Abandoned Wages: How to Stay in Compliance When Reporting and Remitting

  • Accountant
  • CMA
  • CPP
  • CPA (US)
  • HRCI
  • FPC
  • CFIRS
  • CWS

Published: November, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • Terms and Definitions
    4 mins
  • History and Background
    13 mins
  • Researching the laws
    25 mins
  • When to report/remit: Each state has their own rules
    41 mins
  • What happens if a company doesn't comply?
    57 mins
  • Terminated employees and the rest
    73 mins

Course Description

Abandoned wages, abandoned property, escheat…the process may have many names but only one real requirement. 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 a crackdown on enforcement. 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 they 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 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 CPE course 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.

Learning Objectives

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

Recommended For

  • This Online CPE webinar is recommended for CPAs, CMAs, CEOs, CFOs, Business Owners, Business Managers, and Other Individuals interested in understanding when wages are considered abandoned, how to track and submit these checks to the appropriate state, and how to perform the required due diligence.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Bookkeepers & Accountants & Tax Preparers
  • Business Owner
  • Certified Public Accountant (CPA)
  • Cloud Accountants
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 2 CPE Credit of Business Law for Certified Public Accountants (CPA-US)
  • 2 CPE Credit of Business Management and Organization for Certified Management Accountants (CMA)
  • 2 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 2 CE Credit for Certified Wealth Strategist (CWS)
  • 2 General Credit for Accountant/Bookeeper
  • 2 RCH Credit of Calculation of the Paycheck for Fundamental Payroll Certification (FPC) (Approval No. 22CPE039)
  • 2 RCH Credit of Calculation of the Paycheck for Certified Payroll Professional (CPP) (Approval No. 22CPE039)
  • 2 RCH Credit of HR (General) for Human Resource Certification Institute (HRCI) (Approval No. 600610)

Additional details

  • Course Level :
    Basic
  • Credits :
    2
  • Instructional Method :
    QAS Self Study
  • 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 through its website: www.NASBARegistry.org.

Presenter

About Presenter

Vicki Lambert, CPP

President, The Payroll Advisor

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.

About Company

The Payroll Advisor

thepayrolladvisor.com/

The Payroll Advisor™ was developed to be your source for payroll training at all levels within the payroll field as well as for anyone who relies on complete, accurate and timely information regarding all aspects of the payroll function.
 
Our Philosophy
To achieve and maintain an acceptable level of competence within any endeavor requires effort and commitment. To truly become a master of your chosen field demands a curiosity and dedication that brings the science and mechanics of an occupation or craft to a level of artistry. But there is a level beyond that of a master that few in any area achieve. To get here one must have a passion for the field that transcends professional accolades or economic achievement. This is the point where the importance of the activity, the nobility of the work, and the realization that the positive results from your efforts can elevate the entire field. It is from this passion that The Payroll Advisor™ came to be.
 
Our Mission
The mission of The Payroll Advisor™ is to provide the absolute best payroll training available!  It must be timely, correct, understandable and accessible, and focused on the actual needs of the payroll professional in today’s fast-paced business environment.  This is done chiefly through the internet and other electronic means.
 
We also offer our high-quality webinars to outside vendors to offer to their clients through their own brand. Ms. Lambert is the speaker for each of these information-packed webinars. Our clients include Ascentis, Audio Solutions, Avant Resources, Business 21 Publications/Rapid Learning Institute, Center for Competitive Management, Compliance Online, Online Compliance Panel, Peoplestrategy, Thompson Interactive and Train HR.
 
Extended Education:  We concentrate on two methods to provide the finest quality payroll training under the Extended Education Departments of colleges and universities across the country. First, the Payroll Practice and Management Online Program is available in over one thousand colleges and universities across the United States and worldwide through Ed2Go/Cengage Learning/Gatlin Education.  Ms. Lambert is the content editor for this outstanding program as well as its current facilitator.
 
Second, Ms. Lambert is the content developer as well as the instructor for the Practical Payroll Online program offered at Brandman University. As an adjunct faculty member, Ms. Lambert teaches both the spring and fall semesters programs.

Faq

FAQs content

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  • Our courses meet the global Continuing Professional Development (CPD-IES7) Standard for Chartered Accountants with International Education Standard 7 (IES 7) set by The International Federation of Accountants (IFAC), the International Accounting Education Standards Board (IAESB) and the Association of Chartered Certified Accountants (ACCA). Based on our accreditation by existing IFAC members and affiliates, we believe learners can count their professionally relevant, verifiable learning activities on myCPE, including taking on demand courses and attending live webinars, toward fulfillment of their verifiable CPD-IES7 requirements. However, if there is any question, we recommend that the individual learner confirm with his/her professional licensing organization before taking myCPE courses for CPD-IES7 credit.
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Ratings and Review

4.6

9 Ratings

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Angelina Day, CPP

Jul 12th, 2022

The instructor is excellent! The presentation was very informative!

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