MI Unemployment Insurance Obligation Assessment

On June 27^th 2012, the Unemployment Insurance Agency, in partnership with the Michigan Department of Treasury concluded a long-term financing of the debt owed to the United States Treasury. These bonds will be repaid by Obligation Assessments issued to employers. Your Michigan unemployment insurance rate for 2013 should include the Obligation Assessment.

Please be sure to include your obligation assessment rate along with your unemployment rate in NetSuite. In other words, provide the combined rate as your unemployment insurance rate.

The amount of additional tax due can be sizeable if your rate was incorrect. If you would like to pay the additional tax due before getting a bill from state, you can save interest charges. You may contact NetSuite support to assist you with the calculation of the additional tax. We can request that Ceridian fund and pay this for you. Alternatively, you can pay the state directly. This is the quickest way to pay. Just make your check payable to the State of Michigan – Unemployment Insurance Agency, and mail to them at 3024 West Grand Blvd Ste 11-500, Detroit, MI 48202. Be sure to include your employer account number on your check.

NetSuite will not be responsible for agency penalties and interest assessed by the state if you do not provide us with your correct unemployment rate.

For more information on the obligation assessment, click on the link below:

http://www.michigan.gov/documents/uia/K_-_Obligation_Assessment_387844_7.pdf
http://www.michigan.gov/documents/uia/146_-_Bonding_Obligation_Assessment_2012_376282_7.pdf

Disclaimer: This article is written with the undertaking that tax forms, rules and laws are constantly changing and the topic is updated at the publish date.

These materials do not constitute tax, legal, or accounting advice and neither NetSuite, nor its agents, employees, or representatives are in the business of offering such advice.

We have no control over the websites provided in the article. For the most current information or for tax, legal or accounting advice, please consult your tax, legal and accounting advisors. You may also call the tax agency or visit the government official website.