Hey everyone, welcome back to Pierson's New Showetpppp. I'm Pierson Marks, and today we're getting into something that, honestly, used to make my palms sweat—credit statements from the government. Specifically, we're talking about the one Jellypod, Inc. just got from the Washington State Employment Security Department. If you run a business, or even if you just like a good story about paperwork panic, stick around.So, what is a credit statement, and why did Jellypod, Inc. get one? Basically, it's this official-looking letter that says, 'Hey, you have a credit balance of $241.09.' And, uh, if you're like me the first time I saw one of these, you might think, 'Oh no, did I mess something up? Am I in trouble?' I remember opening that envelope, seeing the word 'credit,' and immediately thinking it was a bill. I mean, credit, debit, it's all just numbers moving around, right? But, turns out, a credit balance is actually good news. It means the state owes you money, not the other way around.For Jellypod, Inc., that $241.09 probably came from overpaying on a previous tax report, or maybe a correction to a past filing. The statement from the Employment Security Department is pretty clear—well, as clear as government paperwork gets. It says you can either use that credit on your next quarterly tax report, or you can request a refund. We'll get into those options in a second, but just to wrap up this part: if you ever get a credit statement, don't panic. It's not a bill, it's basically a little bonus for your business. I wish someone had told me that the first time, would've saved me a lot of stress.Alright, so you've got this credit—now what? The statement gives you two choices: you can either apply the credit to your next round of taxes, or you can ask for a refund. Which one's better? Well, it kinda depends on your business and your cash flow. If you know you’re gonna owe taxes next quarter, rolling the credit forward is easy. But if you’d rather have the cash now, maybe to cover some expenses, you can request a refund.The refund process is, well, it's not rocket science, but you do have to follow the steps. You fill out the section on the statement with your name, signature, title, and phone number. Then you send it back—either scan and email it to uitaxscan@esd.wa.gov, fax it to 800-794-7657, or mail it to the Employment Security Department in Olympia. I always forget the fax number, so I just scan and email. It's 2025, after all.Let me give you a quick real-world example. I know a startup in San Francisco—let's call them Company A—that decided to just roll their credit forward. They figured, 'Hey, we're gonna owe taxes anyway, let's keep it simple.' But another company, Company B, asked for a refund because they needed the cash to cover payroll. Company A barely noticed the credit, it just reduced their next payment. Company B got their check a few weeks later, and it helped them out of a tight spot. So, there's no one-size-fits-all answer. It really comes down to what your business needs right now.Now, if you're like me and you want to make sure you're doing everything by the book, you might wonder, 'Where do I find the actual rules for this stuff?' The credit statement points you to the Washington Administrative Code—specifically, WAC 192-330-100. You can look it up online at apps.leg.wa.gov/wac and just type in that number. It's not exactly light reading, but if you want to know the legal details, that's where you'll find them.And if you get stuck, or if something on the statement doesn't make sense, you can reach out to the Account Management Center. Their email is OlympiaAMC@esd.wa.gov, and the phone number is 855-829-9243. I gotta admit, I've spent more time than I'd like to admit on hold with government offices. One time, I waited almost an hour, only to find out the answer to my question was right there on the website. So, maybe check the online resources first, but don't be afraid to call or email if you need a real person.Anyway, that's the scoop on handling a company tax credit, at least from my experience and what Jellypod, Inc. just went through. If you ever get one of these statements, remember: it's not a bill, it's a little win. And if you get stuck, there are resources out there to help. Alright, that's it for today—thanks for listening, and we'll dig into more business adventures next time. See ya!

Episodes

Jellypod's Credit Conundrum