State law requires contributing employers to pay an annual Interest Assessment Surcharge, or IAS, on outstanding Title XXI advances. Beginning July 2022, employers who make unemployment insurance contributions will be notified on the 2022 IAS rate (.23%) along with information about how to pay this annual charge (estimated to be about $27.60 per employee). Unless the Federal government chooses to abate all or part of the interest incurred or the principal balance amount is repaid no more interest accrued, businesses will be required to make annual IAS payments until all interest is full paid.
If you have any questions, please feel free to call us at 585-563-1100.
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