Interest Assessment Surcharge
In this Cerini Short, Edward McWilliams, CPA, Partner talks about the Interest Assessment Surcharge.
The COVID-19 Pandemic led to an immediate and unprecedented level of unemployment between March 2020 and September 2021 in New York. As such, the State had to borrow funds from the Federal Government in order to meet its Unemployment Insurance Obligations. As of July 2022, the outstanding balance due to federal government stands at $8.1 Billion. New York State law requires that employers that are liable for unemployment insurance must pay an assessment to the state to cover the interest due on these loans.