2024 Tax Inflation Adjustments

On November 9, 2023, Revenue Procedure 2023-34 was released and provided updated tax provisions for individual taxpayers to use on their 2024 tax returns, typically filed in 2025. This revenue procedure announced more than 60 provisions being updated for annual inflation adjustments.

D&O insurance may be worth considering for some companies

D and O. Directors and officers liability Insurance concept. Director's office with a large table and skyscrapers outside the window. 3d rendering. 3D Illustration

Strong leadership is essential to running a successful business. However, as perhaps you’ve experienced, playing the role of a strong leader can force you to make tough decisions that expose you to legal claims.
Business owners who are particularly worried about this type of risk can buy directors and officers (D&O) insurance to hedge against it. Although every small to midsize business may not need one of these policies, some should consider buying coverage.

Taming the tax tangle if you’re retiring soon

Retirement is often viewed as an opportunity to travel, spend time with family or simply enjoy the fruits of a long career. Yet the transition may bring a tangle of tax considerations. Planning carefully can help you minimize tax bills. Below are four steps to take if you’re approaching retirement, along with the tax implications.

Governor Whitmer Signs Bill to Improve Flow-Through Entity Tax Procedures

As part of five bipartisan bills recently signed by Governor Whitmer, Michigan Flow-Through Entity Tax Procedures have been improved. The act allows for expanded opportunity to elect into the tax and allows for all tax payments made for a given year to be reported as a credit to the taxpayer so long as the payments are made by the due date of the return, including extensions.

Are “workationers” a danger to your business?

Man on beach with laptop, Vietnam, Mui Ne

Every company presumably wants a workforce full of engaged employees. However, is it possible for workers to be too engaged?

Looking ahead to 2025 tax limits as you prepare to file your 2024 return

Chances are, you’re more concerned about your 2024 tax return right now than you are about your 2025 tax situation. That’s understandable because your 2024 individual tax return is due to be filed by April 15 (unless you file for an extension).

Governor Whitmer Signs New Michigan R&D Tax Credit into Law

r&d or Research and development text on black block, business concept

As part of five bipartisan bills recently signed by Governor Whitmer, Michigan has introduced a new Research & Development (R&D) Credit. Michigan joins 36 other states with the implementation of this R&D tax credit. It will be available to businesses with the amount claimed varying depending on its number of employees. It is effective for tax years beginning on or after January 1, 2025.

Beneficial Ownership Reporting – One Injunction Lifted, One Injunction Remains

Documents about injunction and a gavel.

On January 23, 2025,the Supreme Court lifted one of the two injunctions on beneficial ownership information reporting requirements. The Financial Crime Enforcement Network (FinCEN) subsequently released an official statement on January 24, 2025 clarifying that due to the second injunction remaining in place, enforcement remains on hold and penalties cannot be assessed for not filing.

The standard business mileage rate increased in 2025

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The nationwide price of gas is slightly higher than it was a year ago and the 2025 optional standard mileage rate used to calculate the deductible cost of operating an automobile for business has also gone up. The IRS recently announced that the 2025 cents-per-mile rate for the business use of a car, van, pickup or panel truck is 70 cents. In 2024, the business cents-per-mile rate was 67 cents per mile. This rate applies to gasoline and diesel-powered vehicles as well as electric and hybrid-electric vehicles.

FASB Clarifies the Effective Date for New Disaggregation of Income Statement Expenses Standard for Non-Calendar Year End Entities

Why Is the FASB Issuing This Accounting Standards Update (ASU)?

On January 6, 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date to clarify the effective date for ASU 2024-03, Interim Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses for non-calendar year end entities.