Abandoned wages, properties, escheat, among others have only one requirement. Every employer is required to report all the abandoned or unclaimed wages to proper state authority at proper times in a proper manner. However, the problem is that not many employers are aware about this requirement and how to go about it. This issue of not being compliant is actually a matter of being unaware of their responsibility to report.
It’s quite unfortunate though that not being aware does not stop any huge penalties, fines or interests that befall a firm for failing to adhere to the regulation.
Failure to complying with the state regulations can possibly result to auditing assessments, accumulation of interests or criminal penalties. Ramifications may also not be limited to a single state. For example, an organization that has corporate headquarter in a one state and their employees in other different states is liable for the penalties in each and every state that their employees exist in. It’s just a matter of which employee never claimed which paycheck.
With the current economic surroundings, most states are moving towards the unclaimed wages as a revenue source that can be tapped easily by crackdown on the enforcement of laws.
This webinar session will explain when wage are considered to be abandoned, how the check can be tracked and submitted to appropriate states and performing due diligence required.
Key session points
- When can wages be regarded as abandoned?
- What regulations or laws cover the unclaimed wages?
- What is the responsibility of Payroll that relate to the abandoned wages?
- What processes can be taken to report and remit the unclaimed wages correctly?
- Liability issues – what can be done in the case of an external payroll service?
- How to create proper procedures of tracking unclaimed wages so as to be compliant with the due requirements.
- How unclaimed wages can be safeguarded form unauthorised or improper release.
- Relevance of the written procedure.
- Essential steps of enduring an audit.
Why you should attend
- Learn how to identify the paychecks that have not been claimed by the employees.
- Learn to turn the unclaimed wages to the appropriate legal arms on a yearly basis.
- Avoid huge penalties, interests and fines for all the payroll departments.
- Law and regulation regarding the abondoned wages will be discussed in details.
Who should attend?
- Payroll professionals.
- Accounting personnel
- Human resource professionals
- Business owners
- Any entity or individual that deal with complexities or technicalities regarding the payroll process.