DALLAS--(BUSINESS WIRE)--Delaware has the most robust unclaimed property enforcement program in the country, often targeting companies incorporated in that state for audits that typically last multiple years and become a drain on internal resources. As part of a periodic and ongoing effort, it is the understanding of Ryan that Delaware sent Voluntary Disclosure Agreement (VDA) Program invitations in September to dozens of large companies that are incorporated in Delaware.
The VDA Program is a type of unclaimed property amnesty program in which companies can disclose previously unreported unclaimed property in exchange for a waiver of interest and penalties. However, according to the invitation letters, if a company receives one of these invitations and does not respond within 60 days, the company will be referred to the Delaware Department of Finance for audit. In other words, the invitation letters are, in reality, a first step toward a potential audit notice.
Because the 60-day window for responding to Delaware’s VDA invitation will close in November, time is of the essence for companies to conduct an internal review to find out whether an invitation letter, sent by the State via certified mail, was received by the CEO, CFO, or the company’s mailroom. These letters are typically sent to executive-level personnel because their names are publicly available.
Should your company receive a Delaware VDA invitation letter, one of Ryan’s unclaimed property professionals can discuss appropriate options for responding to the invitation.
Ryan, an award-winning global tax services and software provider, is the largest Firm in the world dedicated exclusively to business taxes. With global headquarters in Dallas, Texas, the Firm provides an integrated suite of federal, state, local, and international tax services on a multijurisdictional basis, including tax recovery, consulting, advocacy, compliance, and technology services. Ryan is a seven-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 multidisciplinary team of more than 2,500 professionals and associates serves over 14,000 clients in more than 50 countries, including many of the world’s most prominent Global 5000 companies. More information about Ryan can be found at ryan.com. “Ryan” and “Firm” refer to the global organizational network and may refer to one or more of the member firms of Ryan International, each of which is a separate legal entity.
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