5 Key Takeaways | 2024 Emerging Trends: Delaware Unclaimed Property VDA and Multistate Audits
Kilpatrick’s David Hughes and Jordan Goodman recently joined BDO for a discussion of trends around state unclaimed property enforcement measures, including audits, voluntary disclosure agreements, and other outreach...more
Unclaimed property examinations and new types of regulatory inquiries will pose major challenges for US companies in 2024. Not only are states pushing ahead with more examinations, but many states are using new techniques to...more
On February 22, 2023, the Department of Justice (DOJ) issued a Voluntary Self-Disclosure Policy (VSDP) which, effective immediately, applies to all U.S. Attorneys’ Offices (USAOs) nationwide with respect to corporate criminal...more
In response to a recent Department of Justice (DOJ) request that all DOJ components write voluntary self-disclosure policies and “clarify the benefits of promptly coming forward to self-report [as] a good business decision,”...more
On February 17, 2022, Assembly Bill 2280 was introduced in the California Assembly. AB 2280 offers a long-awaited solution for companies owing past-due property to the State of California....more
After almost a decade of frustration, the dust has finally settled on the era of life insurance/annuity unclaimed property regulation by audit. Not without pain, though, as many endured multi-state, multi-year audit processes...more
Our Unclaimed Property Team provides a line of sight into the developing trends, ongoing policy debates, and litigated disputes that may shape the future of unclaimed property law and compliance....more
This article is the second of a three-part series regarding the State and Local Tax consequences of doing business in multiple states. This article will discuss Voluntary Disclosure, Part 1 discussed Nexus and Part 3 will...more
Don't rest on your laurels because the closing ink has dried! In this final episode of the series on state and local tax issues in M&A, Matt Hunsaker addresses some of the issues that arise after closing and how to prepare...more
In recent weeks, the United States Department of Justice (“DOJ”) published guidance in the Justice Manual at Section 4-4.112 on how it will award cooperation credit to entities and individuals that are being investigated for...more
The United States Department of Justice (DOJ) has issued new guidelines regarding cooperation and credit for self-disclosure specifically in False Claims Act matters. Such guidelines provide an overview of factors to be...more
Business operations can be riddled with inefficiencies. It is easy to spot them inside a company. The same rule applies to ethics and compliance programs. ...more
On September 26-28 the National Association of Bond Lawyers held an annual gathering called the Bond Attorneys' Workshop, which consisted of a series of subject-specific meetings discussing topics in municipal finance. Most...more
Onerous unclaimed property audits and vexing compliance issues will continue to challenge companies in a wide range of industries in 2018. Even with the robust economy, new federal tax provisions will push states to view...more
On October 1, 2017, the Delaware Department of Finance published final regulations in the Register of Regulations repealing its former unclaimed property regulations and promulgating a new reporting and examination manual. ...more
On October 1, the Delaware Department of Finance adopted its final set of unclaimed property audit regulations, as mandated by Section 1176(b) of Delaware’s newly revised Escheats Law. The regulations are effective on October...more
Delaware is instituting an aggressive push forward on its controversial unclaimed property audit program, as indicated in two recent announcements. The Secretary of State has announced that his office will begin sending...more
In two weeks, the Delaware Secretary of State (SOS) will begin mailing notices to holders who have been identified as likely being out of compliance with Delaware unclaimed property law. Holders that do not enroll in the SOS...more
On August 1, the Delaware Department of Finance (DOF) published a revised version of its proposed reporting and examination manual regulation addressing audit procedures and method of estimation. See 21 DE Reg 123 (Aug. 1,...more
On June 29, 2017, Delaware Governor John Carney signed into law Senate Substitute 1 for Senate Bill 79, which revises parts of Senate Bill 13, the major unclaimed property legislation passed earlier this year. Perhaps...more
On Saturday, April 1, 2017, the Delaware Department of Finance (DOF) promulgated two regulations that would repeal all existing unclaimed property regulations and replace them with a single DOF regulation containing a revised...more
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
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
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
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