Employer Requirements for Unclaimed Wages – How to Avoid Penalties and Fines

Did you know that departing employees often don't collect all the wages owed to them? As a payroll professional, this becomes your problem to solve! 

Each state has specific laws and requirements on how employers must report, remit, and document amounts for checks that are uncashed by employees. And to make matters worse, many states have started to crack down on enforcement and use unclaimed wages as a source of revenue. 

It's every employer's responsibility to identify which paychecks have been left unclaimed by employees and turn them over to the appropriate state annually. But the truth is, most employers are unaware of this requirement and the penalties, fines, and interest that can be levied against them by the state. 

That's why this webinar is so important. We'll explain when wages are considered abandoned, how to track and submit these checks to the appropriate state, and how to perform the required due diligence. 

Did you know that you're required to report all unclaimed wages to the proper state, at the proper time, in the proper manner, and using the proper method? There's no getting around it - no ifs, ands, or buts. 

But here's the catch: many employers are completely unaware of these requirements. And unfortunately, not knowing about the requirement won't save you from the huge fines and penalties that come with failing to report unclaimed wages. 

Non-compliance is a serious issue, and it all boils down to the company not being aware of its reporting responsibilities. But the consequences can be severe, including audit assessments, significant interest accumulations, and even criminal penalties. And it's not just limited to one state - organizations with corporate headquarters in one state and employees in other states could be liable for penalties in all states where they have employees. 

So, do you know your obligations? The only way to avoid these hefty 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. 

Don't let unclaimed wages become a headache for your payroll department - join the webinar and learn how to avoid hefty penalties, fines, and interest.

• When wages are considered abandoned, so you can stay on top of your payroll responsibilities.
• The laws and regulations that govern unclaimed wages, so you can avoid any legal pitfalls.
• Payroll's responsibility when it comes to abandoned wages, so you can make sure you're doing everything right.
• The processes you need to correctly report and remit unclaimed wages, so you can avoid hefty penalties and fines.

• The definitions of unclaimed properties and escheat law
• When wages are considered abandoned, so you know when to take action.
• The laws and regulations that cover unclaimed wages, so you can stay compliant.
• Payroll's responsibility when it comes to abandoned wages, so you can avoid any issues.
• The processes you need to correctly report and remit unclaimed wages, so you can avoid penalties and fines.
• Liability issues - what to do if you have an outside payroll service.
• How to establish proper procedures for tracking unclaimed wage correspondence to comply with due diligence requirements.
• How to safeguard unclaimed wages from unauthorized and improper release.
• The importance of having written procedures in place.
• Steps to surviving an audit, so you can be prepared for anything.
• Best practices for unclaimed paychecks

This webinar will provide valuable insights to: 

• Certified Public Accountant (CPA)
• Bookkeepers & Accountants & Tax Preparers
• Business Owners/Executive Officers
• Operations and Departmental Managers
• Lawmakers/Attorneys/Legal Professionals
• Human Resources Executives/Managers/Administrators
• Accountant/Accounting Managers/Accounting Personnel
• Payroll Executives/Managers/Administrators/Professionals
• Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues