Abandoned (Unclaimed) Wages: How to Stay in Compliance When Reporting and Remitting 2 Credits
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Wages left unpaid, property left unused, and escheat...While the procedure may go by many names, there is only one actual necessity.
All “holders” must report all unclaimed property to the proper state, at the proper time, in the proper manner using the proper method. No ifs, ands, or buts. The problem is most employers are unaware of this requirement or that “abandoned or unclaimed wages” fall into the category of unclaimed “property”.
Many states have moved towards unclaimed wages as a source of revenue that can be easily tapped with existing laws and an enforcement crackdown. 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 corporate headquarters in one state and employees in other states could be liable for penalties in all states that have employees. It all depends on which employee did not claim which paycheck in which year. 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.
The payroll department must correctly identify any unclaimed salaries and report and remit them annually to the appropriate authorities to avoid these hefty penalties, fines, and interest.
Major Topics Covered:
Join this CE Business Law course, it 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.
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Vicki M. Lambert, CPP, is president and academic director of The Payroll Advisor™ a firm specializing in training payroll professionals. 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 is a 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.
Ms. Lambert has lectured extensively on payroll administration and compliance issues for clients that have included Automatic Data Processing, CCH Incorporated, Ceridian Employer Services, and The Employer Group. Ms. Lambert has also served as a consultant and in-house trainer for businesses such as Sun Microsystems, Paychex, Fox Studios, Disney, County of Riverside, and City of Hesperia.
Ms. Lambert is an adjunct faculty member at Brandman University in Southern California. She is the creator of and the instructor for the Practical Payroll Online program offered through the School of Extended Education. Ms. Lambert currently produces and presents audio seminars and webcasts for clients and business groups throughout the country.
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I will look for more webinars by this instructor. I appreciated her sense of humor, her directness and all of the resource sites she included. She made a dry topic interesting and gave me good procedures and tools to apply.
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