By Tony Pugh | McClatchy Newspapers

WASHINGTON — Continued high unemployment, the recent debt-ceiling circus and the stock-market swoon have left Americans more pessimistic about the economy than at any other time this year, according to a new McClatchy-Marist poll.

Last week, 68 percent of adults surveyed about the economy said they felt the worst was yet to come. That’s the highest percentage since the question was first asked last September. It’s also a 15 percentage-point spike from the number who felt that way in July.

That jump in pessimism about the economy extends to personal family finances. Only 25 percent of adults expect their finances to improve in the coming year, down from 28 percent in July. And 26 percent expect their own economic situations to worsen in the coming year, up from 20 percent in July.

The number of people who expect their personal finances to stay the same continues to hover around 50 percent of respondents.

The pessimism is fueling a continued decline in consumer confidence in the wake of the nation’s credit downgrade and the largest weeklong stock market free-fall since 2008. After climbing every month for nearly two years, consumer spending declined in June, the Commerce Department reported last week. And the nation’s economic recovery probably will take longer than previously projected, the Federal Reserve reported this week.

The McClatchy-Marist poll found that most Americans — 59 percent — still think that the economic conditions were something President Barack Obama inherited. But even those numbers slipped from 63 percent in April and 61 percent in June. Conversely, those who blame Obama’s policies for the conditions increased from 25 percent in January to 33 percent in August, the survey found.

Not surprisingly, a majority of Republicans and tea party supporters blame Obama, while most Democrats and independent voters say the president inherited the sour economy.

METHODOLOGY:

The telephone survey of 1,000 U.S. adults was conducted Aug. 2-4. Phone numbers were selected from throughout the nation, and each region was represented in proportion to its population. Random cell phone respondents were included in the survey to increase coverage.

The survey’s results are statistically significant within 3 percentage points. The poll includes 807 registered voters. Results for these respondents are statistically significant within 3.5 percentage points. The margin of error increases when both groups of respondents are cross-tabulated.

Read more: http://www.mcclatchydc.com/2011/08/11/120356/americans-are-feeling-worse-about.html#ixzz1Upc4lAGO

Mary Schapiro, chairman of the Securities and Exchange Commission, said that three years after the near collapse of the financial system, concerns remain. “We’re on the path, for sure,” Schapiro said. “But I don’t think we can say we’ve necessarily cemented the foundation of the financial system in a way that we all hope will be the case in the not-too-distant future when some of these things are done.” The Wall Street Journal (tiered subscription model) 6/21

Consumer spending is taking on unusual importance in the U.S. recovery and could have a major effect on the economy in the second half of the year. Adjusted for inflation, household spending slowed from September to April, but it still increased at three times the pace of household wealth. To maintain spending in the face of rising gasoline prices, consumers drew $149 billion from savings. TheFiscalTimes.com

On May 25th, 2011, final regulations published by the EEOC pertaining to the ADAAA will take effect. 

The amendment helps broaden the definition of disability.  It offers further explanation for the evaluation procedures in determining disability.  Thus seeking further protection for employees and further responsibility of the employer.  It lists several more “major life activities” for inclusion in operation of “major” bodily functions. It also clarifies that individuals who are “regarded” as having a disability due to an actual or perceived impairment to claim discrimination against their employer.

This is only a brief summary of the actual new regulations, and we encourage employers and employees to go the EEOC website to obtain the ADAAA regulations and a Q&A document.  Visit www.eeoc.gov.

Please obtain legal counsel for all employment related matters concerning the EEOC and the ADAAA.

2011 Michigan Tax Amnesty

The Michigan Department of Treasury will administer a Tax Amnesty program that will be available to eligible taxpayers between May 15, 2011 and June 30, 2011. Treasury is currently developing forms, instructions, frequently asked questions (FAQs), and other information that will be useful to taxpayers and/or their representatives. Once that information is final, it will be made available at www.mitaxamnesty.com.

What Michigan Taxpayers and Tax Professionals Should Know:

*The amnesty period will run from May 15, 2011 through June 30, 2011.

*All penalties will be waived, but interest charges will not be waived.

*Payment of the total amount owed (no installment agreements), including interest, must be postmarked by midnight on June 30, 2011 in order to qualify for amnesty.

*All state taxes administered under the Revenue Act (PA 122 of 1941) are eligible for amnesty including, Income Tax, Michigan Business Tax, Single Business Tax, Sales and Use Tax, Withholding Tax, Tobacco Taxes, and Motor Fuel Taxes.

