How Savvy Nonprofits Are Saving Money on Unemployment Costs [NYCON Benefit Spotlight Webinar]
Thursday, August 14, 2014 from 10:00 AM to 11:00 AM (EDT)
Did you know that several states - including New York - have announced increases of their unemployment taxable wage bases effective 2014? A state unemployment taxable wage base is the maximum amount on which an employer must pay unemployment taxes for each employee. For example, an employer in New York must pay unemployment taxes on the first $10,300 an employee earns throughout the 2014 calendar year.
Why is this important? Several states had an April 30th deadline to submit their 1st quarter 2014 wage report. Unemployment taxes must be paid on the correct wage base to avoid any penalties. So, an increase in the taxable wage base also means an increase in unemployment tax cost per employee.
But nonprofit employers have options to avoid these increases. Nonprofit organizations in New York are allowed to "opt out" of paying the state Unemployment "tax" and simply reimburse the state dollar-for-dollar of the Unemployment costs it experiences. Reimbursement sounds good, but carries with it the responsiblity of managing your funds wisely, always keeping on top of pending UI claims - including managing and defending your nonprofit at Unemployment hearings, and ultimately making payments to the state.
The First Nonprofit Unemployment Savings program for NYCON Members can help you save money and manage your risk. Unlike the taxes paid into your account with the state, your First Nonprofit Account is yours and is returned to you if you should ever decide to withdraw from the program. The balance in your account can be carried in your books as it is considered an asset to your organization.
Find out more on this webinar on August 14th.
When & Where
New York Council of Nonprofits, Inc. (NYCON)
Founded in 1927, NYCON is a 501(C)(3) membership-based, mission-driven, statewide association of diverse charitable nonprofit organizations. With over 3,000 members, we work to build the capacity of nonprofits and communities to enhance the quality of life through responsive, cost-effective service. Our mission-based activities are enhanced by three subsidiary corporations: Governance Matters, Inc., Innovative Charitable Initiatives, Inc., and Council Services Plus.