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Local Business

State’s new TaxNet aims to fight fraud

A new Internet exchange will make it easier and more efficient to protest unemployment insurance claims, identify potential fraud and protect the money used to pay unemployment benefits, the Illinois Department of Employment Security said this week.

The State Information Data Exchange System allows employers to protest unemployment claims using a secured website and a nationally standardized format. This enhancement saves money, improves eligibility decisions and protects workers’ benefits.

“SIDES allows a company to use the Internet to protest unemployment insurance claims. If you can surf the web, you can use SIDES,” IDES Director Jay Rowell said. “SIDES also protects employers and employees because it keeps more money in the Trust Fund. A healthy Trust Fund balance means less pressure to raise business taxes or lower unemployment insurance benefits.”

SIDES can save employers and employees money because it will produce timelier, more accurate decisions. Doing so means more money staying in the Trust Fund, the bank account from which unemployment benefits are paid. The account’s balance affects taxation rates and benefit payment amounts. 

Employers choose to participate in SIDES through the TaxNet, website – taxnet.ides.state.il.us/Login/Default.aspx. Employers who do not have aTaxNet account can create one at no cost. TaxNet offers many conveniences to business leaders, including the ability to file required monthly reporting, pay taxes and correct quarterly reports. Once a partner with TaxNet, employers can choose the SIDES button on the left side of the computer screen.

To establish a TaxNet account, the user will need an email address to receive SIDES notifications, a Federal Employment Identification Number and an unemployment insurance account number. For verification purposes, the process can take up to four business days. Once established, a business can authorize multiple individuals to access the TaxNet and SIDES accounts.

For more information, call 866-274-5697.


 

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