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Abandoned (Unclaimed) Wages: How to Stay in Compliance When Reporting and Remitting 2 Credits

Abandoned (Unclaimed) Wages: How to Stay in Compliance When Reporting and Remitting 2 Credits

  • Rating

    4.6
  • Reviewed on

    November, 2023
  • Subject Area

    Business Law

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Nov 19, 2024 | 01:30 PM ET

Learning Objective

  • To identify when wages are considered abandoned.
  • To explore the laws and regulations that cover unclaimed wages.
  • To recognize payroll’s responsibility relating to abandoned wages.
  • To discover the processes needed to correctly report and remit unclaimed wages.

Course Overview

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:

  • Terms & Definitions
  • History & Background
  • States and Researching the Laws
  • Holder Reporting, and Due Diligence
  • Noncompliance
  • Payroll Procedures

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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  • View more SHRM PDC Courses for your continuing professional education.
  • View more CPA CPE Courses for your continuing professional education.
  • View more CPP Courses for your continuing professional education.
  • View more FPC Courses for your continuing professional education.

  • 2 CPE Credit of Business Law for Certified Public Accountants (CPA-US)
  • 2 General Credit of Business Law for Accountant/Bookkeeper/Tax Professionals
  • 2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 24-5MUTX)

    Valid upto : Dec 31, 2024

  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 649363)

    Valid upto : Nov 30, 2024

  • 2 CPE Credit of Business Law for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Business Law for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Business Law for Delaware Licensed Public Accountant (DE-LPA)

  • 2 CPE Credit of Business Law for Certified Public Accountants (CPA-US)
  • 2 General Credit of Business Law for Accountant/Bookkeeper/Tax Professionals
  • 2 PDC Credit of Business Acumen for SHRM Professionals (Approval No. 24-5MUTX)

    Valid upto : Dec 31, 2024

  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 649363)

    Valid upto : Nov 30, 2024

  • 2 CPE Credit of Business Law for Iowa Licensed Public Accountant (IA-LPA)
  • 2 CPE Credit of Business Law for Maine Licensed Public Accountant (ME-LPA)
  • 2 CPE Credit of Business Law for Delaware Licensed Public Accountant (DE-LPA)

Additional Information

Credits

2

Course Level

Basic

Instructional Method

QAS Self Study
Group Internet Based

Pre-requisites

None

Advance Preparation

None

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) 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.

About Instructor

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.

On Demand FAQs

What is Self Study (QAS)?

Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn CPE credits through self-study?

To earn CPE credits, you must complete the self-study course, pass the required assessments, and submit the necessary documentation. Credits are awarded based on the completion of course hours and successfully passing the assessments.

Are the self-study courses approved by NASBA and other regulatory bodies?

Yes, all our self-study courses are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the rigorous standards for quality and educational content set by these organizations.

What are the requirements to maintain compliance with self-study courses?

To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.

How can I access my course completion certificates?

After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Live Webinar FAQs

What is a Live Webinar Group Internet-Based Credit?

A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.

How do I earn credits through live webinars?

To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.

Are the live webinars approved by NASBA and other regulatory bodies?

Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.

What are the requirements to maintain compliance with live webinar courses?

To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.

How can I access my webinar completion certificates?

After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.

How are credits reported to governing bodies?

We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.

Ratings and Review

4.6

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Average

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BR

Bonnie Robosky, SPHR

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.

LA

Laura Atwell, CPA (US)

You just made my client's life so much better...they were worried about having to figure out the process for 12 different states. It almost feels naughty....like we've been handed the answers to the midterm ahead of time.

Inclusions
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  • Certifications & Reporting
    Certifications & Reporting

    We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days - fastest in the industry.

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