Corporate Unclaimed Property Solutions
Did you recently receive an “invitation” to participate in the Delaware Secretary of State Unclaimed Property Voluntary Disclosure Program?
Or worse, you received a Delaware unclaimed property audit notice.
Maybe you’ve heard horror stories and you want to get a jump on starting your compliance program.
Perhaps you need additional outside, expert guidance to help your company run an effective and efficient unclaimed property compliance program.
No Time Like the Present
It’s become a matter of when, not if a company will be audited for unclaimed property compliance.
No matter how long your company has neglected unclaimed property, the problem will not go away by simply ignoring the problem.
DeCarrera Law has three goals for your company:
- To reduce the risk of an unclaimed property audit.
- To minimize the impact of an audit when they do happen.
- To reduce the potential liability from an audit.
Now is time to proactively manage your unclaimed property liabilities and responsibilities with a comprehensive compliance program.
Unclaimed Property Audit Nightmares
You may have heard some of the audit nightmares already.
Decades long look-back periods.
That takes more than a decade to complete.
Resulting in millions of dollars of liability.
And millions more in penalties and interest.
Finally ending in litigation.
Let DeCarrera Law guide you through the audit process from the very beginning to turn a nightmare into a dream.
OK, no one can turn an audit into a dream, but perhaps working together, we turn an audit from a nightmare into smooth sailing.
Voluntary Disclosure Agreements
Voluntary disclosure agreements (“VDA”) are the carrot to the audit stick to encourage companies to comply with state unclaimed property laws.
These are self-guided audits that end with reporting past-due unclaimed property and a waiver of penalties and interest.
But don’t let the voluntary part confuse you. There are specific rules and procedures that companies must follow.
That’s where DeCarrera Law is so useful and beneficial to you. Let Kimberly DeCarrera guide your company through the self-audit to successful completion of the VDA.
An Introduction to Unclaimed Property for the Corporate Holder
If you are new to unclaimed property, it is probably because your company received an audit letter from a state. Or perhaps you heard an audit horror story and are looking to avoid the same fate.
But first, you need to know the basics of escheatment. Yes, we have three names for the same thing – unclaimed property, abandoned property, and escheat. Sometimes, you’ll even see it abbreviated as AUP (abandoned and unclaimed property) or UP (unclaimed property).
It’s all the same process, so let’s get you caught up on the basics of unclaimed property.
Unclaimed Property Litigation
Most of the horror stories of unclaimed property audits are known because the stories are told through litigation in federal or state court.
Read about the cases that have brought us to this point in AUP. You’ll see trends and possibly where we are going in the future.
The latest news on unclaimed property is available in UP Alerts.
Find analysis on the latest cases and statutory changes, as well as regulations, industry trends, and more that may affect your unclaimed property compliance program or positions in an audit or voluntary disclosure program.
Unclaimed Property Owners
Instructions for unclaimed property owners and claimants that receive due diligence letters from DeCarrera Law on behalf of one of our client companies.