Expert: Arthur Naman - 5/10/2009

Question
Until Friday, May 8th, 2009, I was comptroller for an international company based in Florida.  I work for the VP of Operations and Marketing, in her home, in Greer, SC.  Friday I was instructed to pack up my accounting files and ship them to the home office in Naples - they had hired a new comptroller.  My job is now to assist the VP in marketing, but I suspect that I am being kept on to train the new employee.  That is odd, however, because if I'm not good enough at that job, why would they want me to train the new employee?  When I arrived home from work on Friday, I find out my second consecutive paycheck has been returned due to insufficient funds.  The first time the CEO transfers the money into my account and covers the wire fee and service charge.  This time he has done the wire transfer and has been contacted to pay for bank fees amounting to $260.  I haven't gotten a response to that yet.  This company is obviously having major money problems, this I know from being the comptroller there for the last 6 months.  I don't want to have to stay and pretend that I have a place in this company.  If I quit can I qualify to receive unemployment compensation or do I have to stay until they use and fire me?
I really appreciate your help.  Thank you.

Answer
The answer depends on the specific unemployment comp rules in your state. You may likely be able to receive unemployment compensation under your specific circumstances.

I think, BTW, that you have legal recourse of some kind due to the bounced paycheck. I encourage your resolving this now as it may affect the wages reported on your W-2 at the end of the year.

Please check with your local unemployment department.