Missouri's current statutes require that employers pay additional interest amounts on their second quarter 2013 Contribution and Wage Reports, which are due July 31, 2013. The additional payments are required to pay the interest on an outstanding loan from the federal government to the state of Missouri for unemployment benefits.
The amount employers are responsible for is based on their taxable payroll from the previous calendar year. Therefore, the amount due by July 31, 2013 is based on the 2012 calendar year.
Each employer should have been notified by the Missouri Division of Employment Security with the mailing of the second quarter of 2013 contribution and wage reports.
During 2011 and 2012, Missouri employers paid an estimated $45.4 million of interest on the federal loan, which is expected to be necessary through calendar year 2015.
In order to avoid any additional penalties and interest, employers should pay the additional interest amount by July 31, 2013.
Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.
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