Most businesses have unclaimed property resulting from normal operations – any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specified period of time. Businesses and government entities are required to report and remit to the Michigan Department of Treasury abandoned and unclaimed property belonging to owners whose last known address is in Michigan.
Tax Policy & Finance
After a lengthy wait on the runway, Michigan’s exemption for manufacturing-related personal property is finally taking off. Taxpayers should be planning to take advantage of this important tax benefit as soon as possible.
Earlier this year the Joint Committee on Administrative Rules (JCAR) of the Michigan Legislature approved eleven new audit rules titled Audit Standards For Field Audits. Although the new rules apply to all field audits performed by the Department of Treasury, the greatest effect will be on Sales and Use Tax field audits.
On April 14, 2015, the Governor signed House Bill No. 4119 and 4120 making them Public Acts of 2015 Nos. 14 and 15. They will require extensive revisions to the current Michigan Court Rules governing garnishments found at MCR 3.101. The Supreme Court issued proposed rule changes, however, they did not recognize the majority of the statutory changes. Furthermore, the statutory changes require changes to the supreme court-approved garnishment forms. Comments to this effect have been submitted by the State Bar of Michigan and the Michigan Chamber of Commerce.
Under current regulation, if your business uses an automatic telephone dialing system (ATDS) or an artificial/prerecorded voice to make telephone calls to a cell phone without prior express consent of the called party, your business is engaging in TCPA Prohibited Conduct and the FCC may impose a fine of $1,000 per incident.
After years of anticipation, the U.S. Department of Labor (DOL) released its Notice of Proposed Rule Making on June 30, 2015, revising the overtime exemptions under the Fair Labor Standards Act (FLSA) by targeting salary requirements.
During the so called “Great Recession” most employers naturally and prudently acted cautiously regarding compensation decisions. One of the first areas to suffer was total compensation. Employers reduced or suspended salary increases and bonuses, and tried to hold the line on benefit costs. Continued low consumer goods inflation added to the incentive to freeze salaries as much as possible.
The Administrative Law Judge sits at a desk, and the parties, their witnesses and representatives sit at a table usually set up in front of the Administrative Law Judge’s desk. The Administrative Law Judge will direct the parties and witnesses where to sit. The Administrative Law Judge begins by introducing him or herself by name, and makes sure he or she has the names of all the parties, witnesses, representatives, and attorneys. Hearings are tape recorded.
Employers need to take certain legal and administrative steps when the death of an employee occurs. Here are some of the human resource and accounting tasks come into play after an employee dies:
In a significant win for employers, the United States Supreme Court recently invalidated a judicial inference that union retiree health insurance benefits are vested for life in the absence of specific language to the contrary. The Supreme Court’s unanimous opinion in M&G Polymers USA, LLC v. Tackett, issued on January 26, 2015, gives employers more freedom to alter, reduce, or eliminate retiree insurance benefits for employees who were represented by a union before they retired.