Update on Unclaimed Property Requirements
Published:
by Jim Wagoner, CPA | Director, Tax Services Group
During the last couple of weeks it has come to our attention that the Indiana Attorney Generals Office sent 3,500 businesses letters and invoices indicating a $5,000 penalty for not registering and filing a zero return. The Attorney Generals Office has subsequently acknowledged that there is no requirement to file zero returns, but that it is considered a best practice.
You should go to http://ucp.indianaunclaimed.com/attorneygeneral/ucp/reporting.html to learn more about the annual filing requirements for unclaimed property.
If your business has past unclaimed property to report to the Attorney Generals Office, please seek advice of your legal counsel before registering since you are outside the amnesty period.
On the website you can find a sample due diligence letter to send to owners of the unclaimed property. Also, check out the Dormancy Periods Table link that provides information as to when to report unclaimed property to the Attorney General.
If your business does not have unclaimed property, a negative (zero) annual report may be filed, but it is not statutorily required, although encouraged by the Attorney Generals Office. However, it would be our advice to seek advice from your legal counsel before doing so.
If you have any further questions, please feel free to call us at Greenwalt CPAs.