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 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:

https://bit.ly/2J3piYF

Email: [email protected]

Toll Free: +1-888-300-8494

Tel: +1-720-996-1616

Fax: +1-888-909-1882

Others Details

Understand what unclaimed wages are and why is it important for employers to report unclaimed wages. The webinar also discusses unclaimed wages laws and abandoned wages penalties.