Who must file an Annual Report of Unclaimed Funds?
A. 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. CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work. The only entities exempt from reporting are political subdivisions of the State, and I.R.C. 501(c)(3) tax exempt hospitals. Top of Page Q. What types of accounts can become reportable unclaimed funds and when do they become dormant? A. All intangible property unclaimed by its owner(s) for a specific period of time which may include savings accounts checking accounts, unclaimed wages, dividends, credit balances and many other types of outstanding checks and balances payable. For a detailed list of accounts that are reportable as unclaimed funds and their dormancy periods see the Nature of Funds Codes on page 27 of
A. 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. CPAs or Attorneys that are in private practice are required to file an Annual Report of Unclaimed Funds. CPAs and Attorneys not in private practice do not have to file separately from the firms for which they work. The only entities exempt from reporting are political subdivisions of the State, and I.R.C. 501(c)(3) tax exempt hospitals.
