2015 Tax Update: Your Retirement Plan

Next year taxpayers will be able to put more into their 401(k)s, 403(b)s and most 457 plans. The IRS recently announced, in IR-2014-99, cost-of-living adjustments to the limits on tax-deferred contributions to retirement plans, as well as other changes related to retirement benefits. For the 2015 tax year, employees will be able to contribute (as p…

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New Property Tax “Uncapping” Exemptions Unveiled

Earlier this month, Governor Snyder signed Public Act 310 of 2014, which expanded the available exemptions from property tax “uncapping” in the State of Michigan.  The effect of this new law provides additional planning opportunities not originally contemplated in prior law. Beginning December 31, 2014, certain transfers to and from trusts, from …

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New Compliance Requirements Affect Producers’ Eligibility for Federal Crop Insurance Subsidies

In 2014, Congress passed the Agricultural Act of 2014 (the “Act”), more commonly known as the 'Farm Bill,' which included many significant changes. According to the U.S. Department of Agriculture, these new provisions are designed to provide “flexibility, accountability, and adaptability at the local level.” To effectuate that purpose, the Act cons…

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Business & Real Estate Law Newsletter: New Protected Class, Estate Planning & Cottage 1031

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ACA Update: The Look-Back Measurement Method for Large Employers

Determining ACA employer mandate compliance is a two-step process: first, determine if you are a covered “large employer,” then, if you are, determine who you must offer insurance to in order to avoid paying any penalties.  This is because large employers are not required to offer all employees health insurance, only full-time workers.

The formu…

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