Multiple states face FUTA credit reductions for 2013
CCH — 10/10/13
Based on the latest data from the U.S. Treasury and the Department of Labor (DOL), employers across the country should brace themselves for higher than normal federal unemployment tax (FUTA) liabilities for 2013. A total of 17 states are slated to be FUTA credit reduction states for 2013 unless they pay off their outstanding federal unemployment insurance loans by November 10. This situation means that employers in those jurisdictions will not be able to claim the maximum amount of credit for state unemployment taxes when they file their federal unemployment tax returns for 2013 (due in 2014). To read on, CLICK HERE.