As a business owner in New Jersey, I'm interested in understanding the Unclaimed Property Administration's Voluntary Compliance Program (VCP). Please explain what the VCP is, list its key benefits, and describe the first step a business entity needs to take to apply for admission to the program.
Navigate to the homepage of unclaimedproperty.nj.gov. Click on the 'Holder Reporting' dropdown menu. Click on the 'Voluntary Compliance Program' link. Identify the purpose of the VCP. Identify and list the key benefits of participating in the VCP. Determine the first step required for a business entity to apply for VCP admission. Synthesize all gathered information into a concise answer.
The agent successfully navigates to the 'Voluntary Compliance Program (VCP)' page. The agent states that the VCP is an alternative to a potentially more arduous and costly full compliance audit for business entities not compliant with the Uniform Unclaimed Property Act. The agent identifies at least two key benefits of the VCP, such as: the removal of all late penalties (if successfully completed), and a limited 10-year look-back period for the internal audit. The agent states that the first step for VCP admission is to 'Complete and Submit the ‘Request for VCP Admission’ Form'.