Skip to content

Brought to you by

Dentons logo

US Tax Disputes

Keeping an eye on US tax controversy and litigation developments.

open menu close menu

US Tax Disputes

  • Home
  • About us
  • State and Local (Subnational) Taxation

Major Deadline Approaching to Minimize Exposure for Unclaimed Property Liability

By Richard Zuckerman
May 14, 2013
  • State and Local Taxation
  • Unclaimed Property
  • Voluntary Disclosure
Share on Facebook Share on Twitter Share via email Share on LinkedIn

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.

Read more

Kate F. Buckley and Sara R. Werner, members of Dentons’ Corporate practice, co-authored this article.

Share on Facebook Share on Twitter Share via email Share on LinkedIn
Subscribe and stay updated
Receive our latest blog posts by email.
Stay in Touch
Richard Zuckerman

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.

All posts Full bio

RELATED POSTS

  • General
  • State and Local Taxation

Big Kentucky Tax Issues Facing Businesses

By Mark A. Loyd, Bailey Roese, and Stephanie Bruns
  • General
  • State and Local Taxation

Kentucky Local Occupational License Taxes

By Mark A. Loyd, Bailey Roese, Stephanie Bruns, and Collier Clay
  • General
  • State and Local Taxation

Claiming and Defending the Employee Retention Credit

By Mark A. Loyd, Ryan Dunn, Gregory Rhodes, and Stephanie Bruns

About Dentons

Dentons is designed to be different. As the world’s largest law firm with 20,000 professionals in over 200 locations in more than 80 countries, we can help you grow, protect, operate and finance your business. Our polycentric and purpose-driven approach, together with our commitment to inclusion, diversity, equity and ESG, ensures we challenge the status quo to stay focused on what matters most to you. www.dentons.com

Dentons boilerplate image

Twitter

Categories

Additional resources

Visit our Global tax guide to doing business in... 2022.

global tax guide 2022
Dentons logo

© 2023 Dentons

  • Legal notices
  • Privacy policy
  • Terms of use
  • Cookies on this site