Rules and Responsibilities Regarding Abandoned Wages
|Date / Time:
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 checks whether it be wages, bonuses, deferred compensation, employee commissions, etc., it is your responsibility to ensure that your company is holding unclaimed wages properly and in accordance with the law.
It is estimated that only 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.
Payroll Department Responsibilities
When Wages Are Considered Abandoned
- Written Procedure on Handling Outstanding and Unclaimed Checks
- Proper Controls and Procedures to Safeguard Unclaimed Checks
- When an Item Becomes Reportable
- How to Handle Uncashed Employee Checks
- Proper W-2 Reports
- Outside Firm Handling Payroll
- Processes for Reporting and Remitting to Each Necessary State
- How to Avoid Common Errors
About The Presenter
- Information and Documentation Needed to Survive an Audit
- Consequences of Inadequate Documentation
- Correcting Audit Assessments
Jackie A. Sexson
- Compliance manager with Fortune 300 company
- Former executive director with the legal and human resources consulting firm, The Sexson Group
- Extensive experience in employment and labor law, as well as human resources
- Has a legal and HR background in employee relations, performance management (360-degree feedback), organizational management, benefits administration, recruitment and selection, compensation, equal employment opportunity, and training and development
- Experience with the public sector, Fortune 500 companies and small startup companies
- Held director and executive level positions, and worked as an independent consultant
- Certified as a senior professional in human resources by the Society for Human Resources Management
- J.D. and M.B.A. degrees
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