In an effort to prevent potential abuse of elders and other vulnerable adults, the Michigan legislature recently added a new provision to the law governing durable powers of attorney. Powers of attorney, in a nutshell, are documents whereby we design…
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Americans breathed a collective sigh of relief when Congress enacted the American Taxpayer Relief Act of 2012 (“ATRA”) earlier this month, thereby keeping the U.S. from plunging over the “fiscal cliff.” ATRA dealt with a surprising number of…
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Wright Beamer recently had the pleasure of hosting a table at a dynamic presentation by Michael Finney, president and CEO of the Michigan Economic Development Corporation. The event was organized by the Livonia and Greater Farmington Area Chambers of…
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As we enter the home stretch in this election cycle, both excitement and concern are mounting for many nonprofits. The temptation may be strong for them to speak out with regard to issues affecting their interests, and perhaps even to comment on indi…
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It’s long been the law in Michigan that someone who “feloniously and intentionally” kills another cannot inherit from the person he or she killed. On October 1, 2012, this law will be expanded to also prevent people convicted of abuse, neglect…
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It was just weeks ago that I wrote about the dramatic increase in tax scams. Now I need to pass along news of another kind of scam. One of our clients whose trademarks are registered with the United States Patent and Trademark Office recently receive…
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It’s no secret that identity theft is a serious and growing problem. One particularly fruitful area for identity thieves is tax fraud. The Treasury Inspector General for Tax Administration, Russell George, recently testified before Congress on this…
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In his recent email blast, Duane Reynolds of our office wrote about Michigan’s new “estate recovery” program, the purpose of which is to recover Medicaid benefits paid to individuals over the age of 55. Michigan’s program became effective Jul…
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Section 1031 of the Internal Revenue Code gives us a terrific tool for deferring capital gains tax. We can defer paying capital gains tax upon the sale of real estate and personal property held for business use or investment if we use the proceeds of…
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Despite the advent of limited liability companies in Michigan, S corporations remain one of the most popular forms of business entity. S corporations have several advantages, but perhaps their most attractive feature is pass-through taxation. S corpo…
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