The State of Ohio’s annual unclaimed funds reporting deadline for all companies, with the exception of Life Insurance Companies, is November 1, 2014. The reporting deadline for Life Insurance Companies is May 1, 2015.
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. The only entities exempt from reporting are political subdivisions of the State, and Internal Revenue Code 501(c)(3) tax exempt hospitals.
The amounts that need to be reported and remitted on a Positive Unclaimed Funds Report are:
1. Payroll checks that have been outstanding since before July 1, 2013,
2. A/R credit balances before July 1, 2011, and
3. Other outstanding checks written before July 1, 2011.
There are three types of accounts that are exempt from the unclaimed funds reporting in Ohio. They are: Payroll checks less than $50.00, Gift Certificates, and the Business to Business Exemption, which exempts funds paid to or overpayments received from a company as the result of the receipt or issuance of an invoice.
For failing to report unclaimed funds or underreporting unclaimed funds, the company may incur civil penalties of $200.00 per day and/or a criminal penalty of up to $500.00 a day. The company may also have to pay interest at a rate up to 2% per month on the balance of unclaimed funds due.
If there is nothing to report and remit, a Negative Unclaimed Funds Report is required to be submitted.
For more information or for assistance please contact us today.