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California New Unclaimed Property Law: Part 2

June 16, 2022
2:00 PM to 3:30 PM EST

Kara Shively
Email
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844-580-6963

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(BDO Employees):
888-236-9111
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  • Summary
  • Additional Details
  • Recording and Materials
Join us as our presenters delve into the details with a focus on what holders need to be aware of in California, and how they can address the new law change in California Assembly Bill 466 to mitigate not only California unclaimed property exposure but exposure in all 50 states.
As the unclaimed property landscape evolves, more states are using various methods to identify noncompliant holders. These methods include but are not limited to “self-review” programs, direct “audits” using third-party audit firms and voluntary disclosure invitations. Most recently, the state of California now requires corporate income tax filers to answer questions on their 2021 income tax returns regarding unclaimed property compliance. The information will be shared with the State Controller’s Office to assist in driving more compliance with its escheat laws. This is a paradigm shift in the way unclaimed property compliance is administered in the state and potentially a trend setter for other states.
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Note: CPE Credit is NOT available for the recording