Gain a clear understanding of what is encompassed under unclaimed property as it relates to payroll and how to avoid legal pitfalls of unclaimed checks.
When checks, payroll cards and other types of instruments provided to employees for the payment of wages, bonus-es, or reimbursements, or to other vendors as compensation for personal services, are not cashed, utilized or lost; the businesses responsible for the payments are required by the laws of all States to file reports and transfer the payments to the state unclaimed property administrators of the State of the last known address of the payees, or to the State of incorporation of the business if the addresses of payees are unknown. Depending on the applicable State laws, reports and payments to States are due within six months to two years after the date of payments may be claimed by employees or vendors. The failure to report and remit unclaimed employee and vendor compensation when due may result in the imposition of penalties and interest.
The failure to report and remit unclaimed wages and vendor payments, may also expense business to audits of their compliance with state unclaimed property laws for all other types of unclaimed property, including audits be private contingent-fee auditors. This program will help manag-ers of payroll and human relations departments, and other company personnel and consultants understand the pur-pose of unclaimed property and escheat laws; what their obligations are under these laws; how to determine to which states reports must be filed and unclaimed property remitted; when reports must be filed, and payments made; and how to reduce exposure for liabilities under these laws.
Learning Objectives
- You will be able to review functions and importance of unclaimed property laws.
- You will be able to identify obligations and liabilities imposed on business associations by unclaimed property laws.
- You will be able to discuss what rules apply to unclaimed wages, commissions, bonuses, reimbursements and other compensation for personal services.
- You will be able to describe best practices for the management of unclaimed property, especially as applied to wages, commissions, bonuses, reimbursements and other compensation for personal services.
Agenda
- What Are Unclaimed Property and Escheat Laws?
- What Types of Property Are Subject to Unclaimed Property Laws?
- When Do Unclaimed Wages and Vendor Payments Escheat to States?
- What Obligations Do Unclaimed Property Laws Impose on Holders?
- Which State Is Entitled to Take Custody Over the Wages, Vendor Payments and Other Property of a Holder That Is Presumed Abandoned?
- How Do Unclaimed Property Laws Vary Among the States?
- What Is the Impact of Regulation E and the Use of Payroll Cards on Unclaimed Property Reporting and Remittance Requirements?
- What Best Practices Should Be Used to Avoid Penalties and Unclaimed Property Audits?
Speakers
Raymond P. Pepe,
K&L Gates LLP- Of Counsel, K&L Gates LLP
- Has a wide-ranging state administrative law practice that includes state and local taxation, unclaimed property, and the representation of financial institutions
- He has been involved with unclaimed property issues throughout his career, including being engaged in amending Pennsylvania’s unclaimed property law when he served as Legislative Counsel to former Governor, Dick Thornburgh; serving as a member of the Drafting Committee of the Uniform Law Commission that revised the Uniform Unclaimed Property Law in 1995 and 2015; and by assisting clients with unclaimed property audits, evaluations of the impact of mergers and acquisitions on unclaimed property liabilities, and assisting in the modernization of state unclaimed property laws
- Member of the National Association of Unclaimed Property Professionals and has been a Pennsylvania delegate to the Uniform Law Commission since 1983
- Has served clients as a member of K&L Gates since 1991 as an equity partner, and more recently as Of Counsel
- Graduate, Georgetown University and the Georgetown University Law School
- Can be contacted at 717-231-5988 or Raymond.Pepe@KLGates.com
Who Should Attend
This live webinar is designed for human resource and payroll professionals, benefits managers, business owners and managers, controllers, CFOs, accountants, bookkeepers, and attorneys.
