WLIO has a quick report.
According to state lawmakers, the unemployment compensation fund could fail unless the state legislature does something to reform the program. Failing to do so may result in higher premiums for Ohio employers or cuts in benefits to unemployed workers.
All of this means the tax savings passed in recent HB 390 could evaporate if the state’s economy stalls.
Nonprofits have options
The above applies to all Ohio employers except 501(c)(3) organizations. 501(c)(3)s do not have to pay state unemployment insurance taxes. Many Ohio nonprofits could save as much as 30 percent on their unemployment costs by opting out of the unemployment insurance tax system – an advantage provided to them by the IRS. Doing so affords nonprofits unique avenues that allow them to strategically handle unemployment claims administration and unemployment insurance taxes in ways that for-profits can only dream about.
Contact us today for more information concerning your nonprofit unemployment insurance tax advantages.