BHT&D Certified Public Accountants Blog

On Friday, December 14, 2018, Governor Rick Snyder signed revisions to both the Mandatory Paid Medical Leave Act and the Improved Workforce Opportunity Wage Act (minimum wage). These revisions gradually phase in upcoming increases in minimum wage rate and enact mandatory paid sick leave. 

The minimum wage rate will now increase from $9.25 per hour to $9.45 per hour in 2019, with annual increases thereafter up to $12.05 in 2030.  The minimum wage rate for tipped employees will remain at 38% of the hourly minimum wage, increasing to $4.58 per hour by 2030.

The State of Michigan requires annual reporting of ‘unclaimed property’. Unclaimed property is defined as any asset, tangible or intangible, belonging to a third party that remains unclaimed for a specific period of time by the rightful owner. Any holder who fails to file a report of unclaimed property may be subject to fines and penalties as provided in the Uniform Unclaimed Property Act, Public Act 29 of 1995.

Companies and governmental agencies need to identify properties that may be reportable as unclaimed property as of March 31, 2018 and file an unclaimed property report by July 2, 2018.

On November 22, 2016, U.S. District Judge Amos Mazzant from the Eastern Texas district issued an injunction to disallow the application of the Department of Labor’s March 23, 2016 “Final Rule” ruling on overtime requirements for salaried workers.

The Final Rule would have raised the minimum salary level to qualify for exempt employee status (EAP) to $913 per week ($47,476 annually), effectively requiring employers to pay overtime to many salaried workers.