Certified Payroll Professional Practice Exam

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What may happen if unclaimed property reports are not filed as per state regulations?

Civil penalties and criminal fines
Tax deductions
Employee bonuses
TRIA compliance reviews

The correct answer is: Civil penalties and criminal fines

Failing to file unclaimed property reports as per state regulations can result in civil penalties and criminal fines. States require businesses to report and remit unclaimed property to the state government to protect the property rights of the rightful owners. Failure to comply can lead to legal consequences such as fines and penalties. It is essential for businesses to follow state regulations regarding unclaimed property to avoid facing financial and legal repercussions. Options B, C, and D are incorrect because they do not directly relate to the consequences of not filing unclaimed property reports as per state regulations.