Posted on Wednesday, 14th April 2010 by The Keane Organization
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Some important news for you if you’re a holder following state unclaimed property law; Indiana has recently announced a change –
Indiana Institutes Unclaimed Property Amnesty Program
A one-time only “Amnesty” program to help holders of unclaimed property regain compliance.
What does that mean exactly?
Well, a lot of companies continue holding unclaimed property on their books – either intentionally, or more often, simply because they are unaware of the state unclaimed property laws.
This is not very surprising considering the vast number of escheat laws that apply to holders across the 50 states, and the break-neck pace with which they change.
But this type of program allows holders to voluntarily come forward to comply with the laws without the threat of paying hefty interest and penalty payments.
That is, however, only if they enroll in the program by October 31st and file their reports by November 1st of this year.
Many states offer some form of voluntary disclosure like Indiana’s amnesty program, and more states seem to be jumping on the band wagon, as evidenced by this recent announcement made by the state of Indiana.
States have a clear incentive to offer these programs as it helps them collect escheated funds and revenue. Simultaneously, it can help major unclaimed property holders like financial institutions, insurance companies, retail organizations, manufacturers, etc. regain a compliant status.
Seems like a win-win to a lot of people, but what do you think?
Leave a comment below, or get more information about Indiana unclaimed property law and the new Amnesty Program.
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Posted in State Escheatment, Unclaimed Property Audit, Unclaimed Property Compliance, Unclaimed Property Law | Comments (0)
