Instructor for this course
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Abandoned wages, abandoned property, escheat…the process may have many names but only one real requirement.  All “holders” must report all unclaimed property to the proper state, at the proper time, in the proper manner using the proper method. No ifs, ands or buts. The problem is most employers are unaware of this requirement or that “abandoned or unclaimed wages” fall into the category of unclaimed “property”. 

 

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.  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 in which year. 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.

 

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. This course 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.

Learning Objectives

  • Explore the laws and regulations that cover unclaimed wages
  • Recognize payroll’s responsibility relating to abandoned wages
  • Discover the processes needed to correctly report and remit unclaimed wages
Last updated/reviewed: October 7, 2018

6 Reviews (28 ratings)Reviews

4
Member's Profile
I learned a lot from this webinar. I didn't think Abandoned Wages would be a subject that would hold my interest however I was pleasantly surprised at what I learned from this. Again...Vicki is great!
5
Member's Profile
This course was really helpful! I didn't know how to handle abandoned pay before, so I really needed this comprehensive look at how to take care of it.
5
Anonymous Author
An excellent overview of what abandoned wages are, how they impact payroll, and the laws and regulations surrounding reporting and remitting to states.
5
Anonymous Author
The course was very informative. I have not worked on the escheat process, so this was all very educational.
5
Member's Profile
Abandoned wages are an important compliance challenge. This was a very detailed review.
5
Member's Profile
Great refresher on escheatment laws. Very informative and easy to understand.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  3:37Introduction to Abandoned Wages: How to Stay in Compliance When Reporting and Remitting
  7:42Definitions
  13:53The States
  9:39The Laws
  10:10Remitting and Reporting
  7:22Due Diligence
  16:45Handling Payroll
  12:35Handling Payroll Continued & Conclusion
CONTINUOUS PLAY
  1:21:42Abandoned Wages: How to Stay in Compliance When Reporting and Remitting
SUPPORTING MATERIALS
  PDFSlides: Abandoned Wages
  PDFAbandoned Wages Glossary/Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM