Form Uia 1027 - Business Transferor'S Notice To Transferee Of Unemployment Tax Liability And Rate

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tate of

ichigan

LICENSING AND REGULATORY AFFAIRS

UIA 1027

Authorized by MCL 421.1, et seq.

UNEMPLOYMENT INSURANCE AGENCY

(Rev. 5-11)

Completion of this form is mandatory.

Reset Form

3024 W. Grand Blvd., Suite 11-500 • Detroit, Michigan 48202

See statement of penalties below.

BUSINESS TRANSFEROR’S NOTICE TO TRANSFEREE

OF UNEMPLOYMENT TAX LIABILITY AND RATE

THE INFORMATION SUBMITTED MUST BE CURRENT INFORMATION. The in-

REGARDLESS OF ANY AGREEMENT BETWEEN THE PARTIES TO THE TRANS-

formation on this form must be current as of the date it is signed. However,

FER, THE LAW PROVIDES THAT WHEN A BUSINESS IS SOLD (OR OTHERWISE

this form may be given to a prospective transferee within 90 days of the date

TRANSFERRED), THE BUYER (OR OTHER TRANSFEREE) OF THE BUSINESS MAY

it was signed; the form must be delivered to the prospective transferee not

BE LIABLE TO PAY THE UNPAID UNEMPLOYMENT TAXES AND INTEREST, AND

less than two calendar days before the transferor’s acceptance of the offer.

MAY RECEIVE THE UNEMPLOYMENT TAX RATE, PENALTY, AND THE BENEFIT

CHARGES OF THE SELLER (OR OTHER TRANSFEROR).*

STATEMENT OF PENALTIES APPLICABLE FOR NON-COMPLIANCE WITH THE

LAW. Failure of the business transferor or transferor’s agent to provide cor-

THE LAW REQUIRES THE TRANSFEROR OF A BUSINESS, OR THE TRANSFER-

rect information is a misdemeanor, punishable by up to 90 days imprison-

OR’S REAL ESTATE BROKER OR OTHER AGENT OR ATTORNEY, TO COMPLETE

ment and/or fine of up to $2,500.00. Civil liability for consecutive damages

AND DELIVER THIS FORM TO THE TRANSFEREE OF THE BUSINESS. Section

may also apply, as well as other remedies provided by law.

15(g) of the Michigan Employment Security Act [MCL 421.15 (g); MSA

17.515(g)] requires the seller (or other transferor) of a business to complete

this form and give an accurately and fully completed copy of this form to

the buyer (or other transferee) of the business at least two calendar days

(not including Saturday, Sunday, or legal holiday) before the transferor’s

acceptance of the transferee’s offer to acquire the business. This obliga-

tion extends to the transferor’s real estate broker, other agent, or attorney.

In general, a person or business that acquires the organization, trade, business, or 75% or more of the assets of a business will be liable for unemployment taxes and inter-

est due the Unemployment Insurance Agency from the seller (or other transferor) of the business at the time of the transfer, up to the reasonable value of the business

minus any secured interest in assets.

1. Using a separate sheet(s) of paper or computer printout, list the names, addresses, and social security numbers of all your employees as of the date you or your agent

or attorney signs this form. This will give the transferee an idea of the number of individuals for whom unemployment tax must be paid, and of the potential number

of claimants for unemployment benefits.

2. Using a separate sheet(s) of paper or computer printout, list the names, addresses, and social security numbers of all your employees separated from employment for

any reason in the most recent 12 months prior to the date this form is signed. This will give the transferee an idea of potential current charges to their account.

3. (a) What is the amount of unemployment taxes you have reported to the Unemployment Insurance Agency as owing, but have not yet paid to the UIA? .............................

(b) What is the interest you owe the UIA on this account? ..........................................................................................................................................................................................................................

4. (a) Which quarterly unemployment tax reports (give calendar quarter numbers and calendar years) are unfiled with the UIA?

___________________

(b) How much do you owe in unemployment taxes for these unfiled quarters? (The UIA may assess

interest and penalties on this amount. Interest accrues at 1.0% per month, not to exceed 50%.)

5. In the space provided, indicate figures from 5 most recent years, ending the most recent past June 30,

(a) the unemployment tax (contribution) payments made to the UIA in each of those years;

(b) the unemployment benefit charges to your account in each of those years;

12 Mo.

Ending

6/30/___

Contributions (taxes) Paid

(Includes SUTA Rate Penalty monies)

Benefit Charges

Taxable Wages

All of the information you will need to complete Part 5 is shown on your annual rate determinations (Form UIA 1771) for each of the years involved. See the next page of

this form for the procedure for calculating tax rate from the information above. If you acquired the business less than five years ago, include information only for the period

you have the business, and attach the copy of this form you received from the transferor when you acquired the business (if you acquired the business after April 1, 1990).

(d) the computed unemployment tax rate plus the Section 18(d) penalty, if applicalbe, for the current and each of the past four calendar years, even if you have paid

the rate under protest, and/or you have appealed the rate;

LARA is an equal opportunity employer/program. Auxiliary aids, services and other reasonable accommodations are available upon request to individuals with disabilities.