Tax Updates

Payroll Tax Compliance Industry News

The payroll tax compliance industry is one of the most complex due to the number of changing regulations and stringent penalties that are assessed for non-compliance.

Since 1979 organizations of all sizes have turned to BSI as the recognized authority and thought leader in payroll tax compliance.

Not only do businesses look to BSI for our products and services, but also for our leadership and commitment to simplify and share compliance news and information.

Browse the articles and news summaries below to stay updated about current trends and events.

MI: Michigan not a FUTA credit state

by BSI Communications | Feb 09, 2012

Due to the repayment of Michigan’s loan balance, Michigan is no longer a FUTA credit state. As a result, the debt repayment and UI solvency taxes have been rescinded.

State officials announced in December that Michigan’s $3.2 billion Unemployment Trust Fund balance had been repaid to the U.S. Treasury. The repayment to the federal government was made possible through the sale of variable rate demand bonds by the Michigan Finance Authority.

Because the transaction was completed before year-end 2011, the state and its business community will experience significant interest savings, FUTA tax credits will be restored, future tax penalties will be avoided and the solvency tax on Michigan employers will be eliminated.

Read the announcement for more information.