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Indiana Attorney General Launches Unclaimed Property Self-Audit Program

Posted 8:00 PM by

Like all states, Indiana requires companies holding unclaimed property to report that property on an annual basis. Unclaimed property includes outstanding liabilities on a company’s books and records, such as uncashed payroll checks and customer credits.

The Indiana Attorney General, which administers the unclaimed property laws in Indiana, has recently launched an unclaimed property self-audit program. Under this program, businesses will be randomly contacted via mail to complete a self-audit. The Attorney General has engaged a third party firm to manage this program, and this firm is paid on a contingent fee basis. If a company receives a self-audit notice and fails to address it, a more complete audit may result.

Unlike tax examinations, unclaimed property audits do not have a statute of limitations. Therefore, the audit period tends to cover a much longer period of time. A number of bad facts can increase a company’s potential unclaimed property exposure, including high employee turnover, the practice of taking old checks or credit balances into income, or small balance write-off policies.

In the event you receive such a notice from the Attorney General’s office, please contact your KSM advisor to discuss next steps.

About the Author
Stephen Royster is a partner in Katz, Sapper & Miller’s State and Local Tax Group. Stephen helps clients navigate the multistate tax landscape by advising them on tax law changes in every state, ensuring they are efficiently structured, and ultimately protecting their bottom line. Connect with him on LinkedIn.


About the Author
Donna Niesen is a partner in Katz, Sapper & Miller’s State and Local Tax Group. Donna helps keep clients up-to-date on the multitude of tax rules and requirements in all 50 states. She guides them in the right direction as they address the complex issues that emerge on both the state and local levels. Connect with her on LinkedIn.

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