You're leaving your current job because you have an idea for starting your own business in 2022. In your head, the business plans look incredible and you will be working on something you're truly passionate about. But where do you start? Read More ›
Nearly two years after the start of the COVID-19 pandemic, the state of Michigan is continuing to design new programs to help support Michigan businesses that were negatively impacted by the pandemic and resulting economic shutdowns. Beginning March 1, 2022, Michigan will distribute up to $409 million under the new Afflicted Business Relief (ABR) grant program. Eligible businesses can apply beginning March 1, 2022 through March 31, 2022. Grants are not first-come, first-serve, but instead may be prorated depending on the number of eligible businesses that apply. Read More ›
The ongoing pandemic has wreaked havoc on the film industry, with most theaters shut down in 2020. Even now, many blockbuster films have gone straight to streaming services.
One local filmmaker's vision began nearly a decade before the COVID pandemic. It all started with another tragic disaster, but from that disaster, a story unfolded and inspired a film project. Read More ›
In the wake of the Colonial Pipeline ransomware attack, cyber attacks such as ransomware and phishing continue to be a major threat for all businesses, large or small. Even with precautions in place, it is not a matter of "if" but "when" a business will experience an attack. In the case of Colonial Pipeline, the hackers not only demanded and received millions from Colonial Pipeline in May 2021, but the resulting ransomware attack forced the company into a fuel distribution shutdown, making headlines across the country and causing gas shortages on the east coast. The attack also compromised thousands of individuals' personal information. Read More ›
On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Retirement plan sponsors may use EPCRS to correct certain compliance mistakes, and avoid the adverse tax consequences associated with plan disqualification.
We have provided a summary of the changes below. Read More ›
On April 14, 2021, the U.S. Department of Labor’s (“DOL’s”) Employee Benefits Security Administration (“EBSA”) issued its first cybersecurity best practices guidance for retirement plans. The EBSA guidance has been highly anticipated as the frequency and cost of data breaches affecting employee benefit plans continues to rise. The EBSA guidance focuses on actions that plan sponsors, plan fiduciaries, record-keepers, and plan participants can take. Read More ›
Earlier in the pandemic, our team identified the economic crisis caused by COVID-19 as a growth opportunity for businesses with the vision and the resources to take advantage. One such opportunity is the chance to diversify or grow by acquiring distressed competitors, suppliers, or customers. Read More ›
The short answer is that it depends, but it is usually advisable and sometimes required. Let’s dig deeper.
Initially, let’s discuss what a PPM is. A PPM is a document that discloses information regarding the company that is seeking to raise investment capital. In some ways, it is like a business plan, but with detailed additions for investment risk factors, securities law provisions, and the proposed terms of investment. PPMs go by a variety of names – including confidential information memorandums (CIMs) and offering memorandums. Read More ›
This is the second part in a series discussing the Women Owned Small Business (“WOSB”) certification program with the U.S. Small Business Administration (“SBA”). Part One summarizes the eligibility requirements.
This post, Part Two, briefly reviews the certification process and the benefits of certification. Read More ›
During 2020, a number of newly enacted laws created flexibility for various employee benefit plans. Please see Foster Swift’s publications on this topic here. The Consolidated Appropriations Act of 2021 (the “Act”), which was signed into law on December 27, 2020, provides additional flexibility for Health Flexible Spending Accounts (“Health FSAs”) and Dependent Care Assistance Plans (“DCAPs”), specifically. Read More ›
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