Steve Sims EA llc


Announcements and Updates

Doing Business in California as a Partnership, but have not been filing in California? The Voluntary Disclosure Program has Expanded Eligibility and Penalty Relief...

Effective January 1, 2018, the existing Voluntary Disclosure Program (VDP) will be expanded to allow out-of-state partnerships with non-resident partners, and out-of-state administered trusts, to participate in VDP.

Senate Bill 813 (Ch. 288, Stats. 2017) expands the specification requirement to apply to voluntary disclosure agreements between the FTB and a qualified entity. This bill eliminates inconsistent treatment among similarly-situated entities by allowing most out-of-state partnerships with nonresident partners of: general partnerships (GPs), limited partnerships (LPs), and limited liability partnerships (LLPs), and out-of-state trusts with California resident beneficiaries to participate in the VDP. The law was amended and defines “qualified partner” and “qualified partnership.”

Senate Bill 813 also eliminated the exclusion from a qualified trust of a trust with resident beneficiaries and added the additional requirement to the definition of “qualified beneficiary” of being a beneficiary with a contingent or non-contingent interest in the qualified trust.

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