Delaware’s Voluntary Disclosure Program (VDA) Outreach
On February 18, 2022, Delaware’s Secretary of State (“Delaware” or “State”) sent a new round of letters to companies. These were inviting them to participate in the State’s Voluntary Disclosure Program (VDA).
RSVP Required Within 90 Days
Companies who recieved these letters are required to respond within 90 days. Failure to do so will automatically trigger an audit by one of the State’s 3rd party contract/contingent fee audit firms.
Who Should Respond?
All Delaware incorporated companies, including non-Delaware companies with Delaware operating subsidiaries, must promptly check with their C-Suite (CFO, CEO, or Delaware registered agent) to ensure the invitation is not overlooked.
Importance of Timely Response
Failure to RSVP within the stipulated timeframe risks a comprehensive audit. It also entails increased financial liabilities, including interest and penalties, which are fully waived under the VDA Program.
Next Steps and Assistance
Contact Clarus if your company has received an invitation or wishes to address unclaimed property risks. Clarus Partners provides comprehensive unclaimed property services.
Delaware’s Voluntary Disclosure Program Consideration and Support
We can guide your decision on whether the VDA is the optimal choice for your company. We can also provide assistance with VDA review and/or audit defense.
For further inquiries on Delaware’s Voluntary Disclosure Program, please contact Sonia Walwyn at [email protected].
By Sonia Walwyn