Information supplied by employers on quarterly reports is used
to determine annual rates. Employers who have not furnished wage
information necessary for computation of their experience rate by
September 1 of each year will be assigned a Delinquency Rate equal
to 125% of the maximum experience rate possible for the coming
year. Wage reports provide the basis for possible benefit claim
awards. Inaccurate and untimely reports will create additional
reporting for the employer, delays in benefit payments and
increased costs associated with report and benefit processing. A penalty (forfeiture) will be assessed for not filing a complete
Quarterly Wage Report when due. The forfeiture
will amount to twenty-five one-hundredths of one percent (.25
percent) of the total wages reported. The minimum penalty for
failure to file a quarterly report when due is $50 and the maximum
is $1000. Employers are urged to file the quarterly reports when due, even
if the taxes cannot be paid. Although the unpaid taxes will accrue
interest, the penalties can be avoided when reports are filed
timely. Interest will accrue on the unpaid taxes as well as any
unpaid penalties at the annual rate of 14%, compounded
monthly.
Save time, pay online. Avoid the cost and stress of mailing paper checks by paying your unemployment insurance taxes online through The SOURCE. Electronic payments can be made by ACH Debit, ACH Credit, and Credit Card. For more information, click here. Under certain circumstances a waiver of
penalty may be granted for the untimely filing of the quarterly
report if a written request is submitted within four years of when
the penalty was assessed. Interest may also be waived if the
employer submits a written request for waiver and meets other
statutory requirements within 30 days of the interest
assessment. |