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Audio Conference |
Description:
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Amazingly, departing employees don't always collect all wages owed to them. Unfortunately, as a payroll professional, that becomes your problem - especially since fewer than 1 in 5 businesses comply with laws for reporting and submitting unclaimed payroll check and other property.
For instance, there is currently $5.1 billion in unclaimed property being held by the state controller's office in the state of CA.
Many times, non-compliance is simply a matter of the company not being aware of their reporting responsibilities. But that doesn't stop the huge fines and penalties for failing to report unclaimed wages.
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.
Unclaimed Property audits are on the rise, and are a hot topic for states for the following reasons: - There is no statute of limitations
- Audits have historically resulted in large assessments – annual exposure is cumulative
- States frequently use contract third-party auditors on a contingent fee basis
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?
Learning Objectives:- 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
About Your Speaker
Mindy Harada, CPP, is an employment tax specialist who has over 17 years of employment tax experience as an independent consultant, an employee with one of the Big 4 firms, and as a payroll tax auditor. Ms. Harada previously was the west coast practice leader for the Employment Tax Practice at Deloitte Tax LLP.
Ms. Harada is a frequent presenter on various employment tax topics at APA events and for several payroll service providers on a national basis. She has presented before the Society of CPAs and has also spoken at several Payroll Conferences throughout the country. 
PHR / SPHR Credits!
This program has been approved for 1.5 recertification credit hours through the HR Certification Institute. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org. The use of this seal is not an endorsement by HRCI of the quality of the program. It means that this program has met HRCIs criteria to be pre-approved for recertification credit.
Cannot Attend The Live Presentation?
This presentation is also available as a recorded Internet webcast after the initial showing until . |
| About Webcasts / Audio Conferences / Podcasts: |
Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form a training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions. |
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PHR / SPHR Re-Certification
All US States: 1.5
All Canadian Provinces: 1.5 |
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