Thursday 09/28/2017

Avoid Hefty Penalties by Filing Unclaimed Funds by November 1

Sal Caroniti explains who must file and the penalties for failing to report unclaimed funds. 

November 1 marks Ohio’s annual unclaimed funds reporting deadline for all companies, with the exception of Life Insurance companies.

What are unclaimed funds?

Most commonly in savings or checking accounts, stocks, uncashed dividends, security deposits, IRS refunds and more, these accounts can become unclaimed when there has been no activity and the holder of the funds cannot locate the owner. The time frame varies depending on the property but in most cases it is three to five years. A full list of accounts that are reportable as unclaimed funds can be found here.

Do I need to file an annual report for unclaimed funds?

According to Ohio.gov, 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.

Companies can obtain up to an additional 120 days to file their unclaimed funds report by completing the Online Annual Report Extension form.

Are there penalties if I don’t report my unclaimed funds?

Failing to report unclaimed funds or underreporting unclaimed funds, can result in penalties of $100.00 per day in addition to interest at a rate up to 1% per month on the balance of unclaimed funds due per Ohio Revised Code section 169.12.

If you have questions on if you need to file, please reach out to our team who can help advise you on unclaimed funds.

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