Negative unclaimed property reports are not required (yet)
In May 2017, several of our clients received notices that negative unclaimed property reports would be mandatory starting in 2018. However, the State of Michigan’s website now says that negative reports are not required.
When ShindelRock inquired with the State of Michigan, they stated that while they were not able to make it a rule (yet), they strongly recommend that businesses file negative reports where applicable. It is important to note, though, that a filed report will start the statute of limitations. As a taxpayer, it’s up to you if you want to file a negative unclaimed property report.
For a refresher on unclaimed property rules, visit Reporting Unclaimed Property on the Michigan Department of Treasury website or contact a ShindelRock tax professional today.