Does your company have an escheatment process? This process is essential to an organization and if not managed correctly, it can be costly to an organization.
It is the employer's responsibility to comply and to ensure any wages that are unclaimed by the employees must be timely reported to the state agencies; otherwise penalties and fines will be imposed simply because the payroll and accounting professionals are not in compliance with the state escheatment requirements.
Learning Objectives:
- Learn how to identify, implement and manage the unclaimed process
- The various department participation in the escheat program
- How to prevent penalties, interests and fines associated with the escheatment program
- Identify the law and regulation regarding the abandoned wages
Why Should You Attend:
As the accounting and payroll professional do you know your responsibilities to report unclaimed wages? Regardless of the size of the company or if the worker is an employee or a contractor, it's the employer's obligation to report all unclaimed wages to the state authorities.
This training session will review the laws regards to unclaimed wages, established a process and applying the appropriate action plan to avoid penalties, fines, interest. Also, discuss the various ways to reduce current audit assessments.
Topics
- State Laws requirements for unclaimed wages
- Payroll and Accounts payable roles and responsibilities for unclaimed property
- Action plan to timely report, correct and remit unclaimed wages
- Record retention requirements by state
- Processes to take to correctly report and remit unclaimed wages
- Required correspondence to active employees and terminated employees regarding unclaimed wages
- How to managed payroll vendors regarding the abandon wage process
- Due diligence process how to create, maintain and report unclaimed wages to the various states
- Consequences associated to "failure to comply" and high risk industries subject to a state audit
- Glossary of unclaimed property terms
- Understanding the dormancy period why it's important to review
- Best practices for unclaimed paychecks
- The importance of creating a written procedures for escheatment program /li>
Instructor
Clarissia L. Harris, CPP, MBA is a payroll professional with 25 years of experience in both teaching and managing payroll. She has taught several Certified Payroll Professional (CPP) training courses throughout the United States. Her extensive work experience includes Georgia State University, Science Application International Corporation, KPMG and IBM Internet Security Company.
Currently, she is a Payroll Manager for a large Financial Company in Atlanta Georgia. Also presently, she is a payroll instructor at a local university in Atlanta. Clarissa has also received several Merit of Citation awards from the American Payroll Association.