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The ISMA cautions you about paying unclaimed property penalty
e-Reports, March 21, 2011
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If you received a letter from the Office of the Indiana Attorney General with an invoice indicating that you owe $5,000 because you did not file a zero report for unclaimed property, seek immediate legal advice before paying the invoice.

The ISMA facilitated multiple meetings last fall with two state legislators and the state agency to clarify that zero reports are not required by the unclaimed property law. Therefore, entities cannot be penalized monetarily for failure to submit them.

The letters businesses are now reportedly receiving indicate a waiver may be requested. However, again, the ISMA is unclear whether violations have actually occurred.

The ISMA is meeting with state officials again March 21. Check the ISMA website for updates on this issue.

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