Handling Unclaimed or Abandoned Wages: What Payroll Needs to Know 2015 Webinar
Time: 10:00 AM PST | 01:00 PM EST
Duration: 90 Minutes
Instructor: Vicki M. Lambert
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. The only way to avoid these huge 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.
This webinar explains when wages are considered abandoned, how to track and submit these checks to the appropriate state and how to perform the required due diligence.
Why Should you Attend:
Attend this webinar to learn how to handle unclaimed or abandoned wages because 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.
Objectives of the Presentation:
The objectives of the presentation are to keep the participants informed on:
- When are wages considered abandoned
- What laws or regulations cover unclaimed wages
- 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