Delaware Unclaimed Property Bill passes both the Senate and the House and is now on the Governor's desk for signature. Action is required if your company is under a Delaware audit.
Senate Bill 13 ("the Bill" or "SB 13"), which will entirely revamp the State of Delaware's unclaimed property law, has completed its expedited track through the Delaware legislature and is now at the final step before it becomes the new Delaware Unclaimed Property Law. Consequently, having cleared the legislative hurdles, it is an absolute certainty that the execution of the Bill is eminent.
Consequently, it is imperative for all companies under audit to begin the process to determine the steps needed to model the following elections afforded in the Bill: (i) to convert an existing audit to a VDA; and (ii) the option to take advantage of the expedited audit. These elections, in addition to the ability to settle directly with the Department of Finance, will depend entirely on the facts and circumstances of each company's audit and the associated books and records.
We encourage you to take advantage of the window afforded from the execution of the Bill to the adoption of mandated regulations on estimations, in order to be in the best position to make informed decisions on how to conclude your existing audit. Failure to act can prove to be costly both in terms of lost opportunity and an incomplete analysis of the options.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.