Mark Demorest, John Holmquist, and Dave Nykanen from Demorest Law Firm, PLLC were recently named “Michigan Super Lawyers” for 2011. Melissa Demorest has been named a “Rising Star”. The selection of “Super Lawyers” is based on a survey of thousands of fellow lawyers in the state of Michigan. Michigan Super Lawyers identifies the top 5 [...]
Unless you operate on a cash basis, a common problem is getting paid within a reasonable time. Many reports by credit organizations confirm not only that the problem is widespread, but it seems to get worse every year and bad debts are the number one reason businesses fail! While many small business owners gauge their [...]
The Michigan State Tax Commission has, by way of Bulletin 14 of 2011, issued notification of the 2012 inflation rate multiplier, to be used for calculating 2012 taxable values. The multiplier is 1.027, or a 2.7% increase. Therefore, pursuant to Michigan statute enacting Proposal A of 1994, the 2012 taxable value for your property, absent [...]
The IRS just recently issued some revised tax numbers for 2012. Here are a few highlights: Standard Deduction: $11,900 for married couples filing a joint return. Personal Exemption: $3,800 Annual Gift Exclusion: $13,000 The full list of adjusted numbers can be found in IRS Revenue Procedure 2011-52 or copy the following link from the IRS [...]
If you are a Michigan homeowner who has recently purchased another home and you are unable to sell your old Michigan home, Michigan law may provide some relief. Michigan homeowners may simultaneously claim a Principal Residence Exemption on two properties so long as certain conditions are met. The law allows property owners who have established [...]
For those of you small business owners that haven’t taken the time to check in with your CPA regarding your tax status, it’s time! The good news is that if you do the planning between now and the end of the year, you can still minimize the amount of tax you will be faced with [...]
Wouldn’t it be great if you had a second chance? Of course it would be. We all love to play Monday morning quarterback. If you converted an IRA to a Roth IRA during 2010 you still have a second chance to undo this conversion if you need to. However you only have until Monday October [...]
The IRS has announced a voluntary program that provides an opportunity for taxpayers to reclassify their workers for employment tax purposes. The contractor vs. employee controversy is one that has been on the radar screen for the IRS for decades, however, the actual attempts by the government to convert contractors to employees for payroll tax [...]
The Michigan Senate is currently in talks to reform or phase out the personal property taxes that businesses’ pay on items such as machinery, computers and other equipment. While it’s easy to cut revenues the question will be how or if the lost revenues will be replaced. The devil will definitely be in the details [...]
The Michigan Attorney General, Bill Schuette, recently issued an opinion (available at http://www.ag.state.mi.us/opinion/datafiles/2010s/op10340.htm) concerning three issues posed by the Michigan Medical Marihuana Act (MMMA): (1) Whether the Michigan Smoking Ban applied to Marihuana; (2) Assuming that the Smoking Ban does not apply to Marihuana, does the MMMA’s prohibition on public smoking apply to food service [...]
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