Update: Michigan Unclaimed Property Enforcement Warrants a Second Look
The State of Michigan is reinforcing their unclaimed property filing requirements. You can review the Michigan Unclaimed Property manual here. They recently sent out unclaimed property notices to all businesses that did not submit an unclaimed property report by July 1, 2011. This notice indicates a deadline for filing either Form 4305 or Form 4869 by January 31, 2012. Therefore, you must file one of these forms in response to this notice. If you do not file either report, it is possible that your business may be recommended for audit.
Form 4869
This form is a voluntary disclosure agreement. If you have unreported unclaimed property, you can choose to sign this agreement which agrees to the following:
1) You will accurately complete and file unclaimed property reports and remit payments for the previous four reporting years by July 1, 2012.
and
2) You will file an unclaimed property report each year. If you do not have unclaimed property in any year, you will file Form 4305 (Attestation of Compliance with Unclaimed Property Reporting) by each year’s annual reporting deadline.
In turn, the Treasury agrees to exclude the business in unclaimed property audits through July 1, 2012. Also, they will not assess penalties or interest on any property voluntarily remitted according to this agreement.
Form 4305
By preparing and signing this form, you are agreeing that you understand what unclaimed property is and you do not have any to report.
If you have received this notice and are unsure as to how to respond, please contact your ShindelRock tax professional.