Unclaimed Paychecks: Escheatment Trends and Best Practices
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Gain a clear understanding of what is encompassed under unclaimed property as it relates to payroll and how to avoid legal pitfalls of unclaimed paychecks.
During this topic we will lay out best practices for unclaimed property compliance and what to consider when reporting. There can be confusion on the differences between reporting and remitting by state, which we aim to clarify. Some of these variances include; deadlines for reporting and remittance, dormancy periods and due diligence requirements, and record retention laws. This information will also cover a payroll department's role in the unclaimed property compliance process and best practices for managing unclaimed payroll disbursements. Lastly, we will provide key indicators for companies who may be at higher risk of an audit. You should walk away with a clearer understanding of what is encompassed under the umbrella of 'unclaimed property' as it relates to the payroll function. You will also leave with knowledge of possible repercussions from being out of compliance and how to avoid these.
AuthorsJames O. Santiva?ez, JMS Advisory Group, LLC
The Definition of Unclaimed Properties and Escheat Law
State-By-State Reporting and Remitting Requirements
State-By-State Review of Dormancy Period Laws and Due Diligence Requirements
Differences Amongst the Jurisdictions
Payroll Department Roles and Responsibilities for Unclaimed Property
What Types Companies Are at Higher Risk of an Audit
Record Retention Requirements
Best Practices for Unclaimed Paychecks