Unclaimed Wages or Escheat laws are those of each state that requires employers to report and remit amounts for checks that are uncashed by employees.
Escheat or unclaimed wages can become a large compliance issue for employers if they are not following the requirements of each state for reporting and remitting purposes.
This webinar will review the laws of all 50 states in regards to unclaimed wages. And will help the participate understand the difference between reporting and remitting. It will help the participate to understand what is considered unclaimed and Escheat. It will also discuss the complexities and challenges with unclaimed wages.
Webinar Objectives
- What are unclaimed properties
- Difference between tangible and intangible property
- Review of state law dormancy period
- Who must worry about unclaimed property?
- What companies are at higher risk of audit
- Record Retention requirements
- Review of the meaning of due diligence in relation to trying to notify the employee of pay owed.
Webinar Agenda
- What are unclaimed Properties?
- When is property considered abandoned?
- Employer/Company risk
- How to handle an audit?
- Unclaimed Properties Compliance
- Special Payroll Concerns
- Best Practices
Who Should Attend
Payroll and Tax Professionals
Credit(s)
IRS CPE Credits: 1 Tax hour
