Under legislation that was passed last July, if companies fail to respond to the notice within 60 days, they will then fall subject to an audit by one of the several contingent fee third party audit firms hired by the State’s Dept. of Finance. Any company that has received a notice should give serious consideration towards entering Delaware’s VDA program through the Secretary of State’s Office not only to avoid the imposition of potential interest and penalties, but also to self-control the reporting process rather than succumb to a lengthy and oftentimes controversial audit process led by one of the Sec. of Finance’s third party audit firms.
We encourage companies to review the information provided by Delaware Sec. of State’s office at http://www.delawarevda.com, or contact Bob Peters for more information.