Michael Houghton Quoted in State Tax Today
The Delaware Unclaimed Property Task Force is set to release its final recommendations for the state’s unclaimed property enforcement processes before Christmas. Morris Nichols partner Michael Houghton serves on the current task force and also served on Delaware’s previous task force in 2007. He provided commentary and perspective on both task force recommendations in an article that ran in State Tax Today on Dec. 22, 2014.
In 2007, the task force was optimistic about implementation of the recommendations but they did not gain momentum with the General Assembly. This time around, Mike says the circumstances are “different because there is a renewed and serious level of commitment. People get it and understand there needs to be meaningful change. There needs to be follow-through and diligence so that recommendations are actually put into legislation and they don't die on the vine like the last task force.”
The new recommendations include a “best practices” manual, adjustments to the administrative appeals process, modifications to the lookback period for unclaimed property audits, creation of a new voluntary disclosure agreement (VDA), and amendments to the statute of limitations, among others.