Michael Houghton Quoted in BNA’s Daily Tax Report on Delaware Unclaimed Property Reform
Morris Nichols partner Michael Houghton was quoted in the BNA Daily Tax Report article entitled “Delaware Governor Signs Legislation to Overhaul Unclaimed Property Program.” He explains that the new law, signed by Delaware Gov. Jack Markell on July 22, 2015, implements two “earth-moving” changes—new and shorter audit look-backs and a permanent voluntary disclosure program (“VDA”). Now, no company is audited—unless it has first been invited into the VDA program and declined. Under this audit approach, Mike remarked that companies are given “an invitation to get their house in order and do it themselves,” instead of “a bolt out of the blue.”
Click here to read Morris Nichols analysis on the Delaware Unclaimed Property Reform legislation.