What Should Employers Do With Unclaimed Wages?

Recently, I have been asked what employers should do with an employee's final paycheck when that employee has quit, moved away, or otherwise can not be located. The Georgia Department of Revenue provides guidelines on what to do with those unclaimed wages as prescribed by The Disposition of Unclaimed Property Act.

In Georgia, if an employer still holds a paycheck and has lost contact with the employee, the employer must remit the paycheck to the state after one year. The employer must submit Form UP-2C which lists the employees name, address and social security number as well as the amount of wages being remitted.

Some basic information about unclaimed property can be found here.

The forms used by employers to submit to the state along with the wages are found here.

Stop Dieting. Start Paying Taxes.

No, that's not Weight Watchers' new slogan. A new soda tax proposal was put forth in the New England Journal of Medicine. This proposal calls for a 1 cent tax per ounce on sodas and other sweetened drinks. The proposal author estimates that the tax would generate $15 billion in new revenue. That requires 1.5 trillion ounces of soft drinks to be sold. That's a lot of soda!

The authors also suggest that the tax would result in a 2-pound weight loss for soda drinkers. At $16.95 a month Weight Watchers really is a bargain.

Should Tax Credit For First Time Homebuyers Be Extended?

Henry Unger has a blog entry about the First Time Homebuyers Tax Credit which is set to expire in November. Interestingly, he also has a blog entry discussing that foreclosures have hit an all-time high in the city of Atlanta.

Census.gov has some homebuying statistics that certainly aren't indicative of the credit serving its intended purpose. If it doesn't appear to be working, why does the National Association of Realtors insist on having us urge Congress to extend it?

Maybe Big Daddy Kane Was Wrong.

I posted earlier this year how prophetic the rapper was about Pimpin'. However, according to ACORN pimpin may actually be easy.

What Should Obama Do?

According to a recent poll conducted by market research firm Synovate, more than one-third of those polled that the Bush tax cuts which are set to expire should be extended. Obama most likely will allow these cuts to expire based on his campaign and recent speech before Congress.

I am unfamiliar with Synovate, but the question posed seems strange. The question posed was: Pollsters say the President Obama is on the verge of losing control of his presidency. What should he do to get it back on track? The four possible responses were all over the place.

35% said he should continue the expiring Bush tax cuts.

33% said whatever it takes to pass healthcare reform.

17% said propose another major stimulus spending package.

15% said immediately withdraw all troops from Iraq.

I find it interesting that one-third think he should do whatever it takes to pass healthcare reform since this proposal is so widely unpopular and may be viewed as what is putting Obama on the verge of losing control of his presidency. The most recent Rasmussen polls indicate that 40 percent of Americans strongly oppose Obama's healthcare reform plan while only 30 percent strongly favor the proposal.

Maybe if Obama wants to get his presidency on track he should stop trying to be the world's most powerful insurance salesman.