Keane has provided the Top 10 reasons why holders should enroll in the Delaware Unclaimed Property VDA Program. While this program has already seen a tremendous response rate, many companies have still not yet enrolled and risk the likelihood of facing an audit from the Delaware State Escheator.
Kelmar Associates has been retained as the third-party auditor initiating a recent surge in multi-state examinations that has taken place in recent weeks. These unclaimed property audits of public corporations are specific in scope to securities or equity-related property. During this period of increased audit activity, audit notices on behalf of multiple states were sent directly to an individual at the issuer/holder or to representatives at the relevant commercial stock transfer agent.
Illinois unclaimed property law was drastically overhauled with the passage of IL Senate Bill 9 on July 6, 2017. IL SB 9 makes numerous changes to current Illinois unclaimed property law, including eliminating exemptions and reducing dormancy periods on certain property types. The new law brings to mind a previously introduced bill, IL HB 2603, […]
Unclaimed property voluntary disclosure programs are excellent opportunities for holders to become compliant without fear of an audit, fines, and penalties. Keane’s National Consulting & Advisory Services Team has provided information below on recent programs in Arkansas, Delaware, Minnesota & Texas.