State of Delaware Sending Hundreds of Audit Notices

Blog post by Moyer & Osibodu

If your company has been considering whether to apply to participate in the Delaware Voluntary Disclosure Agreement (VDA) Program or take a chance on the Delaware unclaimed property audit ‘lottery’, you are quickly running out of time!!  According to Delaware’s Secretary of Finance, Thomas J. Cook, Delaware is expected to resume sending out unclaimed property audit notices in February 2013.   

If your company receives an audit notice, you will not be eligible for the Delaware VDA, which is free of interest and penalties, plus a reduced look-back period.  However, the audit could result in millions of dollars in audit assessment, penalties and interest paid to Delaware, should it be found that your company is out of compliance.  

Time is quickly running out and don’t let your company be the next big headline in unclaimed property!!