Delaware corporations and other business entities have a limited opportunity to minimize and liquidate exposure to Delaware unclaimed property liability by enrolling in Delaware’s Voluntary Disclosure Agreement Program. The VDA program permits companies not under audit to voluntarily disclose and pay the amount of unclaimed property without interest or penalties. To obtain the maximum benefit of the VDA program—a waiver of all interest and penalties on reported property from transactions in 1996 and later, and an exclusion of property arising from transactions that took place prior to 1996—a company must enroll by June 30, 2013. An audit could otherwise subject a company to liability for transactions that took place as far back as 1981, plus interest and penalties which could double the amount due.
About Richard Zuckerman
Richard M. Zuckerman is an experienced appellate lawyer, who also maintains an active trial and arbitration practice. Having handled unclaimed property litigations for more than 15 years, Richard also counsels major financial institutions, insurance companies and other businesses on unclaimed property laws, including issues of applicability, compliance and structuring business models that take these laws into account.
About Scott Clark
Scott Brian Clark is a partner and senior member of Dentons' Tax practice, where he focuses on state and local tax planning, audits, appeals and litigation. He also chairs Dentons' national Multi-State Tax practice. For the last 30 years Scott has been at the forefront of the state and local tax world.