Legislation passed in 2009 increased the employee taxable wages from the first $7,000 to the first $9,500. This increase had a start date that was later postponed to a date later in the year.
Many companies failed to correct this postponement and may have overpaid. In fact, according to a recent IBJ article, of 91 businesses audited by the Department of Workforce Development, 15% of these had overpaid.
If that 15% statistic holds true for all Indiana businesses, then roughly 22,500 of Indiana’s 150,000 registered businesses have overpaid unemployment taxes.
You don’t have to face unemployment tax issues alone. Silverback has helped many clients better understand their unemployment taxes, has audited for over-payment, and has established a plan to minimize exposure moving forward.