Keane's Unclaimed Property Blog

Delaware 2019 Reporting Verification Letters

August 11, 2020 UPDATE: Pursuant to §1170 12 Del. C. the Delaware Department of Finance recently released letters for reporting verification to companies that previously filed unclaimed property reports with the state but did not file a 2019 report. Make sure your CFO’s, upper management and Delaware registered agent watch for this letter.

Continue reading to see what to do if you receive one of these notices.

The State of Delaware Department of Finance sent out letters for verification of organizations annual unclaimed property responsibility in 2019.  These letters are targeted to holders that previously reported unclaimed property to the State of Delaware but did not submit a 2019 report which was due on March 1, 2020, for all companies except banking and insurance companies.  While Delaware accepts negative or $0 reports they do not require negative reporting. It is imperative that companies who receive this letter or one similar respond within the outlined timeline of within 30 days. A response is required even if your company does not have unclaimed property to report to the State of Delaware for 2019.

If you receive this letter, or one similar, double check your unclaimed property reporting for the state of Delaware to ensure full compliance, complete and return the letter. This letter also requires a copy of the company’s unclaimed property policies and procedures. It’s important to note that the letter also requires a Notary Public Signature and Seal. If you’re unsure about your compliance, the implications of this letter, or need policies and procedures created/updated reach out to an unclaimed property expert, like Sovos Keane.

This letter goes on to detail that failure to respond to this letter within 30 days and with the required information may result in state enforcement such as initiating an audit. Additional details and guidelines around unclaimed property reporting rules and regulations are available on Delaware’s website or in their Holder Handbook. Delaware  also provides direct contact information in this letter for Maximino Rosado, Tax Auditor III [email protected] or 302-577-8263 for any questions.

View the full page sample letter here.

Compliance, Unclaimed Property Law, Unclaimed Property Reporting

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