The IRS has named the states that will be subject to FUTA credit reductions for 2012 FUTA taxes. Point your browser here to see if your state is on the list.
Reminder: FUTA credit reductions arise when states borrow from the federal government to pay regular unemployment benefits and fail to timely repay the loans. The longer those federal loans remain outstanding, the lower your maximum FUTA credit will be.
BUILD A BETTER BUDGET: Monitoring your state and federal unemployment costs, and budgeting accordingly, can save your company a bundle. To speed the federal loan repayment process, many states have initiated special assessments. These assessments will be indicated on your quarterly unemployment bill, so read it carefully. To keep track of the amount of federal loans outstanding in your state, point your browser here.
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