Handling Unclaimed or Abandoned Wages: What Payroll Needs to Know in 2016

This training program will discuss when wages are considered abandoned, how to track and submit these checks to the appropriate state, and how to perform the required due diligence. Failure to comply with state regulations could result in audit assessments, significant interest accumulations, and criminal penalties. The ramifications may not even be limited to one state.

Why Should You 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. 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 will detail laws and regulations regarding unclaimed wages; discuss payroll’s responsibility when it comes to abandoned wages and liability issues in case of an outside payroll service; and list best practices for tracking unclaimed wages correspondence to comply with due diligence requirements.

Areas Covered in the Webinar:

• When are wages considered abandoned
• What laws or regulations cover unclaimed wages
• What is payroll’s responsibility relating to abandoned wages
• What are the steps taken 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 Will Benefit:

• Payroll Professionals
• Human Resources Professionals
• Accounting Personnel
• Business Owners
• Lawmakers
• Attorneys
• Any individual or entity that must deal with the complexities and technicalities within the payroll process