Handling Unclaimed or Abandoned Wages: What Payroll Needs to Know in 2018/2019
Abandoned wages,
abandoned property, escheat…the process may have many names but only one real
requirement. All “holders” (aka employers) must report unclaimed wages to
the proper state, at the proper time, in the proper manner using the proper method.
No ifs, ands or buts. The trouble is many employers are simply not aware of
these requirements. The issue of non-compliance is just a matter of the
company not being aware of their reporting responsibilities. But
unfortunately not being aware of the requirement doesn’t stop the huge fines
and penalties that befall the company for failing to report unclaimed wages.
Failure to comply with
state regulations could now result in audit assessments, significant interest
accumulations, and criminal penalties. The ramifications may not even be
limited to one state. For instance, organizations with the corporate
headquarters in one state and employees in other states could be liable for
penalties in all states that they have employees. It all depends on which
employee did not claim which paycheck. And given the current economic
environment, many states have moved towards unclaimed wages as a source of
revenue that can be easily tapped with existing laws and a crackdown on
enforcement.
The only way to avoid
these abandoned wages penalties, fines and interest is for the payroll
department to correctly identify all unclaimed wages, and report and remit them
each year to the proper authorities.
AREAS
COVERED
- When are
wages considered abandoned
- What are
the unclaimed wages laws or regulations
- What is
payroll’s responsibility relating to abandoned wages
- What
processes to take to correctly report and remit unclaimed wages
- Liability
issues—what do you do if you have an outside payroll service
- How to
establish proper procedures for tracking unclaimed wages correspondence to
comply with due diligence requirements
- How to
safeguard unclaimed wages from unauthorized and improper release
- The
importance of written procedures
- Steps to
surviving an audit
LEARNING
OBJECTIVES
It is every employer’s
responsibility to identify which paychecks have remained unclaimed by employees
and to turn over these “unclaimed wages” to the appropriate state
annually. But most employers are unaware of this requirement and are equally
unaware of the penalties, fines and especially interest that can be levied
against such employers by the state. This webinar explains when wages are
considered abandoned, how to track and submit these checks to the appropriate
state, abandoned wages penalties and how to perform the required due diligence.
WHO
WILL BENEFIT
- Payroll
Professionals
- Human
Resources
- Accounting
Personnel
- Business
Owners
- Lawmakers
- Attorneys,
or any individual or entity that must deal with the complexities and
technicalities within the payroll process
For more detail please click on this below link:
Email: support@trainingdoyens.com
Toll Free: +1-888-300-8494
Tel: +1-720-996-1616
Fax: +1-888-909-1882
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