Tax Intelligence August 2010
Due to the unprecedented burden placed on the unemployment system , states have depleted
unemployment trust funds and as of August 12, 2010, thirty-two (32) states (including
the Virgin Islands) are currently taking Title XII loans from the federal government
to pay unemployment benefits. As a result, states are looking to increase tax revenues
through legislative actions, mandatory increases already built into tax statutes and
aggressive collections efforts.
However, there are certain unemployment tax planning strategies that can be utilized
which may have a substantial impact on unemployment tax rate reductions. A voluntary
contribution is a tax technique that should be reviewed annually for tax savings opportunity.
The attached Tax Intelligence was recently sent to our employers.
This weblog is sponsored by TALX.
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