Since the State of Florida has borrowed funds from the federal government to pay unemployment compensation benefits, and the loans will not be repaid by January 1, 2012, the state will have to pay interest on the funds. All contributing employers are required by law to pay a proportionate share of the federal interest payment on the funds borrowed through a special assessment. The amount is based on the employer’s reported taxable wages for the fiscal year ending June 30, 2010
The Department of Revenue is mailing an assessment notice to Florida employers informing them of their proportionate share. Employers should receive this notice (Form UCT-27Fi) by the end of February. Payment is due by June 30, 2011.
If you are working with a third party payroll service, we suggest that you contact your payroll representative to determine if they will be handling the assessment payment on your behalf. You may learn more about the special assessment here: http://dor.myflorida.com/dor/taxes/pdf/ut_interest.pdf.
If you have questions regarding this information, please contact our office at (239) 433-5554. You may also visit us on the web at www.markham-norton.com.
June 30, 2011