The 2015 rate season has begun with the issuance of New Jersey and Vermont.    These are the first two of four fiscal year states that are effective from July 1, 2014 – June 30, 2015.    The rate schedule for New Jersey remained the same.   The minimum and maximum tax rates remained the same in Vermont.  The ratios within the chart fluctuated causing some employers to see an increase in their fiscal 2015 tax rate.

The taxable wage base for 2015 for New Jersey will increase to $32,000.   New Jersey is also reviewing a bill that would require employers with more than fifty employees to file monthly (similar to the way Illinois employers currently file).    The 2015 rate year will be the first year the Vermont wage base will be indexed since the passage of a taxable wage base freeze in 2010.  The 2015 Vermont taxable wage base has not been announced.   New Hampshire will be issued in late August and Tennessee will be issued in mid-late September.   Tennessee has announced that they will only send a rate notice if the rate changes from the 2014 fiscal rate year.

Several changes are expected for the 2015 rate season as states begin to recover from the recession and reform their UI programs through computer enhancements and the tightening of unemployment legislation.   Once all the claims have been challenged, and the benefit charges are assessed, employers often believe there is little more to be done.   The verification and analysis of the unemployment rate is the next step to unemployment cost control.

The first step is to verify the information listed on the current year’s unemployment rate notice.   For the majority of our client’s, Corporate Cost Control receives the benefit charges and audits them for discrepancies.    When the rate notice is issued, the benefit charges should match the numbers that Corporate Cost Control shows on their records.  If they do not match, the tax analyst files a protest with the agency to resolve the discrepancy.

Another area of the verification process is to verify the taxable payroll used in the computation.  In more than half of the states, the contributions credited need Verification.  Almost 75% of all rate protests are due to improper processing of the quarterly contribution return.   Often an uploaded payroll feed does not get credited to the account causing an increased rate to be assigned.   Corporate Cost Control verifies the figures on the rate notice by comparing them to copies of your quarterly contribution returns to ensure proper credit is given.

If you are not already sending Corporate Cost Control copies of your quarterly contribution returns, please begin to send them to the assigned tax analyst.   The quarterly contribution report is also used to calculate the profitability of a voluntary contribution, the formation or dissolution of a joint account, a negative write off option and many other feasible tax savings.    Our recommendations are sent promptly to the client with valuable information regarding rate charts and the assigned taxable wage base.  Corporate Cost Control can accept the quarterly contribution information in any form that makes it easy for the employer to send.


Contact CCC to see how we can save your organization time and money.
Contact our Sales Team
(800) 207-6926

Featured Videos

View All Videos

Latest News

Close

Sales

    Your Name:*

    Title:

    Company Name:*

    Company Address:

    Company City:

    Company State:

    Company Zip:

    Number of Employees:

    Your Email:*

    Phone Number:*

    Fax Number:

    Check the boxes below if you wish to receive information on any of the following:

    Unemployment Cost ControlTax Credits & Incentives (WOTC)Employment / Wage Verification

    Your Message:

    Employment & Income Verfication

      Your Name:*

      Title:

      Company Name:*

      Company Address:

      Company City:

      Company State:

      Company Zip:

      Number of Employees:

      Your Email:*

      Phone Number:*

      Fax Number:

      Your Message: