Did your business receive a letter from the Delaware Secretary of State (SOS) Office?
On February 20th, the Delaware SOS office sent “over 100 letters to various companies…that have been identified as likely being out of compliance with Delaware law, 12 Del. C. ch. 11, as it relates to reporting dormant, abandoned, or unclaimed property.”
The letters strongly encourage recipients to enter the Secretary’s voluntary disclosure agreement (VDA) program. Those who do not respond within 60 days will receive an audit notice from the Delaware Department of Finance.
Learn more about the VDA program
Attend the SOS Office’s webinar on the VDA program to learn more. Additionally, here are the steps to enrolling.
Even if your business has not received an SOS letter, which can be difficult to determine at large organizations, you should consider joining the VDA program to prevent an audit. Multistate audits can follow or begin alongside a Delaware unclaimed property audit.
Find out how Sovos can help your business ensure unclaimed property compliance.