Archive by Author

Realization of Income for IRS Purposes

Tax law can be overwhelming for many people in the business sector. To combat uneasiness and create a semblance of familiarity with tax obligations, Demorest Law provides the following synopsis of tax implications involved with sweat equity and property transfers: Sweat equity is most readily defined as the performance of a service for compensation. This […]

Court of Appeals Expands on Authority of Receivers in Sale of Lands Encumbered By Existing Liens

In Stock Bldg. Supply, LLC v. Crosswinds Cmtys., Inc., 317 Mich. App. 189, 199 (2016), the Court of Appeals was presented with an interesting question of whether the courts have authority to discharge a mortgage pursuant to a sale by a receiver. The Court of Appeals found that the trial court could approve a sale […]

Interpreting Statutes – Every Word Counts

The Michigan Supreme Court recently came to an interesting conclusion in SBC Health Midwest, Inc. v City of Kentwood, 2017 Mich LEXIS 734, *6. This case involved SBC Health Midwest Inc.’s petition for a personal property tax exemption for its operation of a for-profit school. MCL 211.9(1)(a)’s language created an exemption for educational institutions. Respondent, […]

Specific Offer Sheets May Constitute Binding Contracts

Recently, the Michigan Court of Appeals decided U.P. Hydro v. Artibee, 2016 Mich App LEXIS 2428 *6. This decision has caused confusion regarding offers with attached contingencies.  The Court considered whether an offer of sale containing a defined price, identifiable land, and two conditions precedent was enough to create an enforceable contract if the conditions […]

Business Tips – Avoiding Trademark & Copyright Infringement

In this second installment of our three-part “Business Tips” series, we will be addressing the importance of choosing names which do not infringe upon trademarks, service marks, or other copyrights already owned by others.  For those unfamiliar with our series, we encourage you to read our previous article, “Business Tips – Naming Your Business.” The […]

Tax Court Makes Important Rulings Regarding the Liability of an Employer for Misclassifying an Employee as an Independent Contractor

The Tax Court in Mescalero Apache Tribe v. Comm’r, U.S. Tax Ct. 2017 LEXIS 12, *2 issued a new ruling which may increase an employer’s ability to discover its employees’ tax information. This case involved a disagreement between the Mescalero Apache Tribe and the IRS, which centered on the topic of whether the Tribe could […]

Michigan Business Court Jurisdiction To Change Under Proposed Bill

Senate Bill 333 may soon alter the type of cases heard by Michigan’s business courts. This proposed bill aims to continue streamlining business and commercial disputes by removing the current monetary requirement that cases before the business court involve at least $25,000 in controversy.  The bill instead focuses on the nature of the complaint. Bill […]

Approval Given By Board Of Accountancy For Bookkeeping in Medical Marijuana Operations

CPA’s who wish to service clients in the medical marijuana industry no longer have to feel uncertain, as the Department and Board of Accountancy released a statement on  May 19, 2017 that a licensee may offer professional services to clients involved in the industry. Interested CPA’s are advised to maintain compliance with current professional standards […]