Unclaimed Paycheck Rules
Handling Unclaimed Paychecks
Believe it or not, you just can’t keep a paycheck that an ex-employee fails to claim.
In fact, there are legal requirements that employers must follow for surrendering these unclaimed paychecks to legal authorities.
Don’t get caught – and penalized – for not following unclaimed paycheck laws for the state(s) in which you do business. Click the applicable links below for more information or to take a training course on Unclaimed Paychecks.
For More Info/Research:
Legal Requirements For Unclaimed Paychecks
Amazingly, departing employees don't always collect all wages owed to them. Unfortunately, as a payroll professional, that becomes your problem.
And now, many states - given the current economic environment - are turning an ever vigilant eye towards unclaimed wages as a source of revenue that can be easily tapped with existing laws. All they have to do is to crackdown on enforcement - and they are doing just that.
Failure to comply with state regulations could now result in audit assessments, significant interest accumulations, and criminal penalties. And organizations with corporate headquarters in one state and employees in other states could be liable for penalties in all states that they have employees. Do you know your obligations?
More Details / Order:
- This training session covers:
- When are wages considered abandoned
- What is payroll's responsibility relating to abandoned wages
- The Escheatment rules in general and then as they pertain to the payroll department
- What are your requirements in notifying the employee that they have an un-cashed check?
- How long do you hold the check before it is escheated to the state?
- Which state are you required to escheat to?
- How to set up a system to handle unclaimed payroll checks routinely to avoid a costly audit
- How to establish proper procedures for tracking unclaimed wages correspondence
Improve your knowledge and industry standing!
CE courses to maintain your license or designation!
Products & Services to help manage and grow your career!
Need training or resources in other areas? Try our other Training Center sites:
HR, Acct., Banking, Insurance, Fin. Svcs., Real Estate, Mortgage, HealthCare, Safety, Sales
|Share on Facebook|
Share on Twitter
Share on Google+
Certified Payroll Administrator
Payroll Records: What To Keep, What To Toss
Multi-State Payroll Tax Compliance
IRS Rules For Travel Pay
Guidelines For Taxing Gifts, Awards, &Other Fringe Benefits
Inpats &Expats: Payroll Compliance Tips
Paycheck Fundamentals Training &Certification Program
What To Do With Unclaimed Paychecks
Resident And Non-Resident Alien Payroll Compliance Tips
How To Get Payroll Penalties Waived
How To Document Your Payroll Procedures
How To Do A Payroll Audit - Before The State or Feds Do It For You
Internal Investigations Certificate Program
Payroll Management Operations Training &Certification Program
What To Do When Applicants Or Employees Have A Criminal History