In February, California introduced AB-2773 which would create a Voluntary Disclosure Agreement (VDA) program.
This is the first time since 2000 that California has considered any kind of amnesty, so it is welcome news to all holders if it passes. HOWEVER, it has a sunset provision to end in 2024, and applies to holders who are not under audit or investigation of non-compliance.
Under this proposal, holders have a one-year time frame to complete a self-review of the past ten years beginning from the VDA date or one determined by the State. After the 12 month period, the holder must make payment in full or enter into a payment plan.
Companies who report to California are encouraged to take advantage of this offer, as current California UP Law do not include any VDA or amnesty provisions. California has one of the highest penalty charges and contracts with aggressive auditors than most states.
Presently the bill is still in committee, and the last hearing set for April 23rd was cancelled and sent to committee, who has not taken further action.
Have questions and need assistance in filing a VDA any state, or have other UP related questions, contact the experts at UPPO!