Michigan’s Department of Treasury announced in December 2011 that it will be offering companies that have not previously reported unclaimed property, or which have underreported unclaimed property in the past, an opportunity to voluntarily get into compliance with the State’s unclaimed property reporting requirements through a new Voluntary Disclosure Program (“Program”). Under the terms of the Program, Michigan will agree to waive all penalties, as well as applicable interest, on unclaimed property reported and remitted to the State by companies participating in the Program. In order to take advantage of this opportunity, companies must enroll in the Program by completing and submitting the Michigan Unclaimed Property Voluntary Disclosure Agreement (Form 4869) by the January 31, 2012 due date. Once a company has enrolled, it must complete the filing of the report for the current year and the previous four years by July 1, 2012.
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