Showing 18 posts in Tax.
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 ›
On Friday February 12, the Maryland State Senate voted to override Maryland’s governor to pass a bill creating a tax on annual gross revenues derived from digital advertising services in Maryland. Maryland’s digital advertising tax is the first of its kind in the United States. Read More ›
For more articles from the June 2020 issue of Business & Tax Law News, click here.
The CARES Act created the Employee Retention Tax Credit (“ERTC”), which is designed to provide financial relief to employers during the COVID-19 pandemic. The ERTC is a refundable tax credit that is credited against an employer’s share of social security taxes for specific wages paid on or after March 12, 2020 and before January 1, 2021. An eligible employer can access ERTC funds by (1) immediately reducing employment tax obligations, (2) applying for an advance payment of the estimated credit, or (3) calculating the final credit amount at the end of the applicable calendar quarter, usually on Form 941. Importantly, an employer that has received a Paycheck Protection Program (PPP) loan cannot also claim the ERTC (unless the employer has repaid its PPP loan by May 14, 2020). Read More ›
Categories: Employment, Tax
Attorney John Mashni discusses several topics affecting Michigan businesses amidst the COVID-19 pandemic during an interview with mConnexions' Principal Strategist, Julie Holton. Mashni offers some insight for businesses dealing with issues such as cybersecurity, contract enforcement, and employment. You can view the entire interview below. Please visit our Coronavirus Task Force Page for more resources related to this ongoing situation.
On January 16, Foster Swift attorney John Mashni sat down for a discussion on Business Rap, a weekly radio show and podcast that features Mid-Michigan's brightest business owners and decision makers discussing business trends, challenges and politics affecting employers and business owners. Read More ›
On January 2, Foster Swift business attorney John Mashni sat down for a discussion with other business professionals on Business Rap, a weekly radio show and podcast featuring Mid-Michigan's brightest business owners and decision makers discussing business trends, challenges and politics affecting employers and business owners. Read More ›
The United States Department of Labor (the "DOL") published a request for comment in the Federal Register on July 6 with respect to its often discussed fiduciary rule (the "Fiduciary Rule"). This time, the DOL hopes to clarify uncertainty moving forward, as the Fiduciary Rule and its related prohibited transaction exemptions (the "PTEs") became partially effective on June 9, 2017, and will be fully implemented on January 1, 2018. However, recent events have brought the wisdom of a January 1, 2018 applicability date into question. Read More ›
On June 5, 2017, the United States Supreme Court held that employee benefit plans established by church-affiliated organizations are church plans pursuant to the church plan exemption under the Employee Retirement Income Security Act of 1974 (“ERISA”). Read More ›
According to the Department of Justice (the “DOJ”), an estimated 17.6 million Americans aged 16 or older were victims of at least one attempt or incident of identity theft in 2014. Identity theft takes many forms - from stealing someone’s identity to obtain government benefits to creating new financial accounts in another person’s name. The most frequent type of identity theft - 80 percent of all cases according to the DOJ - involves someone trying to take over an existing bank or credit card account. Tax-related fraud is also on the rise.
We are all at risk of identity theft. It seems like a week never goes by without a news report about a data breach at a major retailer or bank. Unfortunately, most people who are victims of identity theft - or suspect they might be - are not aware of the steps they should take to mitigate the harm from the theft.
This article identifies the steps that a person whose social security number is compromised should immediately take upon learning of a problem, as well as actions to take to protect against the risk of identity theft in the future. Read More ›
Remedying Past Employee/Independent Contract Misclassification Through IRS’s Voluntary Settlement Program
Employee or independent contractor? It’s a legal distinction that has significant implication for both workers and employers. Take ride-sharing service Uber, for example. It’s now defending a class action lawsuit filed by its drivers who claim they are misclassified as independent contractors. Should plaintiffs be successful, they may be entitled to damages including reimbursement for expenses they incur, such as gas and vehicle maintenance. Read More ›
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