Monday, February 7, 2011

Florida UC Assessment

It appears the Florida Department of Revenue is hitting mailboxes this week with tax assessment notices [bills].

These taxes ARE NOT due to an incorrect filing or underpaid deposit.

In a nutshell, the Florida unemployment ‘piggybank’ has been empty for years.  Because that fund is basically insolvent, Florida continues to borrow from Uncle Sam to meet its unemployment obligations.

All of us as Florida employers must bear the burden of paying the interest on that debt, and that is what these notices pertain to.  It appears the state is examining a look-back period of 7/1/09 through 6/30/10 for the purposes of computing each firm’s obligation.

The formula for calculating the payment is specified by law.  The calculation is based on your taxable wages reported from 7/1/09 through 6/30/10 which is listed as line 1 on your bill.  There will be a flat charge of $25 for any delinquent quarter which is line 2 on your bill.

Call us with any questions.

-    Thanks to Greg Borden at Olde Florida Payroll for this information.

No comments:

Post a Comment

What do you think? We would love to hear from you!