How Layoffs can Affect Your Unemployment Tax Responsibility from RiseS

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LAYOFFS: Are You Cutting Costs Now Only to Drive up TAXES Later? :

LAYOFFS: Are You Cutting Costs Now Only to Drive up TAXES Later? Here’s how layoffs can affect your unemployment tax responsibility—and what to do about it. “In business nothing can be said to be certain, except layoffs and taxes .” — what Benjamin Franklin might say today

How Unemployment Costs Add Up :

How Unemployment Costs Add Up Unemployment taxes contribute to an unemployment reserve against which unemployment claims will be drawn. More claims made Less money in your unemployment reserves Higher taxes next year to replenish your reserves

A Layoff This Year Affects Taxes Next Year:

26 WEEKS A Layoff This Year Affects Taxes Next Year The more people you lay off and the longer people are laid off, the more unemployment claims made against your reserves—and the higher your taxes the following year. The average length of unemployment in the US The length of an employer’s responsibility for meeting unemployment claims

How a Layoff Affects Taxes in the Long-Term:

How a Layoff Affects Taxes in the Long-Term Employers are responsible for at least a portion of their former employees’ unemployment claims for a period of time after that employee has landed a new job. If the former employee is laid off by their new company, former employers pay a percentage of that employee’s unemployment claims. This further depletes the unemployment reserves and drives up unemployment tax in the coming year.

To Mitigate Tax Risk, Your Employees Need :

To Mitigate Tax Risk, Your Employees Need Shorter time to land reducing the length of unemployment claims made against your company Better fitting, stable roles reducing the chance that they will face a layoff in the next few years How can you shorten landing times, help employees land more stable roles, and potentially reduce unemployment taxes after a layoff? Download the White Paper to learn more >

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