Voluntary Disclosure Agreement

News & Analysis as of

Temple-Inland Decision Leads to Proposed Delaware Escheat Reform Legislation: Tax Update Volume 2017, Issue 2

The proposed reforms are a welcome change, specifically as they relate to lookback periods, electronic filing and limited compliance reviews. As a result of what some might view as a scathing decision by the U.S....more

Sailing the Sea Change of Delaware’s New Escheats Law

On February 2, 2017, Delaware Governor John Carney signed Senate Bill 13 into law, completing a wholesale rewrite of the Delaware Escheats Law, codified at 12 Del. Code Ann. § 1130 et seq. The final version of the legislation...more

Delaware’s Overhaul of Its Unclaimed Property Laws

Facing widespread criticism about the enforcement of its unclaimed property laws, Delaware has just completed a wholesale revision of its unclaimed property statute. The statutory overhaul has passed both houses of the...more

Breaking News: Unclaimed Property Legislation Passes Delaware General Assembly

On January 26, 2017, the Delaware House approved comprehensive unclaimed property rewrite legislation (SB 13) that was passed by the Senate (with committee amendments) last week. Our summary of many of the key provisions of...more

Delaware Moves to Revamp Its Unclaimed Property Law

On January 12, 2017, the Delaware Senate introduced legislation that represents a complete rewrite of the state’s Escheats Law, currently codified at 12 Del. Code Ann. § 1130 et seq. The bill – SB 13 – is...more

Key Takeaways From Delaware’s Unclaimed Property Overhaul

A bill has been introduced in the Delaware Senate that would overhaul Delaware’s unclaimed property law. The bill is on a fast track and could be enacted by the end of January. If enacted, companies currently under audit will...more

Delaware Unclaimed Property Legislation – Lipstick on a Pig?

The Delaware General Assembly has introduced legislation that would significantly rewrite the Delaware unclaimed property statute by repealing the three current subchapters and replacing them with a single unclaimed property...more

Unclaimed Property Primer for Health and Property & Casualty Insurance

Background - Unclaimed Property: It’s not just about life insurance. The same contingency-fee unclaimed property auditors that targeted unclaimed life insurance proceeds are now turning their focus to other types of...more

State Voluntary Disclosure Programs: An Overview

What is Voluntary Disclosure? Most state departments of revenue allow certain categories of noncompliant taxpayers to come forward voluntarily and pay taxes accrued during a limited lookback period. Taxpayers accepted...more

Taxpayers Stand to Lose Under Chicago’s Lease Tax VDA Offer

Yesterday, the City of Chicago (City) Department of Finance (Department) published an Information Bulletin that provides additional guidance on the Personal Property Lease Transaction Tax (Lease Tax) and extends a new...more

Looking Back: Delaware's Comprehensive Unclaimed Property Program Reform

The recent reforms have not impacted the power and authority of the Office of the State Bank Commissioner to examine Delaware financial institutions for compliance with the escheat laws, but the shortened look-back period...more

Delaware Senate Passes Unclaimed Property Reform Bill

On June 18, 2015, a bill (S.B. 141) was unanimously approved by the Delaware Senate that would place limits on the look-back period and permanently extend the Voluntary Disclosure Agreement (VDA) program. This represents the...more

Delaware VDA Program First Enrollment Deadline Is Fast Approaching

The first stage of the Delaware Secretary of State’s Voluntary Disclosure Agreement program (the “Delaware VDA Program”) for unclaimed property reporting closes on June 30, 2013. Companies that enter into the Delaware VDA...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

Initial Window for Delaware Unclaimed Property VDA Opportunity Closes June 30, 2013

Delaware is offering a voluntary disclosure program, touted by its secretary of state as a “good deal,” to businesses that may not be in compliance with all of Delaware’s unclaimed property reporting requirements. To obtain...more

Sutherland SALT Shaker: April 2013 Digest

In this issue: - California Court of Appeal: No Man May Profit From His Own Wrongdoing in a Court of Justice - The (True) Object of My Affection: A Nontaxable Stock Screening Service - Alternate Universe...more

Spotlight on Unclaimed Property: The Value of Voluntary Disclosure/Compliance Agreements

On November 1, 2012, you may have filed state unclaimed property reports or are getting ready to do so for March 1, 2013 or May 1, 2013, depending on the state. On the other hand, you may not have filed, or plan to file, any...more

The FCPA Guidance And Voluntary Disclosures

The FCPA Guidance is an advertisement for the government’s voluntary disclosure program. DOJ and SEC repeat their message – if you voluntarily disclose, you will get a benefit. As demonstrated in the declinations, companies...more

Delaware & New Jersey Abandoned & Unclaimed Property Developments

Delaware VDA’s - Legislation adopted in July 2012 authorizes Delaware’s Secretary of State (as opposed to the State Escheator) to enter into voluntary disclosure agreements with holders of unclaimed property who are...more

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