Publications for Business & Tax

As the end of the year approaches, the increase in online activities creates a ripe opportunity for hackers to gain access to your computers, networks and personal information.

IRC 642(c) Plans, referred to as “Pooled Income Funds” offer unique ways for participants to utilize tax favored deferred compensation.

In May 2017, the City of Detroit announced its intention to implement a city-wide effort to enforce tougher rental ordinance rules on landlords, including demanding that rental properties be registered and brought into compliance. 

Looking to enhance business productivity and performance? This article addresses the best practices involved in holding great meetings.

We are fielding questions from companies about who they can talk to about the impact of the increase in tariffs on their business (whether that is increase in US tariffs on imports or increases in foreign tariffs on US exports). 

H.R.1, described as the “Tax Cuts and Jobs Act” (the “Act”) and commonly referred to as "Tax Reform", was signed into law by the President on December 22, 2017.

The Internal Revenue Service ("IRS") issued Revenue Procedure 2017-13 ("Rev. Proc. 2017-13"), which provides updated safe harbors from private business use for management contracts. Rev. Proc. 2017-13 clarifies, modifies, amplifies, and supersedes certain provisions of Revenue Procedure 2016-44 ("Rev. Proc. 2016-44").

In our last installment of the UCC Corner, we questioned whether parties can form binding contracts if many of the terms of their written communications are inconsistent. We learned that the answer to that question is generally “yes.”

Businesses receive online orders from international entities through their websites all of the time. It is important to have your team in place to investigate these offers and make sure they are legitimate requests and that you can legally fulfill the order, before too much time and too many resources are expended.

Generally, an S corporation election is chosen to reduce exposure for federal self-employment tax and state entity-level tax. However, the benefits of an S corporation election can be accompanied by some unanticipated drawbacks.

Will your standard terms and conditions win in a battle of forms? Do you have standard terms and conditions at all?

The Uniform Commercial Code (“UCC”) was drafted in 1958 and contains a series of articles that aim to govern commercial transactions. Nearly every state has adopted its own version of the UCC, including Michigan.

Information technology is becoming increasingly important for agribusinesses looking to improve productivity, efficiency and effectiveness. From monitoring crops, to managing workforces, agribusinesses are adopting technological solutions to gather, analyze and use information to make decisions and optimize performance.

John Mashni is an attorney with Foster Swift Collins & Smith, PC. As a former entrepreneur, business owner and manager, John has a deep understanding of the businesses he represents as well as the knowledge and savvy of a seasoned attorney. He helps clients do deals, protect assets and plan for the future through his practice. Here’s his recommended end of year to-do list for small business owners

Meet with your tax advisors
There may be last minute planning possibilities for 2016. Consult with your tax advisors while you still have time to act in 2016. You don't want to be scrambling on Dec. 31 (which is a Saturday this year). 

This is a two-part series discussing year-end tax strategies available to reduce the tax liability of your business. This installment discusses the de minimis safe harbor election and bonus depreciation as two tax savings opportunities available in addition to Section 179.

Intellectual property (“IP”) rights can be the cornerstone of a business's value and competitive edge. IP rights are generally grouped into four categories: trademarks, copyrights, patents, and trade secrets. 

This article is the first of a two-part series and discusses the deduction available under Code Section 179. Part 2 addresses ways the bonus depreciation rules and other farm-specific deductions can be paired with Section 179 for effective and powerful year-end tax planning. 

While there is no “magic bullet” available to fix a large anticipated tax bill, there are several strategies available to businesses and entrepreneurs to turn ordinary purchases into tax saving deductions.

A recent decision by the U.S. Court of Appeals for the Sixth Circuit (the “Sixth Circuit”) may make it easier for plaintiffs to bring costly lawsuits against companies that allow sensitive data to fall into the wrong hands. 

The United States is a party to a number of trade treaties with foreign countries. The E visa category was created to give effect to those treaties by providing reciprocal benefits to nationals of a treaty country. 

A good warranty can also be good advertising, and the difference between customers buying your product or your competitor’s may come down to who has the better warranty. It can be tempting to give your warranty a label that sounds better than your competitors, but did you know that how you label your warranties is governed by federal law? 

Two studies conducted recently resulted in data-driven articles that shed greater light on the issue of when, and why, courts accept veil piercing arguments.

Attorney Seth Drucker co-authored a Q & A guide to drafting, issuing and enforcing a subpoena in Michigan. To view the full text you must subscribe to Practical Law.

With the passage of the HITECH Act in 2010 and the publication of final rules related to the HITECH Act in January of 2013, parts of HIPAA now apply to entities besides health care organizations.

Check fraud can harm your business by causing cash flow problems, burdensome fraud investigations, and even unreimbursed financial losses.

The IRS now automatically revokes an organization’s tax exempt status if the organization fails to timely file an annual information return for three consecutive years.

President Obama signed the American Taxpayer Relief Act of 2012. The Act made other lesser-known but important changes to the tax law that could affect you and your business. This article summarizes those changes.

If you are considering an acquisition, here are a few suggestions based upon my experience for you to consider in selecting an alliance or merger partner.

We have seen how Ponzi schemes have become common place. Be prepared for embezzlement next.

LARA has issued a warning regarding a letter being sent to Michigan corporations asking for an Annual Minutes Disclosure Statement.

Under the JOBS Act the SEC is required to issue new rules that permit general solicitation of investors in Rule 506 offerings that are sold only to accredited investors. The SEC has issued proposed regulations to address this issue.

You might save on your employment taxes if your business is taxed as an "S Corporation."

Noncompetition agreements typically prohibit an employee or seller of a business to own or work for a competitor of the protected party, and often are of substantial value. However, a Michigan court will only enforce these agreements if they comply with the following four requirements.

Michigan small businesses with 500 employees or less can apply for reimbursement of up to $25,000 of export costs pursuant to an initiative called the Michigan State Trade and Export Promotion (STEP) Grant Program.

Michigan companies are required to file annual reports with the Michigan Department of Licensing and Regulatory Affairs.

On April 5, 2012, President Obama signed into law the "Jump Start Our Business Startups Act", commonly known as the JOBS Act. This Act has five key parts intended to improve access to capital for small businesses. Here is a brief description of each part.

The Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank") modified the definition of "accredited investor" to establish an exemption from registration under Regulation D.

Companies should exercise considerable care before making sales to purchasers based in certain foreign countries.

Navigating through the risks of credit card processing