Delaware, Texas Unclaimed Property Developments

Delaware and Texas recently issued documents to let taxpayers know whether they might need to act to remain in compliance with the states’ respective unclaimed property rules. 

Delaware

The Delaware Department of Finance, Office of Unclaimed Property, has issued verified report notices to companies, including some that might have filed for the most recent report year and others that might not have. 

For reports that were due March 1, 2026, Delaware might require a holder to complete a verified report analysis under Section 1170(a) of the Delaware unclaimed property law within 180 days of the notice date. 

Although a verified report request is not a formal audit, it is an important compliance enforcement action. The notice generally asks a company to certify that its most recent annual report is complete and accurate or confirm it had no property to report. The process allows Delaware to evaluate a holder’s reporting position, request follow-up information, identify potential omissions or errors, and assess whether the company has implemented appropriate unclaimed property policies and procedures. 

The Office of Unclaimed Property administers the program, often with support from third-party firms. Delaware significantly expanded its authority through legislation enacted in June 2022, allowing the Office of Unclaimed Property to request a verified report from any company, regardless of its filing history or perceived compliance profile.

The verified report notice typically contains the following instructions:

• A response is required within 30 days of the notice date.
• The requested information should be submitted as soon as possible, but no later than 180 days from the notice date.
• Responses to the notice also must:
  • Include a list of legal entities included in the verified report; and 
  • Disclose written policies and procedures and provide a copy of any, if available.

Delaware generally does not allow extensions. Failure to respond, an insufficient response, or deficient findings could lead to escalation, including an examination notice or invitation to the voluntary disclosure program.

Texas

The Unclaimed Property Division of the Texas Comptroller of Public Accounts recently issued unclaimed property compliance and reporting outreach letters to companies that might be incompliant with their Texas unclaimed property reporting requirements. In general, the letters state that the recipient, along with its subsidiaries and related entities, might have an obligation to report and remit unclaimed property in order to comply with Texas Property Code §§74.101 and 74.301.

The letters typically require a response within approximately 30 days, after which the company has 60 days to file a report. They also provide an option for a business to indicate that it has no reportable unclaimed property and will submit a negative report.