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The State of Michigan has been sending out a lot of mailings lately regarding Unclaimed Property, mainly asking you to report any unclaimed property. Unclaimed property is property in your possession that you do not own and no one has claimed it for a certain amount of time, called a dormancy period. Uncashed payroll checks would be an example of unclaimed property. After the dormancy period, since no one has claimed the property, this money now belongs to the State of Michigan.

However, some of this money that is now in the hands of the State of Michigan, may be yours! If someone tried to send you a check and it never reached you because of an address change or they had an incorrect address, it may have been returned to the company and now a part of this unclaimed property. To find out if some of this money is yours, go to the following website and search your last name:

          http://www.michigan.gov/treasury/0,1607,7-121-44435-7924--,00.html

This will show your name as well as what company reported the unclaimed property. If you find you name on this list, you must fill out a Form 3443 to claim your property. Below is a link to that form:

http://www.michigan.gov/treasury/0,1607,7-121-44435_57506---,00.html

So search your name and see if the State of Michigan is holding some of you money!

This is in regards to a previous post called “New 1099 Regulations”. The law has been repealed (as many people had hoped for). No longer will companies have to issue 1099 forms to all firms that they pay over $600 for goods and services (whether or not they are incorporated). However, the current law still stands that a 1099 needs to be issued when $600 or more is paid to an unincorporated company for a service.

The IRS recently released a draft of the 2011 Form W-2. Previously, it announced that that form had to include the cost of coverage of employer covered group health care plans. However, they now pushed the requirement back to 2012, making the reporting optional for 2011. Even though the cost of health care will be reported on the W-2, the amount is NOT taxable. The IRS simply wants it reported to increase transparency and make employees aware of the cost of health care for the employer.

In 2010, businesses can take a 50% bonus depreciation on brand new SUV purchases. In order to take advantage of this tax break, the vehicle must be purchased and put into service before December 31, 2010, weigh more than 6,000 lbs., and be used solely for the business.