In May 2017, several of our clients received notices [1] 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 [2].
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 [2] on the Michigan Department of Treasury website or contact a ShindelRock tax professional [3] today.