If you owe money to the Internal Revenue Service (IRS), you are not alone. According to a report cited by Investopedia, Americans collectively owe more than $130 billion in back taxes, fees, and penalties to the federal government. Digging oneself out of tax debt can be difficult, especially in the current economic environment. The good… [Continue Reading]
Successfully Addressing Diversity in a Post-Pandemic Workplace
Employers in Michigan have a duty to their employees to provide a safe work environment. Without adequate training or management, various unlawful and unfair situations can occur. When it comes to diversity in the workplace, it is wise for employers to set certain standards, but also to avoid unlawful policies and conduct. The following are… [Continue Reading]
ESG Disclosure Simplification Act Passed by House
Just recently the United States House of Representative passed the Environmental, Social, and Governance (ESG) Disclosure Simplification Act of 2021, which is an effort put forth by the Biden Administration to require more transparent operations of businesses. More specifically, this Act requires business entities to provide certain details to the public regarding the economic and… [Continue Reading]
Business Debt and Partnerships: What You Need to Know to Protect Yourself
If you are considering starting a business with anyone else, you must protect yourself. Even if you trust your business partner implicitly, no one can ever know what the future may hold. Taking the time to protect oneself now will pay off immensely in the future. You and your partner(s) may need to secure financing… [Continue Reading]
Mergers and Acquisitions During the COVID-19 Pandemic
The COVID-19 pandemic has had an impact on many businesses and their operations, especially within the realm of mergers and acquisitions. When engaging in a merger or acquisition during the pandemic it is important to understand certain unique issues that may affect the transaction. We hope this ‘Resnick Law Monthly Tip’ will help to better… [Continue Reading]
Making the Most of New Pandemic Tax Credits for Businesses
Employers across all industry verticals have been hit hard by the COVID-19 pandemic. As a result, companies should do their most to take advantage of the various pandemic tax credits that have been made available during these strenuous times. It can also help to hire a knowledgeable corporate law attorney who can make the most… [Continue Reading]
Navigating the WARN Act During Difficult Financial Times
The Commerce Department recently reported on the most substantial three-month decline of the United States economy ever. In the second quarter of 2020, the gross domestic product decreased by 9.5%. From restaurants to shoe stores, the impact of the coronavirus pandemic has been felt throughout industries and economies. With many relief funds depleted and no… [Continue Reading]
Common Partner Disputes and How to Resolve Them
Going into business with a partner is one of the best ways to operate. Many companies have flourished because the old adage that two heads are better than one often turns out to be true. Unfortunately, even in the strongest partnerships, disputes are known to occur. With the COVID-19 pandemic and the many challenges facing… [Continue Reading]
Steps Business Owners can Take to Reduce COVID-19 Liability
Whether it is a bank, sporting goods store, or restaurant, Michigan businesses face increased liability claims during the COVID-19 pandemic from customers who claim to have been exposed during their time there. Concerns about liability have additionally raised the questions of whether businesses have an increased duty of care to customers as well as what… [Continue Reading]
Understanding the Concept of Force Majeure
The coronavirus pandemic has seen an increase in the use of the fundamental force majeure contract clause, which discharges certain contractual duties following an event’s occurrence. Exactly what obligations are discharged as well as what circumstances are associated with a force majeure depend on how a contract addresses these terms. What Constitutes Force Majeure When… [Continue Reading]
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