Did your company receive an invitation in February 2020 to join the Delaware Voluntary Disclosure Agreement Program (SOS VDA Program)? If so, you have extra time to enroll in the program. The Office of Unclaimed Property extended the enrollment deadline to July 18, 2020.
How to enroll
If you intend to enroll, send a completed VDA-1 form to firstname.lastname@example.org between now and July 18. You may also use this email contact for any questions you have about the program. To learn more about the enrollment process watch the SOS office’s webinar on the VDA program or read the full list of steps to enrolling.
If you have received an invitation to enroll and you do not respond by the deadline, the State Escheator will send a Notice of Examination. This is an official notice that your company will be facing an audit with Delaware. After the Notice of Examination is mailed out, you may not enter the VDA program.
Avoid an audit
We strongly recommend you enroll before the July 18, 2020 deadline. Failure to do so will result in an audit. An unclaimed property audit may take years to complete and could increase your liability. Some audits, once initiated by one state, can be expanded to include other states. Act now and save your company the hassle and expense of an audit.
Get in touch with a Sovos unclaimed property expert to learn more about managing your unclaimed property compliance processes.