Recap and Review:
The Colorado Department of Labor & Employment (CDLE) is conducting more than a thousand audits on employers each year to enforce Colorado’s Employment Verification Law.
According to a recent post by our friends at Jackson Lewis LLP, The Division has conducted approximately 200 compliant-based audits, 5,400 random audits, and 650 re-audits since the law went into effect in 2007.
Colorado employers must make an affirmation on the Colorado Affirmation of Legal Work Status Form (revised 9/2012) within 20 days after hiring a new employee. Additionally, the employer must keep a written or electronic copy of the employee’s documents as required by the federal I-9 Form (revised 3/2013).
Did you receive a “Bond Interest Assessment Billing Statement” letter dated September, 2013?
The economic downturn starting in 2008 created a drain on the Colorado State Unemployment Fund, therefore a loan was required from the federal government to fund the shortfall. As a result, Colorado needs to pay interest on this loan.
Many employers in Colorado will be facing this Interest Assessment. This assessment has nothing to do with your normal Unemployment (UI) tax payments. (This assessment is the THIRD installment and is similar to the Bond Interest Assessment that was calculated and assessed in the Fall of 2012).
Current year Assessment Payments are due October 3, 2013.
Employers should make checks payable to the Colorado State Treasurer; include your unemployment account number with the payment and a copy of the Bond Interest Billing Statement.
Payments should be sent to: Colorado Dept. of Labor and Employment PO Box 46545 Denver, CO 80201-6545
We want to ensure that your assessment payments (which must be paid OUTSIDE of normal payroll processing) are made in a timely manner, so please be on the lookout for this Bond Interest Assessment Billing Statement. ASAP Accounting & Payroll Services, Inc. is unable to process these payments as they are uniquely calculated per each employer and are in ADDITION to your typical payroll taxes that you may be accustomed to ASAP paying on your behalf.
For more information you may contact the Dept. of Labor directly at 303-318-9100 or 800-480-8299.
The following types of employers are not subject to bond interest repayment:
Employers are required by State and Federal laws to post all existing labor laws in an area frequented by employees to ensure that all employees have a complete understanding of their rights. There are significant fines associated with non-compliance.
ASAP is your one-stop solution to poster compliance.
Email asap@businessASAP.com if you are interested in purchasing your updated poster.
The recording for the BusinessCOACH webinar is now available below!
ReadyTalk and ASAP’s BusinessCOACH recently presented the Seven Deadly Sins of Small Business. Review these seven business-killing traps that every business owner must avoid. From poor hiring to sloppy accounting to weak branding – learn how to avoid these common mistakes that ultimately cause many businesses to fail. Click on the recording link below to access the recording.
We will be launching more dates for our Business Webinar Series soon.