Category: Business Practices
CTA Update: Nationwide Injunction Puts Filing Deadline on Hold
If you’ve been following the Corporate Transparency Act (CTA) developments and its Beneficial Ownership Information (BOI) filing requirements, you know the deadlines have shifted multiple times over the past few weeks. As of now, a nationwide injunction has halted enforcement...
Businesses Get Relief as the Corporate Transparency Act is Delayed
A significant update has emerged for businesses facing the upcoming January 1 deadline to report beneficial ownership information (BOI) to the Financial Crimes Enforcement Network. A federal judge in Texas has issued a preliminary injunction halting the nationwide enforcement of...
U.S. Tax Court rules on basis adjustment for excess losses in closed years
The U.S. tax court has ruled in Surk LLC vs. IRS that a partnership had to adjust its basis in a flow-through entity for losses taken previously, even though they shouldn’t have been deducted in those prior years. The Tax Court...
Earned Sick Time Act reinstated in Michigan beginning Feb. 21, 2025
A Michigan Supreme Court ruling from July 2024 has reinstated the Earned Sick Time Act (ESTA). This legislation requires ALL Michigan employers to accrue employee sick time and takes effect Feb. 21, 2025. Details of the ESTA include: Employees will...
New CTA reporting due dates are approaching…
The new federal Corporate Transparency Act (CTA), intended to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, took effect on January 1, 2024. This new Act affects most American businesses, as well as...
IRS issues new guidance on cryptocurrency and digital assets
The IRS recently made several updates related to cryptocurrency and digital asset transactions which investors and digital asset owners should be aware of: Revenue Ruling 2023-14 There has been debate for some time about the treatment of staking activities. Some...
IRS moving forward with ERC claims
The IRS is adding new actions to help process valid Employee Retention Credit claims amid misleading marketing that led to an exceptionally high rate of improper ERC claims. The IRS says it did not have the resources to process the...
Michigan Supreme Court upholds minimum wage increase, will affect tipped workers
On July 31, 2024, the Michigan Supreme Court issued a ruling that upheld the state's minimum wage law, which is significant because it affirmed the increases to the minimum wage that had been set by previous legislative and ballot initiative efforts. The...
SR Client Question: How do I compensate nonexempt employees for travel time?
Time spent traveling during normal work hours is considered compensable work time. Normal work hours are defined as the standard hours a company is posted open, or in the case of flexible company hours, the standard hours an employee typically...
Recent ruling may increase estate values
In a recent unanimous decision, the U.S. Supreme Court held that life insurance proceeds received by a corporation to redeem a deceased shareholder’s stock increases the value of the corporation for estate tax value purposes, and does so without an...