What Does Delaware’s Unclaimed Property Compliance Review Mean for You?

Danielle Herring
May 30, 2019

This blog was last updated on February 23, 2021

Part of a 2017 amendment to Delaware’s unclaimed property law has left many people confused. According to Del. Code Ann. tit. 12, § 1170(b), if the state feels that a report is inaccurate or incomplete the company may be selected for a compliance review. There is not a clear definition to which the policy applies in regard to a certain type of holder qualifying for a review.

If you are incorporated in Delaware but not filing records or filing negative reports, this may increase the odds that you could be selected for a compliance review. You would then have to provide documentation of your unclaimed property policies and procedures. Most likely, companies outside of the state will not be contacting you to create policies and procedures, but this is something that your company may elect to do. The state will contact you if anything needs to be done or you can contact them with questions you may have.

In choosing an unclaimed property software or outsourcing vendor, you will want to be sure they work closely with all the states in regards to escheatment processes and compliance. 

Take Action

Learn more about Sovos unclaimed property compliance solutions. 

Sign up for Email Updates

Stay up to date with the latest tax and compliance updates that may impact your business.

Author

Danielle Herring

In her role as compliance manager for unclaimed property reporting, Danielle Herring oversees support of the product, researches changes in state unclaimed property laws so the system is updated to comply with them, and tests changes to the system before they are released. Danielle also completes some report and letter processing for current clients, assists with their direct support, provides customer training, and helps with troubleshooting and questions about using the product. Outside of work, Danielle loves to garden and is a master gardener.
Share this post

Climate Related Events Insurance Premium IPT
EMEA IPT
July 18, 2024
The Impact of Climate-Related Events on Insurance Premium Tax (IPT)

Climate related events impact all industries; the insurance industry is no exception. Here’s how it’s affecting Insurance Premium Tax.

North America VAT & Fiscal Reporting
April 3, 2025
The Rise of Pre-filled Returns in Greece

This blog was last updated on April 3, 2025 As governments worldwide continue to shift to Continuous Transaction Controls (CTC) systems, such as e-invoicing and real-time e-reporting, another trend organically unfolds as part of this move towards tax digitisation: pre-filled returns. With access to real-time transactional level data – and other types of data, such […]