New York Reach Back Period – New for 2017
New York passed legislation in January 2017 reducing the look-back or reach back period.
With respect to all VCAs entered into after January 1, 2017, the reach back period relative to General Ledger type property, has been reduced to encompass property that would have first been reportable in 2007. We apply the following criteria with respect to reach back under voluntary compliance:
- Unclaimed wages, accounts payable checks, refund checks and rebate checks issued and/or payable – issued in 2003
- Accounts payable and receivable credits including merchandise credits and gift certificates – issued in 2001
- Holders not enrolled in Voluntary Compliance – The audit reach back period is January 1, 1992 for General Ledger items applies.
- For all property other than General Ledger items, e.g., debt, equity, reorganization, etc., the applicable statutory floor date for the specific property type applies.
NY’s guideline handbook can be found: http://osc.osc.state.ny.us/ouf/reporters/files/oufhandbook.pdf