What’s New?

Check out CCC Verify’s New Look

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We have updated the secure, 100% free, CCC Verify site recently and look forward to clients, verifiers and employees experiencing the new look and feel of the site.

What is CCC Verify?

CCC Verify is the automated Employment & Income Verification System powered by Corporate Cost Control. CCC Verify offers a cost free, automated solution for employers to outsource ALL types of verifications. Our state-of-the-art system allows verifiers of all types to instantly collect the information they need.

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 Verify gives your organization and your employees control of the process. CCC Verify is:

Not a client of CCC Verify? Contact CCC at 800.207.6926 or contact@corporatecostcontrol.com


Unemployment Tax Update

Taxable Wage Base – Why does it change?

In 2016 and 2017, more than half the unemployment agencies increased their taxable wage base for the given year. As we begin 2018, eight states decreased their taxable wage base, eighteen states increased their taxable wage base, and all other states remained unchanged. Why are state taxable wage bases fluctuating?

In many states, the taxable wage base is fixed within the legislation, those states can only change their taxable wage base by amended legislation. In the states where you see fluctuation in the taxable wage base from year to year, either they have a building component that gradually increases the taxable wage base from year to year, like Illinois and New York just implemented; or they base their taxable wage base on the level of the trust fund balance as of the computation date.Trustfall

It is important for state unemployment agencies to have a healthy trust fund balance. An example of what can happen to a state if their unemployment trust fund is not at an optimal level occurred during the Great Recession.  At that time many states trust fund balances were depleted because employers were paying less into the unemployment system than the states were paying out to the record numbers of  eligible claimants.  This resulted in states borrowing from the federal government to continue to pay claimants.

State unemployment agencies borrowed under the federal Title XII loan provision, which requires the states (ultimately employers) to repay the amount borrowed, plus interest. The volume of loans resulted in the US DOL setting new standards requiring states to build their trust funds to higher levels and more accurately measure the balance needed to pay claimants during a major downturn of the economy. The calculation the DOL requires is referred to as the Average High Cost Multiple (AHCM).

States can ensure they remain in federal compliance with the AHCM by adjusting the taxable wage base and/or the tax rate schedule. With the upturn of the economy, more jobs are available and more payments are being made into the unemployment trust fund. This has resulted in most states obtaining a healthy trust fund balance. As a result some states are choosing to reduce the taxable wage base and/or the unemployment tax rate schedule.

If you have any questions, please contact your Tax Analyst or the Tax Director, Norma Green, at (800) 207- 6926, Ext 418 or ngreen@corporatecostcontrol.com.


Guideline

CCC Updates: This Just In!

CCC.THISJUSTINIn an effort to keep clients informed of all that is going on nationally with CCC’s workforce solutions, each Friday CCC has begun publishing “This Just In!”

Be sure to sign up to receive CCC’s newsletters and updates!

 

 


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