Deadline for Unclaimed Funds
Attention Business Owners: State Requirement Alert!
Don’t miss the deadline for reporting and remitting all unclaimed funds ($50 or more) to the Division of Unclaimed Funds.
Mark your calendars for November 1st, the annual due date for reporting unclaimed funds held as of June 30th. Make sure you comply with Ohio’s regulations to avoid penalties!
Check the State’s website at www.com.ohio.gov/unfd for essential information and guidance on reporting procedures.
Review your outstanding checklist as of June 30, 2022, to identify checks to individuals over one year old. For any checks above $50, send a certified letter notifying the recipients of the unclaimed funds. Remember, allow 30 days for a response before turning the money over to the State. Keep a copy of the letters in your “Unclaimed Funds” file.
If you have no outstanding checks over $50 to individuals, you’ll need to file an OUF-1 by November 1st.
Reach out to your trusted Whalen CPAs accountant if you have any questions or need assistance with the reporting process. We’re here to help you navigate these requirements seamlessly!