There are an estimated 100,000+ school, sports, band, and other booster clubs currently in existence in the United States, and as a new school year begins many local booster clubs are revving their fundraising engines in order to help offset the cost…
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On July 1, 2014, the IRS began accepting applications for tax-exemption on its new Form 1023-EZ. This streamlined application form is a potential boon to small nonprofits who meet certain filing criteria, one of which is having gross annual receipts…
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In today’s increasingly paperless world, companies retain a vast store of customer and client data in various databases that help them conduct day-to-day business. This personal data can leave a company in a vulnerable position if it does not condu…
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“Crowdfunding” refers to financing a venture by raising small amounts of money from a large number of investors. In December 2013, Governor Synder signed a law commonly known as the Michigan Invests Locally Exemption (“MILE”), which creates a…
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On March 13, 2014, President Obama directed the Labor Department to streamline overtime regulations and make more workers eligible under federal law. The presidential memorandum instructs the Department of Labor (DOL) to consider, specifically, how t…
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Proper documentation of charitable contributions is essential in order to receive a tax deduction. In a recent United States Tax Court decision, a married couple’s deduction of over $22,500 in contributions to their church was disallowed because th…
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Making time to smell the roses. You know the familiar line, “What happens in Vegas, stays in Vegas!” But if you’re behaving yourself with good friends, there’s no harm in sharing memories of the fun and reminding yourself and others that you…
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Our regular readers may recall that this always timely, critically important, but all too often overlooked issue was the subject of postings written by Dirk Beamer on January 8, 2013 (“Tedious Resolutions and Corporate Record Books”) and again, b…
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Detroit faces significant challenges, no doubt. But it still is a great city with a rich history and a vibrant, diverse culture. What’s more, there are countless people on almost every level working to revitalize the city and to build a stronger se…
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Many common business and estate planning arrangements involve employer-owned life insurance (EOLI). Many business owners and professional advisors are unaware that employer-owned life insurance death benefits paid to employers are generally taxable a…
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