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Business & Tax Law News
  
  

December 9, 2021

In this issue:

  

  

  
  

2021 Year-End Checklist for Businesses

John W. Mashni

Meet with your tax advisors:

There may be last minute planning possibilities for 2021. Be proactive. Consult with your tax advisors while you still have time to act in 2021. You don’t want to be scrambling on December 31. Don’t assume that your CPA or financial advisor is going to automatically suggest ways to minimize your tax liability.

Have your annual meeting and create your annual meeting minutes:

It is important to document the activities and decisions at your annual meeting and accompanying meeting minutes...

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   John Mashni

John W. Mashni

Mashni Email  Mashni Phone

  

  

  
   Sending Gift to Client   

Time to Review Gift-Giving and Receiving Policies Before the Holidays

Scott A. Storey

The convergence of the holidays and year-end recognitions creates increased opportunities for gift giving and entertainment, and additional reasons to establish a clear company gift policy. Gifts and entertainment offered to establish and strengthen relationships can be an important contributor to a company's success.

However, gifts or entertainment offered to influence or induce action by the recipient is improper and in some circumstances illegal. A gift policy can establish clear principles and guidelines for what is acceptable and what would be regarded as improper for both giving and receiving gifts...

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   Saving for Retirement   

IRS Announces 2022 Cost-of-Living Adjustments for Retirement Plans and for Health and Welfare Benefit Plans

Amanda J. Dernovshek, Julie L. Hamlet
and Mindi M. Johnson

The IRS has announced the 2022 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. The charts below set forth the applicable limitations...

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   Animating Storyboards   

Inspiration Arises From Disaster: A Film Project Over a Decade in the Making

The ongoing pandemic has wreaked havoc on the film industry, with most theaters shut down in 2020. Even now, many blockbuster films have gone straight to streaming services.

One local filmmaker's vision began nearly a decade before the COVID pandemic. It all started with another tragic disaster, but from that disaster, a story unfolded and inspired a film project. 

Foster Swift's Business Development Team sat down with one of the founders and the Director of AI OK MEDIA, LLC, based in Saint Johns, Michigan, to discuss what disaster inspired this film, where they currently stand with the project and how the attorneys at Foster Swift helped them overcome some of the hurdles along the way...

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TV Show Highlights Junior Entrepreneurs & Business Lessons for Parents

December 13, 2021

Many business owners grow up dreaming of launching their first business. Some of them actually launch their business before growing up!

In a new episode of Expert Connexions, two business experts share interesting success stories after launching new business ventures with their kids. Included are the learning curves of teaching children how to navigate as entrepreneurs, plus strategic business advice for owners of all ages...

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Foster Swift to Participate in Mansfield Rule Program Focused on Diversity in Leadership

Foster Swift Collins & Smith will be one of 70-plus law firms participating in the Midsize Mansfield Rule Certification program.

This program was established by the Diversity Lab (an incubator for innovative ideas and solutions that boost diversity and inclusion in the law) with the goal to boost the representation of historically underrepresented lawyers in law firm leadership by broadening the pool of candidates considered for these positions.

The Mansfield Rule Certification measures whether law firms have affirmatively considered at least 30 percent women, underrepresented racial/ethnic groups, LGBTQ+ lawyers and lawyers with disabilities for leadership and governance roles, equity partner promotions, formal client pitch opportunities, and senior lateral positions...

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Russell Discusses Implications of Massive Marijuana Recall Lawsuit

CBS News

Foster Swift litigation attorney David Russell was quoted in an article in CBS News about what is considered to be the largest Michigan cannabis recall ever. The Marijuana Regulatory Agency (MRA) recently issued a recall for all marijuana products, besides inhaled cannabis concentrate, assessed by testing facilities Viridis Laboratories and Viridis North between August 10 and November 16, 2021. 

Viridis filed a lawsuit against Michigan's Marijuana Regulatory Agency. The recall issued impacts more than 400 sales locations throughout Michigan and represents an estimated $229 million in cannabis products, according to the lawsuit... 

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Foster Swift Collins & Smith, PC E-Newsletters are intended for general information for our clients and friends. This newsletter highlights specific areas of law and is not legal advice. The reader should consult an attorney to determine how this information applies to any specific situation.

IRS Circular 230 Notice: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed in this communication.

Copyright © 2022 Foster Swift Collins & Smith, PC.

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