5/16/2023 1:00 PM Eastern
5/16/2023 2:00 PM Eastern
It’s official: The California unclaimed property voluntary compliance program (VCP) is now open. The state has set a July 31 deadline for initial enrollees to complete the required training as the first step in the process. Join this discussion to learn how to navigate this program and the opportunities it might present to your organization.
On March 15, California officially opened its unclaimed property VCP, allowing companies that have unclaimed property filing gaps (or have never filed) to come into compliance without penalty. The program will allow companies to avoid the state’s mandatory 12% interest assessment (per year) on any amounts disclosed and will help them reduce exposure in the event of a future state exam, as signs point to increased unclaimed property audit activity in California.
The state’s Assembly Bill (AB) 466, effective Jan. 1, 2022, authorized the California Franchise Tax Board to require taxpayers to disclose information related to prior unclaimed property reporting history, or lack thereof. This legislation also allows those disclosures to be shared with the state controller’s office and the unclaimed property division, which presumably will review the information to determine potential noncompliance. Another indication that increased scrutiny is imminent came with the California Legislative Analyst’s Office report on the 2019-2020 budget, which noted that only 2% of companies doing business in the state are compliant with unclaimed property reporting requirements and recommended actions to increase compliance with the state’s unclaimed property law.
Although the prospect of increased audit activity and interest assessments for noncompliance is daunting, this VCP would provide organizations a rare opportunity to come into compliance with unclaimed property requirements while reducing their financial burden.
After attending this webinar, you should be able to:
The deadline to opt in to the VCP is quickly approaching, so don't wait to take action. Register now to secure your spot and gain helpful insights to navigate the changing California unclaimed property landscape.
Finance and accounting professionals, tax practitioners, compliance and risk leaders, legal experts, unclaimed property specialists, and any other interested professionals
Jason Higginbotham, Senior Manager, Consulting
Devon Caramenico, Consulting
Meaghen Svoboda, Consulting
For additional information, please contact Jonathan Losey.
Program level: Overview
Advance preparation: None
Delivery method: Webinar (group internet based)
Field of study: Specialized knowledge
This session is recommended for 1.0 hour of CPE credit.
There is no registration fee for participating in this webinar; therefore, there is no cancellation fee.
Note: All participants MUST be logged into the webinar INDIVIDUALLY to receive CPE credit. CPE credit will be granted only in the name of the individual logged into the presentation. Crowe LLP is unable to grant CPE credit for groups viewing the webinar.