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News & Events Digest: August 2024
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My Career at MI Treasury: TERRY STANTON
Former TV anchorman, groundbreaking communications pro, and lifetime baseball aficionado, Terry Stanton is also the state administrative manager for Michigan’s Unclaimed Property program. Joining Treasury in 2001, Terry has served 23 years with the department and the last eight years updating and streamlining the unclaimed property system that reunites Michiganders with their missing money. Here’s how Terry’s Treasury career began
My Career Path
I studied broadcasting at Central Michigan University. I had always wanted to be the play by play announcer for a baseball team. I love baseball. I tried to walk on at Central but I didn’t make the team — at the time CMU had one of the best college baseball programs in the State, but I had to try! I figured that if I couldn’t play baseball, the next best thing was to talk about it on the radio and call the games. Tigers announcer Ernie Harwell was one of my longtime heroes, along with George Kell and Al Kaline.
Read more about Terry Stanton on Treasury's Medium page.
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“We are proud to have been among the earliest states in the nation to establish access to ABLE accounts as life-changing financial empowerment tools for people with disabilities and their families,” said R. Scott de Varona, MiABLE program director. “Offering match incentives to encourage more people to participate in such a beneficial program allows us to underscore just how life-changing opening a MiABLE account can be for all those eligible Michiganders who have yet to enroll.”
Aug. 14 marked the first national ABLE Savings Day for people across the country to share their ABLE experiences and promote the value and importance of these plans in bringing financial independence to people with disabilities, de Varona said.
The Stephen Beck Jr. Achieving a Better Life Experience Act (ABLE Act) became federal law on Dec. 19, 2014, as a means of creating a new option for people with disabilities and their families to save and invest for the future, while protecting eligibility for public benefits.
In 2015, the new federal law prompted Michigan to create MiABLE as a disability savings program administered by the Michigan Department of Treasury. It stands for Michigan Achieving a Better Life Experience and was designed to help ease the financial burden challenging families and people with disabilities. MiABLE accounts help people with disabilities save for current and future expenses without jeopardizing government assistance like Medicaid and Supplemental Security Income.
For more information or to open a MiABLE account, additional information is available on MiABLE’s website.
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Tax and Wage Webinar Series Navigates Federal and State Regulations, Tax Systems and Other Requirements for Employers
Businesses are invited to attend a series of upcoming webinars designed to navigate federal and state regulations, tax systems and other requirements.
Beginning this fall, the Treasury Outreach team will be hosting a “Tax and Wage Webinar Series,” focusing on federal and state wage and hour regulations, Michigan licensing and safety requirements, unemployment insurance, withholding tax rules, paying business taxes online and asking business tax questions online. Each webinar is 90 minutes and free for the attendee.
After each session, presenters will answer attendee questions for up to an hour. Additional details are available on the following registration pages:
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Federal and State Wage and Hour Part I — Sept. 11 at 10:30 a.m.
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Federal and State Wage and Hour Part II — Sept. 12 at 10:30 a.m.
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LARA, MIOSHA, WDCA — Sept. 18 at 10:30 a.m.
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Treasury & Unemployment Insurance Agency — Sept. 24 at 10:30 a.m.
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Unemployment Tax and Regulations — Sept. 25 at 10:30 a.m.
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Unemployment’s Web Service-Michigan Web Account Manager (MiWAM) — Oct. 2 at 10:30 a.m.
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Withholding Rules — Tax, File, Pay — Oct. 8 at 10:30 a.m.
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Treasury Web Services & Michigan Treasury Online (MTO) Live Demo — Oct. 9 at 10:30 a.m.
Attendees can sign up for as many sessions as needed. Registration for the Tax and Wage Outreach events ends the day before each webinar at 5 p.m. ET.
Treasury Outreach cultivates an informed tax community through engaging, accurate, timely and accessible education. For more information, go to www.michigan.gov/treasuryoutreach.
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August 2024 Edition of the Treasury Update Newsletter Now Available
The Tax Policy Division of the Michigan Department of Treasury has published its August 2024 edition of the Treasury Update Newsletter.
The August 2024 edition of the Michigan Treasury Update Newsletter highlights several key court decisions affecting tax liability and guidance updates. Major topics include the Michigan Court of Appeals upholding a use tax liability for AAA Life Insurance Company for direct mail advertisements managed out-of-state, tax implications of Real Estate Mortgage Investment Conduits (REMICs), and corporate officer liability for unpaid withholding taxes.
The newsletter also addresses the tax treatment of NFTs and recent Treasury-issued bulletins and notices, providing important updates for taxpayers and tax professionals.
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Register for Treasury's Upcoming Chart Chat Webinar
The Michigan Department of Treasury is pleased to announce our next Chart Chat webinar at 2 p.m. on Thursday, Sept. 5, 2024.
The Chart Chat webinar series provides local governments with critical information related to accounting and auditing topics, measuring local government fiscal health, and other important updates from Treasury.
Topics covered will include:
- Are you prepared for your audit?
- What happens to your audit after it gets to Treasury?
- How to file for an audit extension
- Pension and OPEB Monitoring (PA 202 of 2017)
- Fiscally Distressed Cities, Villages and Townships Grants for FY 2025
Presentations and recordings from this webinar, along with previous webinars, can be found at TREASURY - BLGSS Learning Center. For support related to Treasury's local government services, visit TREASURY - Contact Information.
Participants can register and submit questions prior to the webinar at:
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Remembering Former State Treasurer R. Kevin Clinton
Former State Treasurer and Michigan Department of Insurance and Financial Services (DIFS) Director R. Kevin Clinton died on Aug.18, 2024, after a battle with cancer. Clinton was appointed as Michigan’s 45th State Treasurer by Governor Rick Snyder in November 2013 and stepped down in April 2015.
Clinton earned both a bachelor’s and a master’s degree from the University of Michigan. Afterward, he worked extensively in the private sector insurance industry. He served for five years as president and CEO of MEEMIC Insurance Company. He also served as the chief financial officer at ProNational Insurance Company. In 2001, he joined American Physicians Capital, Inc. Before becoming their president and CEO, Clinton worked as the company's vice president and COO, strengthening the balance sheet by reducing investment risk and restoring the company to profitability.
Clinton turned to public service in 2011. He served as the Michigan commissioner of insurance and the first director of DIFS until 2013 when Governor Rick Snyder appointed Clinton as State Treasurer of Michigan. After serving for 16 months as treasurer, Clinton resigned, citing a desire to return to the insurance and financial service industries.
Upon Clinton's resignation, Gov. Snyder praised his work in "dealing with many tough challenges including helping financially distressed cities and significant tax policy changes."
Kevin went on to become the executive director of the Michigan Catastrophic Claims Association (MCCA), where he worked until his recent retirement.
A detailed obituary for former State Treasurer R. Kevin Clinton can be found online.
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