Live Webinar

Handling Unclaimed or Abandoned Wages

Webinar Details $219

  • Webinar Date: April 22, 2021
  • Webinar Time: 2:00pm - 3:40pm EDT   live
  • Webinar Length: 100 Minutes
  • Guest Speaker:   Vicki Lambert
  • Topic:   Human Resources, Taxation and Accounting
  • Credit:   CPE 2.0, HRCI 1.5, SHRM 1.5
All Access Membership

It is every employer’s responsibility to identify which paychecks have remained unclaimed by employees and to turn over these “unclaimed wages” to the appropriate state annually.  But most employers are unaware of this requirement and are equally unaware of the penalties, fines and especially interest that can be levied against such employers by the state. This webinar 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.

Abandoned wages, abandoned property, escheat…the process may have many names but only one real requirement.  All “holders” (aka employers) must report all unclaimed wages to the proper state, at the proper time, in the proper manner using the proper method.  No ifs, ands or buts. The trouble is many employers are simply not aware of these requirements.  The issue of non-compliance is just a matter of the company not being aware of their reporting responsibilities.  But 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.

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 the 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. And given the current economic environment, 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.  

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.

Areas Covered in the Webinar:

  • When are wages considered abandoned?
  • What laws or regulations cover unclaimed wages?
  • What is payroll’s responsibility relating to abandoned wages?
  • What processes to take to correctly report and remit unclaimed wages
  • Liability issues—what do you do if you have an outside payroll service
  • How to establish proper procedures for tracking unclaimed wages correspondence to comply with due diligence requirements
  • How to safeguard unclaimed wages from unauthorized and improper release
  • The importance of written procedures
  • Steps to surviving an audit

Who will Benefit:

  • Payroll Executives/Managers/Administrators/Professionals/Practitioners/Entry Level Personnel
  • Human Resources Executives/Managers/Administrators
  • Accounting Personnel
  • Business Owners/Executive Officers/Operations and Departmental Managers
  • Lawmakers
  • Attorneys/Legal Professionals
  • Any individual or entity that must deal with the complexities and requirements of Payroll compliance issues

Guest Speaker

  • Vicki M. Lambert, CPP

CPE Credit

Continuing Professional Education

Aurora Training Advantage 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.

For more information regarding administrative policies such as complaint and refund, and cancellation please contact our offices at 407-542-4317 or training@auroratrainingadvantage.com.

HRCI Credit

Human Resource Certification Institute
This program has been approved for credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.

SHRM Credit

Society for Human Resource Management
Aurora Training Advantage is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.