- 2025 IRS Benefit Plan Limits: Key Changes Announced
The IRS has released updated benefit plan limits for 2025, including increases to retirement plan contributions. For example, the Section 415 limit will rise from $69,000 to $70,000, while the annual 401(k), 403(b), and 457(b) deferral limit will increase to $23,500.
Why it Matters: Employers must understand and implement these and other new limits to ensure their benefit plans remain compliant and competitive for the upcoming year.
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- Michigan Court of Appeals Confirms Commercial Roof Replacement Qualifies as “New Construction” for Property Tax Purposes
In a recent decision that clarifies the scope an “addition” for property tax purposes, the Court of Appeals held that installing a new roof on a commercial building constitutes “new construction” that triggers an increase in the property’s taxable value beyond the standard legislative cap.
Why it Matters: By confirming that even basic building improvements like roof replacements constitute “additions” that can trigger increased tax assessments, the ruling clarifies a power that local tax assessors have long possessed but may not have consistently exercised. Read more.
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- Legislation Introduced Requiring License to Sell Tobacco and Vape Products
Legislation introduced this week would require businesses to purchase a three-year license for $1,500 to sell tobacco and vape products, with supporters of the bills citing the continued use of vape products by teens.
Why it Matters: Currently, Michigan is one of ten states that does not have a tobacco retail license. A licensing system would be created and monitored by LARA, which would regularly conduct inspections to ensure no underage sales are taking place. Violations range from misdemeanors, suspended licenses, to forfeiture of license.
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- Michigan Legislature Passes Data Center Tax Break Bill
This week, the Michigan House passed a bill that would exempt large data centers from Michigan use tax on equipment.
Why it Matters: With the massive computing needs of artificial intelligence, data center development has exploded across the country. While this bill would likely make Michigan more attractive to data center developers, opponents argue that having more data centers—which consume massive amounts of energy—would undermine Michigan’s clean energy goals.
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- Business Education Series: Referral Generation: Avoid Peaks & Valleys in Your Sales Funnel
Every business owner prefers a referral to a cold lead. Referrals have a basis of trust and understanding that makes the sales process simpler to execute and winning easier to achieve. Referrals can’t be generated intentionally however, right? On Tuesday, December 17, Ian Richardson, BBA, CSAP, MCSA, Principal Consultant, Fox & Crow Group LLC & Managing Partner, Richardson & Richardson Consulting, LLC, will discuss how this is incorrect.
Why it Matters: Learn how to structure an intentional referral generation pipeline from existing clients while minimizing the risk of client churn. Three takeaways include preparing conversations with clients, retention efforts for clients who are not ready to refer, and review of how to prepare a referral list for clients. Full information and to register.
Related Practice Groups and Professionals
Employee Benefits
Business & Tax | Paul McCord
Energy, Utilities & Telecommunication | Sean Gallagher