*Only taxes for return periods ending on or before December 31, 2009 are eligible.

Call our office today at 269-321-9200 if you need assistance will the 2011 Michigan Tax Amnesty program.  We are here to work with you.

MDOT launches new MI Commute website and ridesharing video on YouTube

 Just in time to beat higher gas prices and driver frustration at the pump, the Michigan Department of Transportation (MDOT) is launching a new “MI Commute” Web site loaded with ideas, tips and tools to beat the cost of commuting. The Web site www.michigan.gov/micommute explores alternate modes of transportation, such as ridesharing, public transportation, bicycling and more. 

 As part of the new campaign to build awareness about alternatives to driving solo, MDOT developed an animated video that follows a commuter named Wally who discovers the value of ridesharing. He explains to viewers that ridesharing does not have to be every day, but suits his schedule and concludes, “It’s really a lot better when we get there together.” The video is available on the MDOT YouTube channel at www.youtube.com/MichiganDOT. It is the first of three videos to be released in the next two weeks on various modes of public or non-motorized transportation (public transit and biking will follow).

According to the website, ridesharing reduces stress, saves money, decreases wear and tear on your vehicle, increases free time for riders, and is more flexible than people think. Local rideshare offices help commuters find vacancies in existing carpools or vanpools, or match people who are interested in forming a new group. MichiVan, the statewide vanpool service operated by VPSI, Inc. serves about 2,700 riders daily in approximately 360 vanpools. 

Another rideshare effort is the Michigan carpool parking lot program. Carpool lots began during the energy crisis in the 1970s with 11 lots, as a response to the need to provide safe and convenient parking facilities for carpoolers and other drivers. Today, there are more than 240 lots, providing more than 9,700 vehicle parking spaces and a growing number of bicycle parking spots. The Web site includes locations and details for each, and includes a search by county, route, name, or highway exit number. 

Provided by Capitol E-News – State Senator Tonya Schuitmaker 4-29-11

Michigan Unclaimed Property Updates

The Michigan Department of Treasury is alerting Michigan businesses about recent changes to the state’s Uniform Unclaimed Property Act. Beginning this year, businesses face a new due date for filing unclaimed property holder reports with the state (July 1^st).  In addition, dormancy periods for most property types have been shortened from five years to three. 

Most businesses or governmental units have unclaimed property resulting from normal business operations.  Property, belonging to a third party that remains unclaimed for a specific period of time is considered unclaimed property.  For example, un-cashed payroll checks must be submitted to Treasury after one year while most other property types, such as vendor checks and accounts receivable credit balances, must be submitted after three years.

What You Need to Know:

• New date for reporting Unclaimed Property is July 1 (changed from 11-1-10).
• Dormancy period for most property types is now three years.
• A 25% penalty may be levied for failure to comply (+ interest charges).
• Those voluntarily reporting the preceding four years are exempt from penalty.
• Free filing software is available at www.michigan.gov/unclaimedproperty.

Compliance is easy.  Visit www.michigan.gov/unclaimedproperty to access forms and information.  For additional details, call (517) 636-6940. 

Excerpt from IAAM Posting 4-6-11

Excerpt taken from the EFTPS Home Page:

https://www.eftps.com/eftps/direct/EftpsHome.page

Attention! As of January 1, 2011, many businesses are required to make federal tax deposits electronically.

Your options include:

• using this Web site or the voice response system.

You must be enrolled in EFTPS to pay via either system. If you recently were pre-enrolled in EFTPS and cannot find your PIN, call 888.434.7338. Payments must be scheduled by 8 p.m. ET the day before the due date to be received timely.

• asking your financial institution to initiate an ACH Credit payment on your behalf.

This option requires an EFTPS enrollment, but your banking information is not part of that enrollment. Financial institutions are not required to initiate payments for you, and may charge you a fee if they offer this service. Check in advance for cutoff times, which may be earlier than if you make a payment yourself using EFTPS.

• asking another trusted third party such as a tax professional or payroll service to make the payment for you.
• in extraordinary circumstances, asking your financial institution to make a same-day tax wire payment for you.

Financial institutions are not required to do this, and may charge you a fee. Check with your financial institution in advance for cutoff times. To download a worksheet for this purpose, go to the Help & Information tab above, then click on Downloads.

For general EFTPS Customer Service assistance, call 800.555.4477. If you have questions about the rule, search on “Tax Topics 757″ at the IRS Web site or call the IRS at 800.830.5215.