Indiana’s Attorney General-through the state’s third-party auditors, Kelmar Associates, LLC – has issued self-directed compliance review notices to companies both in and outside of Indiana, targeting potential unreported unclaimed property. This outreach provides holders with an opportunity to self-audit and resolve any compliance gaps within 120 days of receiving the notice. Failure to respond may result in a formal audit; therefore, it is crucial to address these notices as soon as possible.
Company executives, accounting and tax professionals, and mailroom staff need to be vigilant for these letters, enabling them to respond promptly. These notices are typically addressed to the chief financial officer or tax directors, but they may be overlooked, mistaken for junk mail, or routed to the incorrect person for action.
Should you receive one of these notices from Indiana or any other state, please contact us as soon as possible. We can help you assess your potential exposure and navigate the process. Contact Kellie Lanford Clark at 864-241-2135 or Michael Goldman at 864-241-0455 in the CBIZ National State and Local Tax Practice for additional details.
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