Many businesses are now receiving their rate determination letters from the Unemployment Insurance Agency. New for 2020, employers will no longer have the obligation assessment portion with the tax rates.
LANSING, Mich. -- In 2020, Michigan employers will no longer see an Obligation Assessment on their tax rate notice thanks to the early payoff of Michigan Finance Authority bonds by the Unemployment Insurance Agency (UIA). The UIA with its partners, sought to pay off the Obligation Assessment in 2019, allowing $55 million to remain with employers as opposed to collecting the additional tax through May of 2020. Full article below:
If you are using QuickBooks and are wondering how to update this, change the MI – Obligation Assessment to 0.00.
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