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November 1, 2007 is the deadline to file your 2007 Annual Report of Unclaimed Funds.

                                                          

All businesses that operate in the State of Ohio or hold funds due to Ohio residents must file an annual report for accounts which are dormant as of June 30, 2007. Public and privates businesses that maintain account balances, write checks, or hold funds in escrow for another person must file a report even if they have no unclaimed funds to report. Unclaimed funds do not include business to business transactions.


For example, payroll checks are dormant after one year. As of June 30, 2007 payroll checks issued on or before June 30, 2006 would be dormant. Checks do not have to be in the possession of the company to be considered dormant. Dormant checks would include all outstanding checks that meet dormancy requirements as well as checks returned to the company by the post office, checks not picked up by an employee or checks re-deposited to the company's account by their payroll agent.


Should you have any questions or need any assistance please contact your Rea associate.


- By Matthew E. Ganz, CPA  (Dublin Office)


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