Minnesota Begins VDA Program

In an effort to increase voluntary holder compliance with state unclaimed property laws, Minnesota has initiated an amnesty program to allow holders to report overdue property to the state without being hit with interest and penalties. These programs result in a Voluntary Disclosure Agreement (VDA) between the holder and the state to relieve the holder of any liability

Like other VDA programs, Minnesota's new program does not allow a company that is currently under audit to participate. The holder must identify a plan of processes and types of property to be self-audited. The time period must cover at least the ten prior report years. Upon approval by the state, the holder has 3 months to complete the process. The state will then review the submission and may make follow-ups. There are penalties for false and misleading statements made to the state through the VDA process. Furthermore, the holder must continue filing annual unclaimed property reports.

See Also:
Alternative Delaware VDAs Through Secretary of State
New York Voluntary Compliance Program Information
Michigan Voluntary Disclosure Program