Relevant

A Joomla! Template for the Rest of Us

Wednesday, 01 October 2008 00:13

By Jeffery R. Neher, CPA

A new law taking effect January 1, 2009, changes the way corporate officers are covered for Washington State unemployment insurance purposes. Under the new law, corporate officers are covered for unemployment insurance unless specifically exempted in writing.
To be exempted corporate officers must each submit an individual form. In an effort to help you with this process a copy of both of the forms are attached. Please fill out the form that is appropriate for your business. The instructions on how to fill out and where to fax or mail the form are also attached. If the form is not filled out, corporate officers will not be exempted and will need to be reported as employees and unemployment taxes will need to be paid on their wages each quarter. It also means that they may be eligible for unemployment benefits if they lose their jobs.

These forms must be submitted by January 15, 2009. If a form is postmarked later than January 15th, the exemption will not start until January 2010. If your corporation chooses to exempt corporate officers from unemployment coverage, it will not be able to change the decision and reinstate coverage until the year 2014.

Cordell, Neher & Company, PLLC has for many years provided a full range of professional services to Pipkin Construction including tax advice and preparation, benefits administration, business consultancy, and financial reviews and compliance. Their willingness and ability to listen to the client and pay attention to our details has given us effective and efficient solutions which we value greatly.

Martin Barron,
Pipkin Construction