What’s New? CCC Verify Training

CCC-verify_logoTuesday February 22, 2017 at 2:00 Eastern

CCC is excited to offer training session for CCC Verify, our employment & income verification services.  Jay Rooney, CEO of Corporate Cost Control, along with Nick Stephen, Customer Service Manager for CCC Verify will review the service highlighting why this service is so easy to use for both verifiers and employees.

REGISTER HERE

CCC Verify offers a cost free, automated solution for employers to outsource ALL types of verifications. CCCVerify.com is used when an employee applies for a loan, leases an apartment or any other instance where proof of employment or income is needed. CCC’s state of the art system allows verifiers of all types to instantly collect the information they need, while giving your organization and your employees control of the process.

CCC Verify Complies with FCRA Requirements. The Fair Credit Reporting Act regulates credit reporting agencies. Although CCC Verify is not technically a credit reporting agency we voluntarily comply with FCRA regulations.

Please contact CCC for additional questions regarding this training or  any other  matter, please contact Pamela Kiel – Director, Communications at pkiel@corporatecostcontrol.com or (800)207-6926 ext 220.

 


Unemployment Tax Update: New York Rocks with Opportunities

ny_sa_logo_290The New York Notice of Unemployment Tax Rates (Rate Notices) should be issued in late February or early March.   New York is by far the most difficult to evaluate and the best opportunity or group of opportunities to request.   New York provides employers with the option for a voluntary contribution, forming or adding to a joint account, write-off a portion of the negative reserve balance, improvement of  the ratio by four brackets and then combination of the before mentioned  opportunities.

The voluntary contribution and the joint account option are left up to the employer to determine the profitability.    Employers with multiple accounts will want to evaluate the voluntary contribution separately, from a joint account opportunity to evaluate if they should form a joint rate or continue to stand alone for the unemployment computation.

In order to avoid a negative write off, an employer has the option to pay an amount requested by the state or allow the state to automatically write off a portion of the negative rate and pay at the maximum for three years.   In some cases, it is favorable to pay the amount being written off by the state in order to obtain a more favorable rate for the following year.   In other instances, the maximum rate for three years is more beneficial.

The final opportunity for an “Improved Rate” is driven by New York.  If an employer has a negative balance and their preceding payroll year wages are greater than or equal to 80% of the average taxable payroll, the state will issue a Rate Notice with a special paragraph stating that the reserve ratios has been improved by four percentage points.   The limitation on this by the state is that the employer’s normal rate cannot be less than 6.1%.

So how can an employer be sure they are taking the correct steps to obtain the most favorable opportunity for savings?   The Tax Analyst at Corporate Cost Control are ready to analyze all opportunities for savings.   In February, we received the transcripts for all New York employers who have our service.  The transcripts provide information that is not printed on the Rate Notice and a breakdown of the combined figures.  Each opportunity is evaluated separately and in conjunction with other opportunities.

If you have any questions or concerns, please contact Norma Green, our Tax Director, at (800) 207- 6926, EXT. 418 or ngreen@corporatecostcontrol.com


Guideline: A Review of a Base Period

A question that CCC receives each quarter ,as most states are releasing unemployment charges to employers, is “How can I be charged for someone that left my employment over a year ago?”.  The answer is that most states utilize a base period to determine which employers are chargeable and by how much.

The chart below is the base period chart that most state unemployment agencies use when an unemployment claim is filed.

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Most states use the first four of the last five completed quarters. For a claimant filing during first quarter of 2017, because the quarter is not completed,  the current quarter is not counted.

The state then doesn’t count the immediately proceeding quarter. This would be 4th Quarter 2016, they call that a lag quarter.  (Some states will allow a claimant to use this lag quarter, if they don’t have enough wages or hours in the base period. If they use the lag quarter and the three quarters proceeding it, that would be an alternate base period. )

For a claimant filing during the first quarter of 2017, the base period would be:

When determining which employers are responsible for the payment on this claim.  State unemployment agencies look at the hours and wages reported during this period. This determines which employers are chargeable for the claim and what percentage they may pay.  This is a very basic explanation. Each state has other factors that can affect how employers are charged for benefits paid to claimants.

If you have questions about your state, please contact your CCC Account Executive or CCC at info@corporatecostcontrol.com or (800) 207-6926.

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