News

Tax Court Confirms HOA is Not Tax Exempt

Tax Court Confirms HOA is Not Tax Exempt

Michigan community associations are typically established as nonprofit corporations under state law. However, this designation does not automatically create an exemption from federal income taxes. To obtain such an exemption, an association would have to apply to the...

Bankruptcies on the Rise

Bankruptcies on the Rise

There is a worrying trend of new bankruptcy filings locally and nationally. The Eastern District of Michigan (covering the metro Detroit area) saw a 7% jump in new bankruptcy filings in 2024 compared to 2023. In March 2025, new bankruptcy cases nationally increased...

BOI Reporting No Longer Enforced for Domestic Entities

BOI Reporting No Longer Enforced for Domestic Entities

Updated March 3, 2025 Community associations may finally be saved from filing BOI reports under the Corporate Transparency Act. We are glad to announce that on March 2, 2025, the U.S. Treasury Department has determined "...with respect to the Corporate Transparency...