Abandoned wages, abandoned property, escheat…the process may have many names but only one real requirement. All “holders” (aka employers) must report all 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. 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 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.
Join this session by expert speaker Vicki Lambert, where she will explain how to set up procedures within the payroll department to ensure compliance with abandoned property laws. Speaker will also share examples of how to perform the required due diligence to avoid penalties and locate employees.
Session Highlights:
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
Why You Should Attend:
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 and how to perform the required due diligence.
Who Should Attend:
Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
Human Resources Executives/Managers/Administrators
Accounting Personnel
Business Owners/Executive Officers/Operations and Departmental Managers
Lawmakers
Attorneys/Legal Professionals
Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues
*You may ask your Question directly to our expert during the Q&A session.
** You can buy On-Demand and view it at your convenience.
Vicki Lambert
Vicki M. Lambert, CPP,
is President and Academic Director of The Payroll Advisor™, a firm
specializing in payroll education and training. The company offers a
payroll news service which keeps payroll professionals up-to-date on the
latest rules and regulations. With
over 35 years of hands-on experience in all facets of payroll functions
as well as over 20 years as a trainer and author, Ms. Lambert has
become the most sought-after and respected voice in the practice and
management of payroll issues. She has conducted open market training
seminars on payroll issues across the United States that have been
attended by executives and professionals from some of the most
prestigious firms in business today.
A
pioneer in electronic and online education, Ms. Lambert produces and
presents payroll related audio seminars, webinars and webcasts for
clients, APA chapters and business groups throughout the country. Ms.
Lambert is an adjunct faculty member at Brandman University in Southern
California and is the creator of and instructor for their Practical
Payroll Online program, which is approved for recertification hours by
the APA. She is also the Program Developer, Subject Matter Expert (SME),
and Facilitator for the Certificate in Payroll Practice and Management
Program offered by Cengage Learning / Ed2Go through hundreds of colleges
and universities across the country.
Edupliance is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.
This webinar has been approved for 1.5 HR (General) re-certification credit hours toward California, GPHR, HRBP, HRMP, PHR, and SPHR recertification through the HR Certification Institute. The use of this seal is not an endorsement by the HR Certification Institute of the quality of the activity. It means that this activity has met the HR Certification Institute’s criteria to be pre-approved for re-certification credit.