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Focus on State & Local Taxation: Delaware Unclaimed Property Voluntary Disclosure Programs

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If you have a business operating out of or incorporated within the state of Delaware, you may benefit from applying to the newly enacted unclaimed property voluntary disclosure agreement programs.
March 20, 2013

If you have a business operating out of or incorporated within the state of Delaware, you may benefit from applying to the newly enacted unclaimed property voluntary disclosure agreement programs.

Applications for the program are due by June 30. Your business could benefit by:

  • Catching up on their past due unclaimed property obligations
  • Avoiding an audit and/or interest and penalties
  • Reducing their liability by significantly shortening their look-back period

Additional legislation was enacted on January 30, 2013 that provided businesses an additional year—until June 30, 2015—to complete their voluntary disclosure agreement. Even if you have previously entered into an agreement, you now may enter for other property types or periods as well as subsidiaries or related entities.

Click here to view the legislation from the State of Delaware.

Click here to view a website dedicated to the Delaware Voluntary Disclosure Agreement program.

Click here to view the AICPA resource page on unclaimed property.

 

Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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