Learn How to Properly Handle Unclaimed Wages to Avoid Audits, Penalties, and Fines while Ensuring Compliance With the Law
If your payroll department is not handling unclaimed wages properly, you could be placing your company at risk for huge audit assessments, significant interest accumulations, and civil and criminal penalties. If your company issues any type of employment check, it is your responsibility to ensure that your company is holding unclaimed wages properly and in accordance with the law. It is estimated that 15 to 20 percent of businesses currently comply with unclaimed property laws. However, many companies are not aware of their reporting responsibilities and may just write off unclaimed property. This can cause your company fines for failure to report unclaimed wages.
Learning Objectives
- You will be able to discuss payroll department responsibilities
- You will be able to identify when wages are considered abandoned
- You will be able to review liability
- You will be able to describe adequate documentation
Credits
- AIPB 1.0
- CPP/FPC (Pending)
- ASA 1.0
- AK CLE 1.0
- AL CLE 1.1
- AR CLE 1.0
- Arizona CLE 1.0
- CA MCLE 1.0
- CT CLE 1.0
- HI CLE 1.0
- IL CLE 1.0
- MN CLE 1.0 (Pending)
- MO CLE 1.3
- NH MCLE 1.0
- NJ CLE 1.3
- NM CLE 1.0
- NY CLE 1.0 including Areas of Professional Practice 1
- OH CLE 1.25 (Pending)
- PA CLE 1.0
- RI CLE 1.0
- VT CLE 1.0
- WI CLE 1.0
- WV MCLE 1.3
- HR Certification Institute 1.0
- SHRM 1.0
- CPE 1.2 including Management Services 1.2
Agenda
Payroll Department Responsibilities
- Written Procedure on Handling Outstanding and Unclaimed Checks
- Proper Controls and Procedures to Safeguard Unclaimed Checks
When Wages are Considered Abandoned
- When an Item Becomes Reportable
- How to Handle Uncashed Employee Checks
- Proper W-2 Reports
Liability
- Outside Firm Handling Payroll
- Processes for Reporting and Remitting to Each Necessary State
- How to Avoid Common Errors
Adequate Documentation
- Information and Documentation Needed to Survive an Audit
- Consequences of Inadequate Documentation
- Correcting Audit Assessments
Speakers
Jackie A. Sexson,
Fortune 200- Compliance manager with Fortune 200 company
- Former executive director with the legal and human resources consulting firm, The Sexson Group
- Extensive experience in employment and labor law, as well as human resources
- Has a legal and HR background in employee relations, performance management (360-degree feedback), organizational management, benefits administration, recruitment and selection, compensation, equal employment opportunity, and training and development
- Experience with the public sector, Fortune 500 companies and small startup companies
- Held director and executive level positions, and worked as an independent consultant
- Certified as a senior professional in human resources by the Society for Human Resources Management
- J.D. and M.B.A. degrees
- Can be contacted at 303-513-6018 or jackie80504@gmail.com
Who Should Attend
This live webinar is designed for payroll professionals, human resource and benefit professionals, CPAs, accountants, controllers, business managers, office managers, presidents, vice presidents, CFOs, finance directors, bookkeepers, and attorneys.
