One topic that I don’t think gets enough attention in payroll departments is abandoned wages. Our white paper this week addresses this issue. This is usually the time of year that payroll begins to think about having to report for the year, usually by November. Or after the first of the year in a few states. But abandoned wages should be done year round. After each month ends, payroll should request those payroll checks that have not cleared for the month and track down the owners. Make sure they are cleared off before the next bank statement close. This works much better than trying to pull all the information together beginning July 1 in most states and then trying to find all of the current and harder still, terminated employees for the due diligence. By making it a monthly task instead of an annual task it makes it more efficient and can result in a lot less checks to actually have to report and remit.
Hope you find this week’s white paper informative. You can request your copy on our website at thepayrolladvisor.com