Duff & Phelps is the trusted provider of Delaware unclaimed property voluntary disclosure agreement and audit defense services to U.S. Corporations.
Unclaimed property is one of the highest sources of revenue in Delaware. Most companies are incorporated in the state of Delaware, as the rules of unclaimed property are most favorable to this state. Delaware actively enforces collection via its voluntary disclosure agreement (VDA) and audit programs.
Senate Bill 13, signed into law on February 2, 2017, requires the office of the Delaware Secretary of State to send notifications to all Delaware incorporated entities it believes are not in compliance, inviting them to enter the Delaware voluntary disclosure program. Click here for an overview of Delaware’s VDA program.
Corporations who receive such notification must enroll in the program within 60 days. Those companies that fail to do so are referred to the office of the Delaware Secretary of Finance, which must commence an audit.
Both programs require an intense examination following predetermined procedures and deadlines. You can access the steps to enroll in the VDA program here.
Failure to comply precisely with the VDA or audit program may expose corporations to significant fines, interest and penalties, as well as material financial statement and reputational implications.
Choose Duff & Phelps for Delaware Unclaimed Property Consulting Services
We are experts at guiding our clients though the complexity of Delaware unclaimed property compliance. Our clients achieve tremendous results in minimizing the impact in both time, resources and findings of the Delaware Unclaimed Property Voluntary Disclosure and Audit programs.
Key elements of our consulting services include:
- Complete understanding of Delaware’s legal, regulatory and practical requirements
- Robust systems and data extraction experience
- Unclaimed property quantification, statistical estimation and remediation work plans that are accepted by Delaware
- Track record of success in negotiating on behalf our clients with the Delaware Secretary of State and Secretary of Finance to achieve highly favorable outcomes.
- Proven policies and procedures to minimize future impact
- Fully outsourced prospective Delaware unclaimed property compliance services
Why Duff & Phelps
Our Unclaimed Property team offers unmatched expertise, technical competence and hands-on support. We recognize that each of our clients have specific needs and concerns and we are committed to providing tailored solutions. Our global practice is unfettered by independence restrictions and one-size-fits-all programs. Our team stands ready to build a unique and cost effective Delaware unclaimed property program for your organization.
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