Out-of-State Trusts Can Now Participate in California Voluntary Disclosure Program

On September 25, 2017, Governor Brown signed S.B. 813 into law, which, effective January 1, 2018, expands the existing California state voluntary disclosure program to include out-of-state trusts with California beneficiaries and non-resident partners. Such taxpayers will now be eligible to use the voluntary disclosure program to bring non-California trusts into compliance with California state tax laws. In addition, the Franchise Tax Board (FTB) may waive late-filing penalties for certain types of entities and returns under the program.

For more information about this new law, click here. If you have an out-of-state trust, contact one of our attorneys today to discuss how to participate in this program.

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