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Sponsored by Lorman Education
Product ID: 409605EAU
 
Credit & Course Provided by:

Rules and Responsibilities Regarding Abandoned Wages

OnDemand Webinar (64 minutes)

Examine the rules and responsibilities regarding abandoned wages.If your payroll department is not handling unclaimed wages properly, you could be placing your company at risk for huge audit assessments, significant interest accumulations, and civil and criminal penalties. If your company issues any type of employment check, it is your responsibility to ensure that your company is holding unclaimed wages properly and in accordance with the law. It is estimated that 15 to 20 percent of businesses currently comply with unclaimed property laws. However, many companies are not aware of their reporting responsibilities and may just write off unclaimed property. This can cause your company fines for failure to report unclaimed wages.

Authors

Jackie A. Sexson

Agenda

Payroll Department Responsibilities

• Written Procedure on Handling Outstanding and Unclaimed Checks

• Proper Controls and Procedures to Safeguard Unclaimed Checks

When Wages Are Considered Abandoned

• When an Item Becomes Reportable

• How to Handle Uncashed Employee Checks

• Proper W-2 Reports

Liability

• Outside Firm Handling Payroll

• Processes for Reporting and Remitting to Each Necessary State

• How to Avoid Common Errors

Adequate Documentation

• Information and Documentation Needed to Survive an Audit

• Consequences of Inadequate Documentation

• Correcting Audit Assessments