton, Partner of Morris, Nichols, Arsht & Tunnell LLP presented a webinar on the recent passage of Delaware Senate Bill 258.
With the recent signing of S.B. 258, Delaware created a new abandoned and unclaimed property voluntary disclosure program. This program was created as a short-term incentive for holders of abandoned and unclaimed property to voluntarily report in exchange for a reduced look-back period, waiver of interest and penalties and protection from audit selection. Companies, especially those incorporated in Delaware, should give full consideration to this program and the alternative risk associated with being selected in the future for a costly audit that would reach back to either 1981 or the company’s inception.
Holders must enroll by June 30, 2013 in order to take full advantage of the benefits offered by this temporary program.
Topics covered included:
- Background on Delaware’s new VDA Program
- Logistics and Application of the Program
- Analysis of the Advantages and Disadvantages of the Program
- Recent Delaware Regulations (Division of Revenue Reg 530) Addressing Audit Lookback Periods
SC&H Group wants to make sure you understand the implications of this recent bill. View this free webinar to learn whether your company may be a good candidate for this short-term Delaware Abandoned and Unclaimed Property Voluntary Disclosure program.
About our Speakers
Michael Houghton, Esq.
Morris, Nichols, Arsht & Tunnell LLP
Michael Houghton is a partner with the Wilmington, Delaware law firm of Morris, Nichols, Arsht & Tunnell LLP. For over 20 years, Mr. Houghton has advised numerous entities, including Fortune 500 companies, on unclaimed property issues. He has represented various companies in connection with unclaimed property audits as well as voluntary compliance with the unclaimed property laws of Delaware and other states. Mr. Houghton has helped draft and enact numerous pieces of legislation in Delaware including most recently, significant revisions to Delaware’s unclaimed property statutes. He speaks frequently on unclaimed property issues and is a co-author of the revised BNA Corporate Practice Series Portfolio entitled “Unclaimed Property.”
Jennifer Arias, CPA, MBA, CFP
Senior Manager SC&H State & Local Tax
Jennifer Arias is a Senior Manager with SC&H Unclaimed Property Services practice. She is responsible for managing unclaimed property consulting projects including audit defense and voluntary disclosure agreements. Jennifer has more than 20 years of accounting, auditing and consulting experience. She has spent over 10 years focusing on unclaimed property consulting. Jennifer has been actively involved in delivering unclaimed property services to clients across many industries, including analyzing overall compliance with applicable unclaimed property laws, and providing audit defense services for companies undergoing a multi-state contingent fee examination.
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