Handling Unclaimed or Abandoned Wages: What Payroll Needs to Know in 2018/2019
OVERVIEW 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. WHY SHOULD YOU ATTEND 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 cou...