Voluntary disclosure agreement

Qualifications for Voluntary Disclosure Agreement Programs Vary Widely by State

Retrieved on: 
Monday, July 18, 2022
Learning, CARES Act, News, Technology, LLC, Software, Tax Relief and Health Care Act of 2006, Multimedia, Tax, Compliance, PPP, VDA, Calendar, Voluntary disclosure agreement, Health insurance

ARLINGTON, Va., July 18, 2022 /PRNewswire/ -- While almost all states offer a Voluntary Disclosure Agreement (VDA) program, issues that qualify for inclusion in these programs vary widely, according to Bloomberg Tax & Accounting's 22nd annual Survey of State Tax Departments. State tax professionals interested in learning more about this year's survey results and key trends can attend a complimentary Bloomberg Tax & Accounting webinar on Thursday, July 21 at 11:00 a.m. ET. To register for the event, or to download an executive summary of the survey results, visit http://onb-tax.com/BOFY50JRBZj.

Key Points: 
  • ARLINGTON, Va., July 18, 2022 /PRNewswire/ -- While almost all states offer a Voluntary Disclosure Agreement (VDA) program, issues that qualify for inclusion in these programs vary widely, according to Bloomberg Tax & Accounting's 22nd annual Survey of State Tax Departments.
  • The survey finds only six states noted issues missed on a corporate income tax audit qualify for inclusion in these programs.
  • Twenty-three states also indicated that receipt of a nexus survey will disqualify a state from participating in their state's VDA program.
  • "This year, we were excited to dig into voluntary disclosure agreements and taxes impacting pass-through entities."

Ryan: More Companies Added to Delaware’s Growing List of Voluntary Disclosure Agreement Invitation Letters

Retrieved on: 
Tuesday, October 15, 2019
Accounting, Professional services, Other Professional Services, Technology, Software, Taxation in the United States, Voluntary disclosure agreement, VDA, Lost, mislaid, and abandoned property, Delaware General Corporation Law, Wedding invitation

As part of a periodic and ongoing effort, it is the understanding of Ryan that Delaware sent Voluntary Disclosure Agreement (VDA) Program invitations in September to dozens of large companies that are incorporated in Delaware.

Key Points: 
  • As part of a periodic and ongoing effort, it is the understanding of Ryan that Delaware sent Voluntary Disclosure Agreement (VDA) Program invitations in September to dozens of large companies that are incorporated in Delaware.
  • The VDA Program is a type of unclaimed property amnesty program in which companies can disclose previously unreported unclaimed property in exchange for a waiver of interest and penalties.
  • In other words, the invitation letters are, in reality, a first step toward a potential audit notice.
  • Should your company receive a Delaware VDA invitation letter, one of Ryans unclaimed property professionals can discuss appropriate options for responding to the invitation.

Delaware Sends Unclaimed Property Voluntary Disclosure Agreement Program Invitation Letters

Retrieved on: 
Tuesday, November 6, 2018
Taxation in the United States, Voluntary disclosure agreement, Personal property law, VDA, Lost, mislaid, and abandoned property, Delaware General Corporation Law, Wedding invitation, Law

As part of a periodic and ongoing effort, Delaware has, in recent weeks, begun to send out Voluntary Disclosure Agreement (VDA) Program invitations to a sizeable number of large companies that are incorporated in Delaware.

Key Points: 
  • As part of a periodic and ongoing effort, Delaware has, in recent weeks, begun to send out Voluntary Disclosure Agreement (VDA) Program invitations to a sizeable number of large companies that are incorporated in Delaware.
  • The VDA Program is a type of unclaimed property amnesty program in which companies can disclose previously unreported unclaimed property in exchange for a waiver of interest and penalties.
  • In other words, the invitation letters are, in reality, a first step towards a potential audit notice.
  • If your company receives a Delaware VDA invitation letter, please contact one of Ryan's unclaimed property professionals to discuss appropriate options for responding to the invitation.

California Voluntary Disclosure Program for Unclaimed Property Proposed

Retrieved on: 
Friday, April 20, 2018
Personal property law, Lost, mislaid, and abandoned property, Squatting, Voluntary disclosure agreement, VDA, Tax amnesty, Property, Law, Anthropology

However, on February 16, 2018, a bill was introduced in the California Assembly, which would create a Voluntary Disclosure Agreement (VDA).

Key Points: 
  • However, on February 16, 2018, a bill was introduced in the California Assembly, which would create a Voluntary Disclosure Agreement (VDA).
  • An unclaimed property VDA is a program that is similar to a tax amnesty program in that it would allow companies to report past due unclaimed property without being assessed interest or other penalties.
  • Because California actively seeks out companies with unclaimed property compliance gaps and imposes very significant interest assessments for reporting unclaimed property late, the proposed VDA would present a good opportunity for companies operating in that state to lower their unclaimed property liability risk.
  • To learn more about your company's potential unclaimed property liability risk in California and ways to reduce that risk, please reach out to one of Ryan's unclaimed property professionals.