- FinCEN Petitions Supreme Court to Intervene
After a week and a half of yo-yoing federal court decisions affecting the implementation of the Corporate Transparency Act’s requirement for businesses and other entities to file Beneficial Owner Information Reports, the government has now petitioned the United States Supreme Court to weigh in.
Why it Matters: For now, the reporting requirement is once again “voluntary” per FinCEN’s guidance, but business owners and others are advised to pay close attention, as a decision by the Supreme Court could come swiftly. And if the injunction is lifted, any extension of the filing deadline is expected to be relatively short in light of the government’s arguments in the Application for a Stay and given the fact that FinCEN’s prior extension provided less than two additional weeks, moving the deadline from January 1, 2025, to January 13, 2025. Read more.
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- Court Blocks DOL’s FLSA Salary Threshold Increases Nationwide
A federal district court in Texas recently struck down the Department of Labor’s planned increases to minimum salary requirements for overtime-exempt employees under the FLSA. The ruling invalidates both the July 2024 increase to $43,888 annually and the planned January 2025 increase to $58,656, reverting the federal threshold back to $35,568 per year for employers nationwide.
Why it Matters: The ruling means the lower $35,568 annual salary threshold for determining overtime exemptions for white-collar workers under federal law is again applicable (at least for the time-being). However, employers should continue to monitor potential appeals or new federal rulemaking on this issue.
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- Michigan Cannabis Exceeds $276 Million in November ‘24
Cannabis sales surpassed $276 million in November, via the monthly report from the Michigan Cannabis Regulatory Agency. Michigan adult-use sales came in at $275,478,600.16, while medical sales came in at $884,669.59, totaling $276,363,269.75.
Why it Matters: While the prices of cannabis and cannabis-related products continue to decrease and make consumers happy, growers on the other hand are seeing profits decrease resulting in them seeking ways to halt new licenses to be granted in an effort to steady prices.
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- Michigan to Offer New R&D Tax Credit in 2025
Michigan has approved legislation creating a state income tax credit for qualifying research and development expenses conducted within the state. The credit, established through House Bills 5100 and 5101, will be available to both corporations and pass-through entities beginning January 1, 2025, with qualifying expenses defined according to federal tax standards.
Why it Matters: This new tax incentive provides Michigan businesses with an additional financial benefit for conducting in-state research and development activities, potentially making Michigan more competitive in attracting and retaining innovative companies.
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- Fraser Trebilcock Announces 2025 Board of Directors
The Shareholders of Fraser Trebilcock, one of Michigan’s long-established full-service law firms, have re-elected Thaddeus E. Morgan as President of the firm. Shareholder Ryan K. Kauffman was re-elected to the Board of Directors, where he will serve as Vice President & Treasurer. Shareholder Jared A. Roberts was elected to the Board of Directors, where he will serve as Secretary.
Why it Matters: When it matters in Michigan, we are the trusted advisor for businesses and individuals requiring planning and consulting services, or facing legal and regulatory challenges, and our capabilities extend to wherever clients require counsel. The annual election of the Board of Directors allows Fraser Trebilcock to continue its tradition of exceptional client service, dedicated community involvement and professional excellence. Read more.
Related Practice Groups and Professionals
Business & Tax | Robert D. Burgee
Labor, Employment & Civil Rights | David Houston
Cannabis Law | Sean Gallagher