News & Analysis as of

The Countdown is On for the Delaware Voluntary Disclosure Program

The deadline is quickly approaching for participation in the Delaware Secretary of State’s Unclaimed Property Voluntary Disclosure Program. Businesses have until June 30, 2014, to enroll in the program, and another year to...more

PA Tax Law News -- December 2013

In This Issue: Fuel Taxes Increased to Solve Transportation Funding Shortfall; PA Supreme Court Upholds Rejection of Township Business Privilege Tax; Unclaimed Property - Challenge to Delaware’s Auditing Procedures;...more

PA Tax Law News -- December 2013: Unclaimed Property - Challenge to Delaware’s Auditing Procedures

Many companies are particularly susceptible to significant unclaimed property exposure in Delaware because holders of property for which the owners’ addresses are unknown generally must report and remit such property to their...more

Michigan Sets the Standard for Fairness in Unclaimed Property Audits

A recent Michigan bill (House Bill 4289), delivers a useful example to other states regarding administration of abandoned and unclaimed property ("AUP") audits. House Bill 4289 is in the hands of the Governor, who must sign...more

Unclaimed Property Reporting - Are You In Compliance?

Most states require the holder of “abandoned” or “unclaimed” property to report (and remit) such property after the expiration of a certain number of years (the “holding period”). These “escheat” laws generally apply to any...more

Race to the Finish: June 30 Deadline for Delaware’s New Unclaimed Property Voluntary Disclosure Program

June 30 is the deadline to enter into the new Unclaimed Property Voluntary Disclosure Program — run by Delaware’s Secretary of State (“SOS”)— which temporarily supplants the State Escheator’s voluntary disclosure process. Any...more

Reed Smith Hosts Q & A on Unclaimed Property With Delaware Secretary of State – Audits to Begin Again on February 1

For more than an hour on January 8, Delaware Secretary of State Jeffrey Bullock and an attorney administering the new program, Geoffrey Sawyer, took questions from Sara Lima and Michael Wynne of Reed Smith’s State Tax Group....more

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