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2022 NY Interest Assessment Surcharge (IAS) Announcement

 

As a result of the mass unemployment that resulted from the COVID-19 pandemic, New York State has borrowed funds from the federal government to maintain UI benefits. While the state is working to pay down the amount that was borrowed, annual interest payments are assessed to all NY State employers who pay into the Unemployment Insurance Trust Fund. 

The amount assessed to employers will vary by year based on the then current balance owed to the federal government for interest payments. Once NYS has fully paid off their balance the IAS will no longer be assessed to Employers.

The New York State Department of Labor has begun sending out notices to all employers for the 2022 Interest Assessment Surcharge (IAS).  These notices include the balance due which is calculated for 2022 as .23% of SUI subject wages for the period from the fourth quarter of 2020 through the third quarter of 2021.   

Because of the variability of the rate assessed each year, the potential for the federal government to waive these payments, and the eventual full repayment of the loan by NYS, these IAS charges are not included with normal payroll processing tax charges. 

GreenSlate will be sending out to Clients invoices for the amount due to NYS for the 2022 IAS in the coming weeks.

For more information on the NY IAS:

https://dol.ny.gov/ias


Last updated 7.27.22. This information in this communication is general in nature, and is not intended, nor should it be construed, as legal, accounting, tax or other professional advice rendered by GreenSlate, LLC. The reader should contact his or her attorney, CPA, or tax professional prior to taking any action based upon this information.

GreenSlate
27 July 2022

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