- CTA Update: Treasury Department Issues Statement
The United States Treasury Department recently issued a statement casting doubt on the future enforceability of the Corporate Transparency Act (CTA), at least in its current form. This is particularly relevant for US entities owned by US citizens. While not legally binding, Treasury’s guidance strongly signals that the rules enacting the CTA are likely to be rescinded or significantly revised before implementation. FinCEN has previously announced its intention to issue revised rules and updated reporting deadlines by March 21, 2025.
Why it Matters: Businesses that have already implemented CTA compliance processes, are advised to continue those efforts to ensure ongoing compliance. This recommendation remains in effect until FinCEN issues a new final rule or the law is formally amended. Read more from your Fraser Trebilcock attorney.
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- Whitmer Proposes New Wholesale Tax on Marijuana Products in Road Funding Plan
Governor Whitmer’s $3 billion “MI Road Ahead Plan” proposes closing an alleged “loophole” by imposing a new wholesale tax on marijuana products, similar to taxes on tobacco, potentially generating $470 million for road repairs.
Why it Matters: While details remain scarce about what specific “loophole” is being addressed or how the tax would be structured and implemented, marijuana businesses in Michigan should stay apprised of new developments regarding this proposed tax.
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- Fraser Trebilcock Welcomes Dakota A. Larson to the Firm
We are pleased to announce the hiring of Dakota A. Larson who will primarily work in the firm’s Lansing office.
Why it Matters: Ms. Larson focuses on insurance defense and business matters. She has experience handling complex liability, coverage, and bad faith claims in multiple lines of insurance and in multiple jurisdictions. Learn more.
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- Keep Your Michigan Cottage in the Family
The family cottage is a place for fun and relaxation in Michigan. For many, the family cottage becomes the meeting place for generations and where lifelong memories are made. As a result, it’s often the intent of the owner to pass the cottage on to future generations to enjoy. Unfortunately, challenges such as high property taxes and family disputes can prevent that from happening. These obstacles can be overcome through careful cottage succession planning.
Why it Matters: If you own a cottage in Michigan, our Cottage Law team can help you think through the issues and take the actions necessary to create a cottage plan. A cottage plan usually addresses the concerns through the creative use of a limited liability company (LLC) or a trust to own the property. Learn more.
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- Business Education Series: Anatomy of a Data Breach
Data breaches can wreak havoc on your company and almost always lead to litigation. With each new breach, we gain valuable insight into what companies could have done better. Your legal, contractual, and business obligations can sometimes be confusing and in conflict with each other.
Why it Matters: During the April Business Education Series facilitated by Nate Steed and Kelly R. Hollingsworth, this session will examine recent cases and best practices to protect your company from a breach including: lessons learned from recent data breaches; proactive strategies to insulate your business. Learn more.
Related Practice Groups and Professionals
Business & Tax | Robert D. Burgee
Cannabis Law | Sean Gallagher
Dakota Larson
Cottage Law | Mark Kellogg