Negative reporting for unclaimed property starts in 2018
Beginning in 2018, all entities registered to do business in the State of Michigan with nothing to report will be required to submit negative reports. All entities have the ability to both report and remit payments electronically.
Additionally, Michigan’s Voluntary Disclosure Program allows entities to report any property that should have previously been reported without incurring penalty and interest. Under the Voluntary Disclosure Program, a Holder must file unclaimed property reports and remit payments for the current reporting year and the previous four reporting years and remain current going forward. Visit www.michigan.gov/unclaimedpropertv for more information regarding the Voluntary Disclosure Program.
On the Unclaimed Property website, you will find a number of helpful resources to assist in your unclaimed property reporting, such as:
- Manuals for Reporting Unclaimed
- Forms and instructions. (NOTE: Reporting more than 10 properties requires electronic.)
- A link to free third-party software for preparing Unclaimed Property reports of less than 200 properties. For holders reporting more properties, commercial products are available for purchase.
- Instructions for remitting a payment
For more information regarding your responsibilities as a holder of unclaimed property, contact your ShindelRock tax professional today.