Michigan Unclaimed Property Voluntary Disclosure Program

With 2012 underway, the professionals at Lewis & Knopf would like to provide you with a brief summary of the Michigan Unclaimed Property Voluntary Disclosure Program. Please consult with a Lewis & Knopf professional if you have any questions about the program.

What is the Unclaimed Property Voluntary Disclosure Program?

The Michigan Department of 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 Michigan's Uniform Unclaimed Property Act, Public Act 29 of 1995 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.

What is unclaimed property?

According to the Michigan Department of Treasury, "Unclaimed property is property in your custody that belongs to someone else and has gone unclaimed beyond the dormancy period. Examples of unclaimed property include uncashed payroll checks, inactive stocks, dividends, checking and saving accounts as well as many other property types. A list of property types and corresponding dormancy periods can be found in Appendix A of the Manual for Reporting Unclaimed Property."

What is your next step as a business owner?

As a business owner, your next step would be to determine if your 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 .

We hope you find this information beneficial. As always, please do not hesitate to contact us at 810-238-4617 if you have any questions or concerns. Until then, please accept our best wishes for continued success.