Did you know all Ohio businesses must file an Annual Report of Unclaimed Funds?
It's that time of year again...
Time to report unclaimed funds! This one really gets business owners excited (sarcasm intended).
As stated by the Ohio Department of Commerce, "All businesses that are located and/or operate in the State of Ohio, or hold funds due to Ohio residents, are required to file an Annual Report of Unclaimed Funds."
Unclaimed Funds Reports are due by November 1st.
What types of accounts qualify as unclaimed funds?
We have a document from the Ohio Department of Commerce that helps explain what qualifies as "unclaimed funds," as well as how to report them, here:
Even if you have no unclaimed funds to report, a negative report must be filed.
What happens if your Ohio-based company does not report?
According to the Ohio Department of Commerce:
"For failing to report unclaimed funds or underreporting unclaimed funds, the company may incur civil penalties of $100.00 per day. The company may also have to pay interest at a rate up to 1% per month on the balance of unclaimed funds due per Ohio Revised Code section 169.12."
Still struggling in determining how to file an Unclaimed Funds Report?
At Banks & Associates CPAs, we're here to help. If you need assistance filing your report, please call our office by October 11, 2017.
A complete information booklet on Reporting Unclaimed Funds is available here: