Delaware Unclaimed Property Alert: Voluntary Disclosure Invitation Letters Sent Recently

25 Feb, 2016, 11:09 ET from Ryan

DALLAS, Feb. 25, 2016 /PRNewswire/ -- Ryan has received notification that Delaware sent between 100–300 outreach letters to companies last week, inviting them to join the Voluntary Disclosure Agreement (VDA) program. The majority of the recipients received similar invitation letters in 2013, 2014, and/or 2015, making these companies eligible for audit should they decide not to join the VDA program.

We strongly recommend that companies in receipt of these letters consider the advantages of entering into a Delaware VDA. Namely, companies can take advantage of a shortened look-back period (1996 in a VDA versus 1986 under audit) as well as completing a faster-paced self-review versus an audit that could take several years or longer and drain internal resources. Further, the Delaware VDA program allows companies to avoid costly penalties and interest, which potentially could be an issue under audit. Finally, it is likely that companies who do not join the VDA program will be referred to the Delaware Department of Finance for an audit.

We suggest that companies seek guidance from a consulting advocate and/or legal counsel with experience in unclaimed property VDAs and audits to weigh the facts and circumstances of each particular situation to determine if the Delaware VDA invitation is one you should accept. 

About Ryan
Ryan is an award-winning global tax services firm, with the largest indirect and property tax practices in North America and the seventh largest corporate tax practice in the United States. With global headquarters in Dallas, Texas, the Firm provides a comprehensive range of state, local, federal, and international tax advisory and consulting services on a multi-jurisdictional basis, including audit defense, tax recovery, credits and incentives, tax process improvement and automation, tax appeals, tax compliance, and strategic planning. Ryan is a three-time recipient of the International Service Excellence Award from the Customer Service Institute of America (CSIA) for its commitment to world-class client service. Empowered by the dynamic myRyan work environment, which is widely recognized as the most innovative in the tax services industry, Ryan's multi-disciplinary team of more than 2,100 professionals and associates serves over 12,000 clients in more than 40 countries, including many of the world's most prominent Global 5000 companies. More information about Ryan can be found at ryan.com.

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TECHNICAL INFORMATION CONTACTS:

Mark A. Paolillo
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Ryan
857.288.1976
mark.paolillo@ryan.com

Susan Han
Principal
Ryan
858.771.1495
susan.han@ryan.com

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