Suppose your adult child or friend needs to borrow money. Maybe it’s to buy a first home or address a cash flow problem. You may want to help by making a personal loan. That’s a nice thought, but there are tax implications that you should understand and take into account.

Many industries have undergone monumental changes over the last decade or so. Broadly, there are two ways to adapt to the associated challenges: slowly or quickly.

There are some nice tax breaks for transportation-related employee fringe benefits. If your employer offers these tax-favored fringes, you should probably take advantage of them by signing up. Here’s a quick summary of the current federal tax treatment of transportation-related benefits.

On February 27, 2025, the Financial Crimes Enforcement Network (FinCEN) issued a statement that it will not issue any penalties or fines or take any enforcement action against companies who do not file or update beneficial ownership information (BOI) under the Corporate Transparency Act (CTA) under the current rules.

A strong sales team is the driving force of most small to midsize businesses. Strong revenue streams are hard to come by without skilled and engaged salespeople.

If you made significant gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2024 gift tax return. And in some cases, even if it’s not required to file one, you may want to do so anyway.

There were last minute changes to the Michigan Earned Sick Time Act (ESTA) which went into effect February 21st, 2025. This bill requires employees’ sick time to be accrued at the rate of one hour for every thirty hours worked. Businesses with 10 employees or less must allow their employees to utilize at least 40 hours of paid sick leave each year. Businesses with more than 11 employees or more must allow the use of up to 72 hours of paid sick leave each year. The new law also allows small employers until October 1, 2025 to comply with these new rules. For a more detailed summary of the law as originally written, see our previous blog post here: AHP Jan 10 Blog Post - ESTA

Today’s job seekers and employees have grown accustomed to having an incredible amount of information at their fingertips. As a result, many businesses find that failing to adequately disclose certain things negatively impacts their relationships with these parties.

You may wonder if you can claim itemized deductions on your tax return. Perhaps you made charitable contributions and were told in the past they couldn’t be claimed because you didn’t have enough deductions to itemize. How much do you need? You can itemize deductions if the total of your allowable itemized write-offs for the year exceeds your standard deduction allowance for the year. Otherwise, you must claim the standard deduction.

We are sending this communication to provide you with a time-sensitive update of the latest legal and legislative developments regarding the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA).