Are You Ready to Handle Unclaimed or Abandoned Wages in 2024

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.

Background

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.        

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 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.

Areas Covered                                                           

• 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

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

Speaker(s)

Vicki M. Lambert, CPP

Vicki M. Lambert, CPP, is President and Academic Director of The Payroll Advisor™, a firm specializing in payroll education and training. The company’s website www.thepayrolladvisor.com offers a payroll news service which keeps payroll professionals up-to-date on the latest rules and regulations. With 40 years of hands-on experience in all facets of payroll functions as well as over three decades 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 where she is the instructor for the American Payroll Association’s “PayTrain” online program offered by Brandman University.

CEUs

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Credits: 1.5

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Credits: 1.5

Compliance Prime is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: https://www.nasbaregistry.org.

Credits: 1.5

Credits: 1.5

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