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Michigan Unemployment News

Date: 1/22/2020

Obligation Assessment (OA) for Michigan Employers Comes to an End

In 2020, Michigan employers will not longer see an Obliation Assessment (OA) on their tax rate notice thanks to the early payoff of federal bonds issued in 2012.

In 2012, the Unemployment Insurance Agency (UIA), in partnership with the Michigan Department of Treasury, refinanced approximatley a $3 billion debt owed  to the U.S. Treasury with the issuance claims during that time. 

"Through employers' contributions, and refinancing and elimination of the federal debt, our employers will see a reduction of $65 - $217 per employee in 2020", said UIA director Steve Gary. 

Since 2012, employers have paid on Obligation Assessment with thier quarterly taxes. The OA was applied for each rate year until the bonds were paid off. The oA amount varies depending on an employer's annual tax rate. 

Although it was originally expected to take 10 years to satisfy the bonds, the UIA will be piad in full ahead of schedule - by December 31, 2019. The last quarter in which an employer will have to include the OA with their quarterly taxes will be the 4th quarter of 2019. (due Jan. 25, 2020). 

Click here to fill out our contact form, or call us at our Warren office at (586) 209-3739 and learn more about all of our services we offer here at Heemer, Klein & Company, PLLC.  We have offices in Warren, Sterling Heights and Richmond, Michigan.

2020
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2019
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2018
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2015
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2014
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Past
Dec-13-2013The Affordable Care ActJun-01-2013Higher Education Costs Continue to EscalateMay-01-2013Tax Breaks for Families and StudentsApr-01-2013Residency Issues for RetireesMar-01-2013American Taxpayer Relief Act of 2012Jan-01-2013Filing Status Implications