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Unclaimed Paychecks: Escheatment Trends and Best Practices

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.


Runtime: 89 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

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

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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on April 23, 2018.

Call 1-866-352-9540 for further credit information.

  • SHRM 1.25
     
  • Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.25 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
     

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

James O. Santivanez

James O. Santivanez

JMS Advisory Group, LLC

James O. Santivañez

  • Founder and president of JMS Advisory Group, LLC
  • For more than 20 years, he has provided guidance and consultation to clients in all industries regarding unclaimed property and state/local tax matters
  • He works with clients to design and implement complex compliance solutions, negotiates amnesty and voluntary disclosure agreements to mitigate and resolve unclaimed property liabilities, and provides representation for third party and state unclaimed property audits
  • Specialist in unclaimed property compliance reviews designed to identify exposure, potential savings opportunities, and process enhancements and risk mitigation
  • Staunch defender of client interests – provides assertive representation for dozens of unclaimed property audits on behalf of clients in varied industries including: insurance, healthcare, financial services, retail, hospitality, manufacturing, distribution, transportation, energy, and utilities
  • Prepares protests, appeals, litigation support documentation, and requests for rulings
  • Regularly meets with state unclaimed property administrators and state treasurers throughout the country to stay abreast of developing policies and legislation
  • Has provided expert testimony and lobbied for client legislative interests in various states
  • Negotiates with all state unclaimed property agencies and administrators advocating client interests and policies beneficial to the holder community
  • Drafted proposed legislation and made formal recommendations to state legislators on significant unclaimed property issues impacting holders’ rights
  • Former National Practice Leader, Ryan, Inc.; former Regional Practice Leader, KPMG, LLP and former law clerk, Multi-state Tax Commission
  • Nationally recognized expert on unclaimed property matters; has spoken to the membership, or appeared as a speaker on behalf of the following organizations: American Gas Association, American Payroll Association, Atlanta Tax Club, Broadcast Cable Financial Management Association, Healthcare Financial Management Association, National Restaurant Association, Tax Executives Institute, Texas Society of CPAs and Unclaimed Property Professionals Organization
  • J.D. degree, Washington College of Law, American University, Washington, D.C., B.A. degree, Yale University, New Haven, CT
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401806
Published 2018
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