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EMPLOYERS IN CERTAIN STATES MAY FACE HIGHER FUTA RATES IN 2014

Employers in 15 states (and the Virgin Islands) may not be eligible to claim the maximum amount of state unemployment tax credits on their 2014 federal unemployment tax return because their state has had an outstanding federal unemployment insurance loan for at least two years. Those states are AR, CA, CT, DE, GA, IN, KY, MO, NJ, NY, NC, OH, RI SC and WI. IN and SC are looking at a reduction of 1.5%; DE is at .9%; all other states (except NJ) are at 1.2%. NJ did repay its loans in 2013, but took out another loan and could be subject to credit reduction in 2014 (would be .3%).

Keep in mind that these are potential credit reduction states and the states could eliminate this if they repay their outstanding federal unemployment insurance loans by November 10, 2014.

For more information or questions on this topic, please contact a member of the firm's National PEO Practice in Farmington Hills 248 355 1040 or Sterling Heights 586 254 1040 or visit us on the web at www.uhy-us.com.

Published by UHY LLP News.

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