Michigan Unclaimed Property
Michigan Unclaimed Property Voluntary Disclosure Program
You may have recently received a notice from the Michigan Department of Treasury regarding their Unclaimed Property Voluntary Disclosure Program. Here’s an excerpt from their website:
“Treasury is providing entities that have not previously reported or have underreported unclaimed property in the past with an opportunity to voluntarily comply with the requirements of the Act by offering a Voluntary Disclosure Program. This program will waive all penalty and interest on property voluntarily remitted pursuant to your enrollment in this program. To enroll in the program, complete and return the Michigan Unclaimed Property Voluntary Disclosure Agreement (Form 4869) by January 31, 2012. If you are certain you do not have unclaimed property to report and remit, complete and return the Attestation of Compliance with Unclaimed Property Reporting (Form 4305) by January 31, 2012.”
So, what is Unclaimed Property? Here’s what the Michigan Department of Treasury says:
“Most businesses have unclaimed property resulting from normal operations. Any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time is considered unclaimed property. For example, uncashed payroll checks must be turned over to the State after one year; most other property types, such as vendor checks and accounts receivables credit balances, must be turned over after three years.”
What is your next step as a business owner? Determine if you business has any unclaimed property. If so, complete and return the Form 4869. If your business does not have any unclaimed property to report, complete and return Form 4305.
For more information, visit the Michigan Department of Treasury website, or review the Manual for Reporting Unclaimed Property.
Please contact us at 616.393.0398 if you have any questions, or if we can assist in any way.
Geenen & Kolean, PC