Scams can be big and bold, small and pesky, or anything in between. Here are a couple that probably qualify as small and pesky, yet are of interest because they target us here in Michigan:
- The Principal Residence Exemption (PRE), which gives Michigan residents a break on taxes levied against their primary home, does not expire. Recently, however, scammers have been causing headaches via social media posts warning homeowners that unless they renew their PRE every 25 years, they will lose their exemption and experience a huge spike in property taxes. If such a post comes your way, ignore it! There is no need to update your PRE, nor is there any need to call your local assessor.
- Michigan corporations have certain recordkeeping and reporting requirements. They must complete annual minutes or resolutions, and they must file annual reports with the Michigan Department of Licensing and Regulatory Affairs (LARA). LARA recently published an alert about a scam relating to these requirements. An entity calling itself “Michigan Council for Corporations” (Council) has been sending out “Annual Records Solicitation Forms” whereby it offers to prepare annual corporate documents in exchange for a fee of $150. Interestingly, the form fails to gather any details about corporate activities. Accordingly, the Council cannot possibly generate documents that will satisfy any kind of recordkeeping or reporting requirements. If you should receive an official-looking form or any solicitation that strikes you as odd, or if you just need help with your annual corporate minutes or LARA reporting, please give us a call.