What’s New?

CCC’s 2018 Training Schedule is Released

2018CCC UI University is releasing it’s 2018 schedule for registration. For all of you that attended our prior sessions, the topics are all brand new. The sessions are still being held every 6 weeks ranging from 30 minutes to an hour, depending on the topic. Our presenters change each session providing all of CCC’s expert unemployment team an opportunity to share their knowledge. Please join us for one or all of the sessions.

This class reviews the basics of unemployment compensation including:
– the claims process & tips for success
– hearing process & tips for success
– funding options
Everything you need to know to begin managing your organization’s unemployment program.

Our tax experts will cover all aspects of how mergers & acquisitions can affect your organization and what CCC can do to assist you with these issues.

This class will  review the history of UI Integrity, what occurred that led to the federal mandate and how each state has implemented their individual programs. We will then review the status of the UI Integrity program both nationally and state by state in 2018.

This class will review the differences between a seasonal employee and regular part-time employees. We will discuss how to determine which type of employee benefits your organization and how this impacts your unemployment costs.

This class will give a basic overview of the tax aspects of an unemployment program including tax filings, funding and more.

This class will review the three key industry standard measurables that are utilized to determine the strength of your organization’s unemployment program. We will also offer tips for improving these areas for different industries.

This class will review how unemployment is impacted by natural disasters.

This class will review the financing methods available in the unemployment system and how those methods are financed by employers.

Who is the Employer? We will review the federal guidelines for an independent contractor and how making an error can affect your organization.

Our experts will go through how to hold a proper exit interview, including sample forms and troubleshooting difficult situations.

We will review 2018 and provide an outlook into what 2019 has in store for employers

We look forward to providing you these education opportunities and more. As always, CCC provides free training for all of our clients. If your organization has a specialized need please contact your Account Executive. Not a CCC client? Contact us at contact@corporatecostcontrol.com find out how our services can benefit your organization.


Unemployment Tax Update:

Still on the List!

thinglist-iconIt is official, the November 10, 2017 FUTA deadline has passed.   California and Virgin Island remain on the list of states with an outstanding Title XII loan.   Employers will pay at a rate of 2.7% on the first $7000 paid to each employee for 2017.   The additional contributions for the year will need submitted with the final Federal Form 940 as of January 31, 2018.   Although California failed to repay the debt in 2017, they expect to have the loan repaid before November 10th of 2018 freeing employers from the high FUTA rate for 2018.   Virgin Islands has no proposed date for the repayment of their Title XII loan.

California and Virgin Islands were not the only states who had outstanding Title XII loans.   By April of 2012, the Title XII loans hit an all-time high of $41 billion nationwide.   Only ten states did not need to borrow under the Title XII Loan Provision.    So, what was different about those ten states?    Based on a study completed by the Government of Accountability Office, those states had healthy trust fund balances.    From a study that spanned twenty-five years’ worth of recessions, a complicated formula named the Average High Cost Multiple (or AHCM) was developed.  From this study, it was determined that if a state’s trust fund had an AHCM of 1.0 or higher, they would be able to finance most recessions without borrowing under the Title XII provision.    Legislation was passed requiring each state to have an AHCM of 1.0 by the end of 2019.  Beginning in 2014 each state was required to have an AHCM of 0.5.   Each year the requirement increased by 0.10 through the end of 2019.   As of December 31, 2016, only 40% of the states had met the 1.0 AHCM.    A review of the trust fund balances and the AHCM for December 31, 2017 will be released by mid-February 2018.

The state has made many attempts to become solvent by reducing the duration of benefits, rate schedules from 2012- 2014 were increased, three states changed the way they determine tax rates and a new war of claimant fraud has been put in place.   In 2015, the rates began to drop and that trend continued through 2016 and 2017.  However, the taxable wage base has increased in several states.  In fact, currently only four states have a wage base of $7000.   So far seventeen states have issued their 2018 unemployment tax rates.   Massachusetts, Oklahoma and Ohio have increased rate schedules.   Vermont, Wisconsin, Kentucky and Utah have decreased their rates.  The other nine states have remained the same.  With the deadline of December 31, 2019 quickly approaching, we may see more increased rate schedules for 2018 than we did for 2016 and 2017.   The reward for reaching the 1.0 AHCM is an interest free loan should your state need to borrow under the Title XII provision.    This could save employers hundreds of millions of dollars if a loan is needed.

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


Guideline

Tax Bill Preserves Work Opportunity Tax Credit (WOTC) Through 2019

Details in the Tax Reform Act approved this week have preserved the Work Opportunity Tax Credit (“WOTC”) program through December 31, 2019. This means that employers can continue with WOTC screening and certification without interruption.  winning

 

Work Opportunity Tax Credits (WOTC) is a Federal tax credit available to employers who hire and retain veterans and individuals from other target groups with significant barriers to employment. Employers claim about $1 billion in tax credits each year under the WOTC program

Take Advantage of potential federal tax credits for the following new hires:

Earn both federal and state tax credits by employing workers in areas with tax incentives such as Empowerment Zones, Enterprise Zones, and other distressed zones.

CCC’s tax team has extensive tax incentive expertise, working with employers of every size. WOTC are just a few of the tax credits and incentives we can assist your organization in maximizing. We use industry leading technology and a dedicated service team to ensure our clients to receive all credits and incentives for which they are eligible, by remaining current to the options available at the federal, state and local levels.

If you are not currently enrolled in these programs with CCC contact us at  contact@corporatecostcontrol.com or (800) 207-6926 and the operator can direct you to one of our many experts to assist you.

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

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