SC&H: Now Is the Time to File Voluntary Disclosure Agreements (VDAs) for Unclaimed Property in Delaware

BALTIMORE, Dec. 7, 2012 /PRNewswire/ -- SC&H Group, forefront in providing professional services in unclaimed property liability identification and compliance, announced today that it will hold a webinar on Tuesday, December 11, 2012, on important changes to the State of Delaware's Voluntary Disclosure Agreement (VDA) process for unclaimed property filings.  For companies incorporated in Delaware, the opportunity to sign up for the unclaimed property voluntary disclosure program before June 2013 offers unprecedented advantages.

"The changes made by Delaware this year are among the most significant for unclaimed property holders in over a decade," said Patricia Hopper, Principal at SC&H.  "There are enormous benefits for Delaware-incorporated companies to file VDAs now, benefits that were not available in the past.  Understanding the process and acting within its parameters and the available time window could substantially affect companies' bottom line."

In the webinar, SC&H will explain how participating in the Delaware Unclaimed Property Voluntary Disclosure Program before June 2013 reduces look-back periods and results in full abatement of interest and penalties, saving companies from 15 years of additional liability along with interest and penalties that could potentially double the liability assessed under an audit.

Unclaimed property is any liability owed by a company to an individual or business that has not been claimed or redeemed by the rightful owner and can take many different forms, including most commonly outstanding accounts payable and payroll checks, accounts receivable credit balances, securities and dividends, and rebates and refunds.  With the authority of unclaimed property laws, states act on behalf of the owner to claim the property.  Failure by companies to meet the State's compliance requirements can result in sizable interest and penalty charges.  

The State of Delaware, the most prominent state for company incorporation, has recently encouraged voluntary disclosure of unclaimed property by reducing look-back periods and providing other measurable incentives if companies sign up for the program before June 30, 2013.  This new program will be administered by the Office of the Secretary of State, a department with a history of treating companies fairly and administering programs in an expeditious and predictable manner.

SC&H's free webinar on unclaimed property will explain the scope and character of regulations governing unclaimed property in all States and U.S. territories, and elaborate on the importance of the new State of Delaware VDA process on Tuesday, December 11, 2012.  To register for the webinar please visit www.scandh.com/events.

About SC&H's Unclaimed Property Services

SC&H's Unclaimed Property Services ensure clients meet their compliance obligations in a timely and cost-effective manner.  Dedicated entirely to unclaimed property engagements, SC&H's team leverages many years of compliance experience, providing both consulting and reporting services.  SC&H professionals have "Big Four" experience and offer the expertise necessary to address all types of holder reporting obligations and concerns for all industries, property types, and states, while providing industry-wide best practices that clients can institutionalize within their companies.  SC&H's Unclaimed Property Services team works strictly for its clients and never on behalf of any state.

SC&H Group is a full service CPA and management consulting firm advising leading companies on accounting, tax, profitability and strategy solutions.  For more information, visit www.scandh.com.

Gerry Wisz, GW Communication
[email protected]; 201-280-2816

Jennifer Alterwitz, SC&H Group
[email protected]; 410-785-8570

SOURCE SC&H Group, LLC