Archive for November, 2013

What is the NY Interest Assessment Surcharge?

The Interest Assessment Surcharge (IAS) is assessed by the NY Department of Labor to help NY state cover the interest on it's federal loan. In 2008 and 2009 New York's Unemployment Insurance Trust Fund did not have enough funds to pay for claims filed by unemployed workers, so the state borrowed from the federal government to cover the shortfall. The debt from the loan is $3.5 billion according to the NY DOL website with $85 million due in interest for 2013. ... Read more