The Stewart Law Firm works with clients in both compliance and defense areas of unclaimed property. The firm represents clients seeking Voluntary Disclosure Agreements (VDAs) with the State of Delaware, as announced from time to time, in order to minimize noncompliance penalties for failure to report and pay unclaimed property as far back as 1981. Delaware, along with many states, has stepped up unclaimed property enforcement initiatives as an alternative to raising taxes. Becoming more aggressive in the enforcement of unclaimed property collection, Delaware recently amended its laws to shorten the dormancy period that determines when property must be escheated to the State. At the end of FY2011, Delaware’s unclaimed property collections were the State’s third largest source of revenue, accounting for nearly 12% of general fund revenue. Large companies incorporated in Delaware need to be especially mindful of the reach of Delaware’s aggressive laws and collections methods. The Stewart Law Firm stands ready to assist clients in navigating Delaware’s changing unclaimed property laws, regulations and procedures.
