Unclaimed Property―Voluntary Disclosure Agreements
A voluntary disclosure agreement program, also known as a VDA, is a program through which a holder can report on a voluntary basis its overdue unclaimed property. Commonly offered by states to encourage holders to come into compliance with their unclaimed property reporting obligations, most VDA programs offer valuable benefits frequently unavailable to holders undergoing the more traditional unclaimed property audit, both in terms of time and expense.
In this article, Morris Nichols partners Michael Houghton and Donna L. Culver and Ryan LLC’s Mark A. Paolillo and Susan Han discuss the availability and specifics of these programs in seven states.
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Michael Houghton, Donna L. Culver, Mark A. Paolillo and Susan Han, “Unclaimed Property―Voluntary Disclosure Agreements,” Tax Management Weekly State Tax Report, Bloomberg BNA (July 1, 2016)