The Corporate Transparency Act (CTA) was enacted by the federal government in 2021 to strengthen federal money laundering and tax fraud statutes by improving transparency in business ownership. The CTA is enforced by the Financial Crimes Enforcement Network (FinCEN). FinCEN requires reporting companies to file with the Department of Treasury a Beneficial Ownership Information Report (BOIR). This filing needs to be completed by January 1, 2025. Any entity created in […]

CMDA is proud to announce that several attorneys from our Firm have been selected for inclusion in the 2024 Michigan Super Lawyers & Rising Stars list. The following attorneys have been selected to the 2024 Michigan Super Lawyers list: Jim Acho, Top Rated Civil Litigation Defense Jeff Clark, Top Rated State, Local & Municipal Tim Ferrand, Top Rated State, Class Action & Mass Torts Haider Kazim, Top Rated State, Local […]

CMDA is proud to announce that Christopher G. Schultz has been recognized as a “Go To Lawyer” for Business Law by Michigan Lawyers Weekly. The “Go To Lawyers” program identifies and recognizes the top 22 lawyers across the state in a given practice area. Christopher G. Schultz has broad and extensive experience of nearly 40 years in matters involving small and large businesses and related litigation. He has significantly grown […]

The stimulus bill signed into law by the President recently has set aside substantial funds to aid small businesses under a new loan program that is now in effect. If small businesses maintain payroll during this economic crisis, all or part of the money borrowed through the newly created Paycheck Protection Program can be forgiven. The goal is to help small business owners and their employees ride out this economic […]

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was enacted on March 27, 2020. The CARES Act contains many sections and provisions applicable to numerous individual and business situations. For small business owners, the most helpful provision may be the new loan program called the Paycheck Protection Program (PPP).  This program is developed to assist small business owners to retain their employees and recall employees who have been […]

President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act (SECURE Act) effective January 1, 2020. The Act brings major changes to IRAs and 401(k)s, including the ability to delay distributions, reduced flexibility for inherited IRAs, and penalty-free withdrawals for new parents. This article focuses on the impact the SECURE Act may have on your estate plan. As part of the estate planning process, clients focus […]

Cummings, McClorey, Davis & Acho, P.L.C. is thrilled to announce that Christopher G. Schultz, Timothy S. Ferrand, Allan C. Vander Laan, and Haider A. Kazim have been named Equity Partners of the Firm. Robert Blamer, CFO and equity partner of the Firm, explains, “Each of these attorneys has demonstrated the ability to run their office location effectively, making them profitable and vital to the long-term stability of the Firm. Further, […]

The Michigan Department of Licensing and Regulatory Affairs (LARA) Corporation, Securities & Commercial Licensing Bureau (CSCL) recently announced that 2018 annual reports for nonprofit corporations have been mailed to resident agents on record with the CSCL Corporations Division. Nonprofit corporations are required to file their annual report by October 1, 2018. Nonprofit corporations are those formed in which members may not receive any profits of the corporation. A nonprofit corporation […]

The Fair Labor Standards Act (FLSA) has changed the overtime rules for certain salaried workers, which will be applicable to Michigan employers.  The changes are to be implemented on December 1, 2016.  Michigan business owners need to start planning now in order to avoid scrambling in November.  Many Michigan closely held businesses classify salaried employees as being exempt from the overtime rules as a means of controlling payroll costs.  An […]

Estate planning is a continuous process and estate plan documents should be reviewed at least every decade and upon any major changes in lifestyle or family structure. A basic estate plan includes a Will, a Medical Power of Attorney, and a Durable General Power of Attorney for financial matters. A Will addresses the distribution of assets, paying debts and taxes, and providing guardians and conservators for any minor children. A […]