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Negative reporting for unclaimed property starts in 2018

B [1]eginning 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 [2] 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:

For more information regarding your responsibilities as a holder of unclaimed property, contact your ShindelRock tax professional [3] today.