IDES Rate Determinations

A couple of days ago, the Illinois Department of Employment Security mailed out their annual rate determination letters. This is an annual computation which changes the rate at which companies pay into the unemployment insurance fund.

This is an important document for many reasons. Don’t throw it in the circular file.

First, given the fact that it provides an update to your unemployment rate, you must use the new rate. Please provide it to whoever is handling your payroll, so that your returns can be filed properly. If that person happens to be us, please send it ASAP.

Second, please review the benefit charges that are on page one of the package. If you find that you’ve been charged for benefits incorrectly, then fill out The Application For Review and try to get it corrected.

There was a substantial amount of fraud during the pandemic due to the increased unemployment benefits being dished out. Believe it or not, I was one of those victims.

We discovered that someone had filed an unemployment claim using my social security number during the pandemic. We fought it at the time, doing everything possible to refute the claim, and our friends at IDES either lost or chose to ignore the evidence that we presented.

As a result, my current unemployment rate is 7.25%. It should be at the lowest rate which is .85%.

We’ve again sent in evidence to refute the claim. Hopefully, this time someone will pay attention.

Let me leave you with this.

Former Trump Organization Finance Chief Allan Weisellberg was sentenced yesterday to five months in jail after pleading guilty to 15 tax crimes. This lighter sentence was a result of his testimony which led to the conviction of the parent organization.

Mr. Weisellberg admitted to evading income taxes on $1.76M in off-the-books benefits provided to him. This unreported compensation came in the form of a rent-free Manhattan Apartment, leased cars, home furnishings, and private school tuition for his grandchildren.

By definition, compensation in any form to any employee must be reported on the employee’s W-2. As such, income and the appropriate payroll taxes are due on this compensation.

The Federal Prosecutor in this case obviously wanted to make an example. The prison term will be done at Rikers Island, instead of one of the usual country club type facilities. In addition, Mr. Weisellberg has already paid over $2M in additional taxes, penalties, and interest to the Feds.

The Trump Organization is due in court this Friday for sentencing and faces a minimum fine of $1.6M. The question now becomes, what will happen to our former president?

Mr. Weisellberg testified in court that many of the benefits he doled out were at the direct personal order of Mr. Trump. The checks for the private school tuition he received for his grandchildren, even bore the signature of our former president.

Could you imagine being the Federal Prosecutor in charge of this case? Whoever they are, they must be chompin at the bit.

Please realize that each of the Federal Prosecutor’s Offices only have a handful of job openings each year. They get an average of over 2,000 resumes annually.

As such, they only hire the Summa Cum Laude law grads from Harvard, Princeton, or Yale. Given the federal pay scale, why would any of these kids actually want to work there?

Because if they spend five years in that office and have a sterling conviction rate, they can write their own ticket at the law firm of Dewey, Cheatum, and Howe. That job will include a full partnership, a house on the north shore, a spouse with just enough plastic surgery, a seven figure retirement account, and the head shrinker of their choice.

Imagine what the Fed who’s able to take down a former president would be able to demand.

But they won’t do anything until they’re ready. The case will need to be airtight, literally open and shut. Remember what Sun Tsu taught us in The Art of War.

“Victorious warriors win first, then go to war.”

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you,your family, and your business. Whether you need Employee Retention Credits, M&A Due Diligence, Payroll Service, or Accounting and Tax Work, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.SalarySolutions.net

www.AccountingSolutionsLtd.com

Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.