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The ISMA reminds you of deadlines to report unclaimed property
e-Reports, October 25, 2010
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Within days, you may need to file an unclaimed property report with the Office of the Indiana Attorney General. By law, you are required to turn over any unclaimed property on your books that includes but is not limited to patient credit balances, unclaimed employee paychecks and unclaimed expense checks.

Reporting years 2000-09
If you are a holder of unclaimed property that should have been reported and remitted from 2000 through 2009, the attorney general’s office is granting amnesty to help you catch up. That means by Oct. 31, 2010, you must submit:

  • The Amnesty Agreement form
  • Any past-owed unclaimed property reports from the last  10 years
  • Associated unclaimed monies

Reporting year 2010
The deadline for the regular 2010 report and remittance of unclaimed property is Nov. 1, 2010. You must submit:

  • Any unclaimed property report
  • Associated unclaimed monies

Note these deadlines

  • Register for an account: Before Oct. 31.
  • Amnesty enrollment deadline: The completed agreement form must be postmarked Oct. 31. NO extensions will be granted.
  • Prior report years delivered under amnesty: Reports and remittances should be submitted by Oct. 31, 2010. Requests for extensions may be considered.
  • 2010 report & remittance: Due together Nov. 1. Requests for extensions may be considered.

Before businesses, including medical offices, can sign up for the amnesty program or submit any report, they have to register for an account online,” said Julie Reed, ISMA’s legal counsel. “It takes 24 hours to do that, so doctors need to register for accounts in advance of submitting their reports. If they wait until the deadline, it will be too late to register.”

For future years, the ISMA reminds you the law requires that you annually review your records to identify unclaimed property between July 1 and Sept. 1. Then take steps to return money to your patients or turn it over to the state by Nov. 1.

Although the law requires businesses to submit a report only if they are holding unclaimed property, the Office of the Attorney General encourages businesses to submit a report annually – even if it is a zero report – as a positive demonstration of the business’s awareness of the law, to help avoid audits and to possibly reduce penalties for future violations.

Learn more at the Indiana Unclaimed website.

Also, you may contact the attorney general’s office to request a free consultation. Call (317) 232-6348 or (800) 447-5598.

Find information in the April 5 ISMA Reports and Sept. 7 ISMA Reports.

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