A recent survey administered by the National Association of State Workforce Agencies (NASWA) shows 35 states have increased their unemployment insurance (UI) taxes on employers in 2010. The survey was completed by all 50 states and Puerto Rico.
Of the 51 state programs surveyed, 28 states indicated the tax schedule in their state will see an increase in 2010 compared to 2009. The majority of these increases will be automatic; adjustments often triggered by low levels of reserve funds in the state accounts used to finance unemployment benefits. While it is normal for states to recalculate tax rates each year, the magnitude of these rate increases for most states is unusual.
Of the 51 state programs surveyed, 35 states estimated the level of UI tax revenue collected in 2010 would surpass the level collected in 2009; with a median projected increase of 27.5%. The range of these projected increases was 2.5% to 600%.
DOL reports that 28 states’ trust funds are insolvent with a debt of $31.5 Billion.
NASWA expects six more states to slip into insolvency within 30 to 60 days. Utah is not among them.
February 18, 2010 – Today in Manufacturing.net
Labor Department said wholesale prices rose 1.4 percent last month -- double expected pace -- propelled by higher costs for gasoline and other energy products... continue this article at the following link http://www.manufacturing.net/article.aspx?id=242226&wnnvz=1750,01298433064
February 18, 2010 – Late Wire from Manufacturing.net
Conference Board's index of leading economic indicators rose 0.3 percent in January, 10th straight monthly increase, but the pace of growth is slowing ... continue the article at this link http://www.manufacturing.net/article.aspx?id=242248&wnnvz=1750,01298960171
February 18, 2010 – Today in Manufacturing.net
Hewlett Packard’s net income jumped 25 percent over last year to $2.3 billion, an encouraging sign for a technology world that was hammered by the recession... continue the article at this link http://www.manufacturing.net/article.aspx?id=242206&wnnvz=1750,01298433064
February 18, 2010 – Today in Manufacturing.net
Several business groups joined growing list challenging agency's finding that climate-changing pollution from cars and factories is dangerous to people... continue the article at this link http://www.manufacturing.net/article.aspx?id=242218&wnnvz=1750,01298433064
A tax hike is always easier to pass if regulators can make the case it’s one you’re not “obligated” to pay. Here are five increases the government may be considering: More at this link http://www.businessbrief.com/5-tax-hikes-you-might-not-notice/
Title II of the federal Genetic Information Nondiscrimination Act of 2008 (GINA) was effective November 21, 2009. It protects applicants and employees from discrimination based on genetic information, and limits employers' acquisition and disclosure of such information. Private employers with 15 or more employees must post notices in conspicuous places describing GINA's provisions.
A revised EEO poster containing GINA information is at www.eeoc.gov/employers/upload/eeoc_self_print_poster .pdf. An alternative supplement – which can be posted alongside the earlier version of the EEO poster – is at www.eeoc.gov/employers/upload/eeoc_gina_supplement .pdf. Better yet – visit www.ecutah.org/posters.pdf to order our convenient all-in-one labor law posters which includes the new GINA notice.
Note: there are many companies contacting employers trying to sell posters and information at considerable cost for things that are otherwise available at no cost. We encourage you to contact the Employers Council. They are very helpful to employers in Utah and work well with Utah Manufacturers Association on these types of issues.
If you’re a small business owner, or even someone who handles your own taxes, here are five areas you’ll want to monitor very closely on your return:
- Increased expenses: Most companies have tightened the belt on excess expenses, and so has the U.S. government. Be sure not to add or inflate any expenses you don’t have receipts for. It’s an instantred flag, especially in cases where the overall amount is significantly higher than it has been in years past.
- Overestimating donations: Philanthropy may be the gateway to power, but it’s also something the IRS watches very closely. If the donation amounts claimed are extremely high, or — even worse — if they exceed amounts reported by a nonprofit, it could cause the IRS to question everything else on your return.
- Miscalculations: It may sound simple, especially in the age of Turbo Tax, but be sure to double-check (or perhaps even triple-check) your math. When something doesn’t add up, it forces the IRS to dig deeper and find out where (and why) the error occurred in the first place. Besides, double-checking may reveal a miscalculation that bodes in your favor.
- Home office deductions: More and more people are telecommuting these days, either full- or part-time. While that makes you eligible for standard deductions for costs like electricity, online access, supplies, etc., it’s also an area the IRS watches very closely, so people don’t bilk the government out of cash. Be careful not to overshoot on simple costs like stationery, phone, etc., unless you’re sure you can back them up.
- Failing to sign the return: One of the upsides of tax services like Turbo Tax is that they ensure you go back and handle every minor detail, including approving an electronic signature, before filing your return. If you’re filing on your own (or through a third party), be absolutely sure to sign your return before filing it. It’s such a minor detail, but again … once the IRS has to follow up on an incomplete return, it only increases the chances you could be one of the unlucky taxpayers who gets audited.
The good news: Traditionally, the IRS only audits 1% of U.S. taxpayers. So the best advice is always to file promptly and honestly to avoid any type of complications.
Do you have any actionable advice for people who are trying to avoid being audited? Any other red flags we missed? Your own audit nightmare story?
Feel free to share your thoughts in the comments section below.
Source: ”Avoid an Audit: Red Flags You Should Know,” by Glen Curtis, Investopedia, 2/10/10
RURAL AGRICULTURE VITAL TO UTAH
February 18, 2010 – Main Street Business Journal - Julene Reese
LOGAN, UTAH - Agriculture production in Utah amounts to $1.5 billion in total direct output and employs more than 14,000 people, according to a recent study by Utah State University. If the multiplying effect is included, agriculture production causes $2.3 billion in economic output and accounts for 19,500 jobs.
At a recent governor’s rural partnership board meeting, Utah Commissioner of Agriculture and Food Leonard M. Blackham noted that with the effects of the food processing sectors included, agriculture and food processing account for 14 percent of... Read More at the following link http://mainstreetbusinessjournal.com/articleview.php?articlesid=5077
INITIAL JOBLESS CLAIMS JUMP UNEXPECTEDLY
February 18, 2010 – Today in Manufacturing.net
Number of newly laid-off workers filing applications for unemployment benefits unexpectedly surged last week after having fallen sharply in the previous week... continue the article at this link http://www.manufacturing.net/article.aspx?id=242230&wnnvz=1750,01298433064
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