A New Trap for the Unwary: How Michigan’s Unclaimed Property Requirements Could Affect Your Business
By: Kevin J. Roragen, Esq.
Changes to the Michigan Department of Treasure’s unclaimed property filing requirements and promised stricter enforcement begin this year. On or before July 2, 2018, all business entities operating in Michigan are required to file a Report of Unclaimed Property, regardless of whether they hold unclaimed property or not. The most common form of unclaimed property for most businesses is uncashed checks. While reporting is a minor inconvenience, entities that have previously ignored the Act’s requirements may now find themselves facing significant penalties if they fail to comply.
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