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Business & Tax Law News

December 11, 2023

In this issue:



   2024 Goals Checklist   

2023 Year-End Checklist for Businesses

Amanda J. Dernovshek and Lindsey M. Mead

The following is a checklist of matters that businesses should address going into 2024 including:

  • Meeting with tax advisors
  • Preparing for the upcoming Corporate Transparency Act
  • Monitoring your intellectual property
  • Yearly gifts and charitable donations...

Read More



   Coins in Retirement Savings Jar   

IRS Announces 2024 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 2024 cost-of-living adjustments for retirement plan and health and welfare benefit plan limitations. 

In 2023, several retirement plan related limits increased. For 2024, the IRS has recently announced the new limits, and again, there is an increase for many of the limits.

Below is a review of some important limits...




What You Need to Know About the Upcoming Corporate Transparency Act

January 1, 2024

The Corporate Transparency Act (“CTA”) was enacted as part of the National Defense Authorization Act for Fiscal Year 2021 (“NDAA”). The CTA is intended to combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity, thereby protecting U.S. economic prosperity. The database that will be created as a result of the CTA’s requirements is intended to aid law enforcement with investigations and mitigate risks as quickly as possible. 

While these intentions are good, the impact of the CTA is expected to be drastic and jarring. The number of legal entities already in existence in the U.S that may now need to report information on themselves, their beneficial owners, and their formation or registration agents is in the tens of millions.

Beginning January 1, 2024, newly created companies that fall under the umbrella of the CTA will be required to report immediately. Existing entities will have one year to report...

Read More


   Highschool Softball Player   

Could Michigan Highschoolers Soon Benefit from NIL Deals?

Anthony M. Dalimonte and Destiny R. Sykes

In December of 2020, the state of Michigan, following the national trend, officially passed legislation allowing college athletes to profit from their Name, Image, and Likeness (“NIL”) rights.

Soon, highschoolers in Michigan may also be able to benefit from NIL deals. As of October 19th, 2023, the Michigan House of Representatives passed House Bill 4816, which, if approved by the Michigan Senate and signed into law by Governor Gretchen Whitmer, will effectively bar high schools and athletic associations and conferences from preventing student athletes from profiting from NIL deals...

Read More



   Teenager Texting While Driving   

Are You Prepared? New Video Series Exposes Potentially Devastating Legal Challenges for Young Adults & Their Families

If your 18-year-old child is badly injured in a car accident, do you have the paperwork you need to talk with doctors about their medical condition?

As the holiday season draws to its conclusion, the attorneys at Foster Swift encourage families to make this traditional time of reflection—a time for action. To empower people to take proactive steps, the firm launched an informative video series aimed at demystifying pressing legal concerns for both college students and their parents, paving the way for a safer and more informed academic journey ahead...

Read More



   DEI Statement   

How Recent Ruling Will Impact Your DEI Business Initiatives

Cliff Hammond and Ray Littleton

In a case that will impact DEI (Diversity, Equity & Inclusion) initiatives throughout the American workplace, the U.S. Court of Appeals for the 11th Circuit recently blocked a venture capital fund’s effort to award $20,000 grants to Black female entrepreneurs.

How will this impact your business initiatives going forward?

In the following video, employment law attorney Cliff Hammond and litigator Ray Littleton discuss the long-term ramifications of the "Fearless Fund" ruling, along with why having legal counsel review your DEI initiatives is critical...



   You've Been Served Envelope   

What Do I Do if My Business Gets Sued?

Lawsuits can affect businesses in a variety of ways. Not only can they be time-consuming, they are also disruptive to business operations, can reduce employee morale and be damaging both financially and reputationally.

Despite your best efforts to avoid this scenario, lawsuits can seemingly come out of nowhere. So what do you do should the worst happen and you are served with a lawsuit?

This following video features civil litigator Hilary Stafford as she describes the steps that must be taken when receiving a Summons and Complaint along with an overview of what to expect...

Read More




12 Attorneys Join Foster Swift

The following announcement was picked up in a feature article from the Lansing State Journal: Loomis law firm to dissolve; most of its staff will join other firm.

On November 27, Foster Swift welcomed 12 attorneys from Loomis, Ewert, Parsley, Davis & Gotting, P.C. to the firm, along with four paralegals and four support staff.  

This strategic addition gives Foster Swift more than 100 attorneys across the state, including 50 in downtown Lansing, with shared values and extensive expertise in providing legal counsel to businesses, municipalities, non-profits and individuals.

Among the attorneys to join the Business & Tax practice group include:

In addition, associate Lindsey M. Mead officially joined the practice. Lindsey started at the firm in 2022 as a summer associate and was sworn in as an attorney by Michigan Supreme Court Justice Welch at the Michigan Hall of Justice on Wednesday, November 15, 2023.




What Employers Need to Know for 2024

On October 12, members of the Labor & Employment law practice group hosted a webinar that was very well-received and discussed various topics that employers need to know going into 2024. Here are the video links to the individual sessions:







Grand Rapids






St Joseph


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 © 2024 Foster Swift Collins & Smith, PC.

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