10.31.08

How’s the Bailout Going?

Posted in Uncategorized at 11:56 am by Eric

The money started flowing a week ago. So is it working? Markets are up, but it would appear waste is up and the scandal barometer is spiking. See The Early Results of the Government Bailout. Excerpt:

1) The Cash is Lost. See “Where Did the Cash Go?” by Mary Walsh in the New York Times. AIG took $123 billion in just a few days and spent it. Ms. Walsh cannot trace the use of the cash in the company’s financial.

2) The Cash is Not Spent the Way It is Supposed to Be Spent. Banks Are Not Lending Bailout Money (multiple stories). They are using the cash to pay dividends, make acquisitions, and just as hoarding fodder.

10.30.08

New Associate

Posted in Uncategorized at 2:08 am by Eric

Maureen Teunissen has joined our firm as an associate. Born and raised in Colon, Michigan, Maureen is the daughter of retired Judge William L. and Marilyn (Major) McManus. She currently resides in Middlebury, Indiana with her husband Dave and son, Max. An honors graduate from both Hope College and Thomas M. Cooley Law School, her past legal experience includes estate planning, probate and real estate matters. She will be working in these areas as well as developing other areas of practice.

10.29.08

Scary Stuff This Halloween

Posted in Uncategorized at 11:29 am by Eric

If a business gets ready to liquidate, the first question the shareholders need to ask themselves is, “What creditors have we personally guaranteed?” Everyone is aware that banks get personal guarantees, but some might not be aware that suppliers often include a personal guarantee on the credit forms. I’ve seen the phone company get guarantees. And did you know Michigan, by statute, imposes personal liability on officers for unpaid Michigan taxes?

10.28.08

New IRS Per Diem Rates

Posted in Uncategorized at 12:01 pm by Eric

The IRS has published new per diem travel rates. You can download the Publication here. Travel in the Michiana area receives a per diem of $120 to $140 (covers lodging, meals and incidentals). See Table 3 in the Publication for Kalamazoo, South Bend, Fort Wayne, etc.

10.27.08

$13,000

Posted in Uncategorized at 1:44 pm by Eric

The IRS announced earlier this month that the new gift limit, starting 1/1/2009, will be $13,000.00.

The amount is adjusted annually for inflation. Actually, it’s adjusted to the CPI. What’s the difference? Ask these guys.

Inaugural Post

Posted in Uncategorized at 6:25 am by Eric

After stutters and stops, we present The Michiana Blawg. Come back for regular updates in a variety of legal areas, especially areas important to businesses and banks. We will also offer legal asides related to estate planning, tax, real estate, and other areas.