Webinar Details $219
- Webinar Length: 60 Minutes
- Guest Speaker: Dayna Reum
- Topic:   Taxation and Accounting
- Credit:   SHRM 1.0, CPE 1.0, HRCI 1.0
Unclaimed property is one of the oldest consumer protection laws around. In an environment that includes rapidly changing technology and evolving companies, unclaimed properties are a compliance risk that all companies must address. This webinar will provide you with the tools to better handle these laws both from an accounting and payroll perspective.
- Understand unclaimed property and how it applies to you
- Gain insights into potential employer/company risks this presents
- Walk away with effective strategies for handling an audit
- Understand how to stay in compliance
- Learn about the special concerns involving your payroll practices
- Avoid risk by implementing best practices
Join Dayna Reum as she breaks down the unclaimed property laws and how they affect your business.
- Agenda 00:01:29
- What is Unclaimed Property? 00:05:03
- What is Unclaimed Property? (cont.) 00:07:17
- When is Property Considered Abandoned? 00:13:36
- What Companies are Affected by Unclaimed Property? 00:17:35
- Characteristics of High-Risk Companies 00:25:47
- Unclaimed Property Audits 00:30:31
- Unclaimed Property Compliance 00:34:16
- State Retention Requirements - Unclaimed Properties 00:37:30
- Payroll Department Issues 00:41:29
- Payroll Department Issues (cont.) 00:47:21
- Payroll Department Issues (cont.) 00:48:30
- Unclaimed Property Laws by State 00:50:34
- Questions 00:53:27
- Presentation Closing 01:01:56
- Abandoned Property 00:13:53
- Audit 00:02:47, 00:30:33
- Dormancy Period 00:13:50
- Intangible Property 00:08:57
- Tangible Property 00:07:40
- Unclaimed Property 00:01:32,00:05:07
Intangible Property: Intangible property, also known as incorporeal property, describes something which a person or corporation can have ownership of and can transfer ownership to another person or corporation, but has no physical substance, for example brand identity or knowledge/intellectual property. (en.wikipedia.org)
Unclaimed Property: Unclaimed property (sometimes referred to as abandoned) refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for one year or a longer period. Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, refunds, traveler's checks, trust distributions, unredeemed money orders or gift certificates (in some states), insurance payments or refunds and life insurance policies, annuities, certificates of deposit, customer overpayments, utility security deposits, mineral royalty payments, and contents of safe deposit boxes.
Tangible Property: Tangible property in law is, literally, anything which can be touched, and includes both real property and personal property (or moveable property), and stands in distinction to intangible property.
Abandoned Property: Abandoned property refers to the property to which the owner has relinquished all rights. When property is abandoned, the owner gives up the reasonable expectation of privacy concerning it. The person finding the abandoned property is entitled to keep it.
Dormancy Period: Property subject to a state's unclaimed property law is presumed abandoned or unclaimed if the owner fails to take any action evi- dencing a continuing interest in the property for a statutorily defined dormancy period, generally ranging from one year to 15 years.
Unclaimed Property Audits: Unclaimed Property Audits are an official inspection of an organization's accounts as they relate to unclaimed property and unclaimed property escheatment. Audits now occur more frequently and typically performed by an independent third-party associated with the auditing state or territory.