In an Executive Order dated January 17, 2024, Michigan Governor Gretchen Whitmer transferred the Michigan Tax Tribunal out of the Department of Licensing and Regulatory Affairs (LARA) such that it will function independent...more
For many organizations and individuals, the end of the calendar year generates significant reporting obligations, particularly with respect to the Internal Revenue Service. The following requirements may not be obvious, but...more
Michigan taxpayers with interests in calendar year-end S corporations and partnerships should take note: the deadline to make a new “flow-through” entity tax (“FTE tax”) election for 2024 is approaching, and it occurs prior...more
On Monday, December 20, 2021, Michigan Governor Gretchen Whitmer signed House Bill (H.B.) 5376 into law. H.B. 5376, also referred to as Michigan’s “SALT Cap Workaround,” amends the Michigan Income Tax Act to allow...more
On September 13, 2021, the U.S. House of Representatives Ways and Means Committee released draft budget reconciliation legislation proposing a number of significant tax changes for businesses and for individuals....more
9/21/2021
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Biden Administration ,
Corporate Taxes ,
Estate Tax ,
Foreign Derived Intangible Income (FDII) ,
Gift Tax ,
GILTI tax ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Proposed Legislation ,
Tax Planning ,
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Ways and Means Committee