Witt & Goldsworthy, PLLC

???????????? ????????????: ?????????????? ?????????? ?????????????? ?????? ???? ???????????? The U.S. Supreme Court has affirmed the constitutionality of the "Protecting Americans from Foreign Adversary Controlled Applications Act," which prevents TikTok, owned by Chinese company ByteDance, from operating in the U.S. unless divested from Chinese control. This landmark decision highlights the balance between national security concerns and First Amendment rights. The Court ruled that the Act, targeting data protection and reducing foreign influence, does not violate the First Amendment. This ruling emphasizes the government’s role in securing national data against foreign threats, and upholding this Act reflects ongoing efforts to shield U.S. citizens from potential espionage and data misuse. For businesses, this decision underscores the importance of understanding how geopolitical factors affect operational legality and data security strategies. Stay updated with us for how this might impact your compliance and operational strategies. Read the full opinion here: https://ow.ly/6RkM50UIvp0 #WittAndGoldsworthy #BusinessLaw #SupremeCourt #TikTokBan #NationalSecurity

Today is the EPI Southeast Michigan Chapter's first event of the year! Join us at 4:00 PM for an engaging evening of networking and collaboration.

?? ??????’?? ?????? ?????? ?????????????????? ?????????? ???? ???? ??????! Attention, business owners! If you’re on the regular deposit method, mark your calendars: January 14, 2025, is the deadline to deposit taxes for the last 16 days of December 2024. Staying on top of deadlines like this keeps your business running smoothly! #WittAndGoldsworthy #BusinessLaw #LawFirm #TaxTime #TaxDeadlines #Taxes

BIG NEWS: The first event of the year is here! The EPI Southeast Michigan Chapter brings together a local community of advisors to collaborate, share best practices, and spread awareness about exit planning. Don’t miss the chance to strengthen existing relationships and expand your professional network! Register using the link in the original post below.

Strike while the iron is hot, seize the opportunity when it’s right in front of you. #WittAndGoldsworthy #BusinessLaw #LawFirm #Quote #MotivationMonday #WilliamButlerYeats

?? ????????????????: CTA Reporting Requirements Remain Paused The Fifth Circuit Court of Appeals has reinstated the nationwide injunction on the Corporate Transparency Act (CTA), halting enforcement of its reporting requirements. This means businesses are not required to file beneficial ownership reports at this time. The case is moving quickly through the courts, so stay tuned for updates as the Fifth Circuit conducts its expedited review. For details on how this impacts compliance, review Nicholas Goldsworthy’s article here! ???? ?? https://lnkd.in/g7G5Pdax #WittAndGoldsworthy #CorporateTransparencyAct #CTA #Compliance #BusinessLaw #LegalNews #StayInformed

The Supreme Court’s ruling in Connelly v. United States (2024) reshapes how life insurance impacts estate tax valuations for closely held corporations. Here’s a breakdown of the implications and strategic advice for business owners and companies: ?? ?????? ????????????????????????: ? The Court held that life insurance proceeds used to fund a stock redemption increase the value of a corporation for federal estate tax purposes. ? A redemption obligation funded by insurance proceeds does not offset the corporation’s value, as it is not deemed a liability. ?? ?????????????????? ??????????: 1. Revaluate Buy-Sell Agreements: Consider cross-purchase or hybrid models. 2. Plan for Estate Taxes: Work with advisors to assess tax exposure and ensure liquidity. 3. Clarify Valuation Methods: Keep agreements up to date with tax law and market value. 4. Explore Alternative Funding: Consider options like sinking funds or ILITs. 5. Focus on Ownership Transition: Balance redemption with proportional ownership and tailor agreements to family dynamics. ????????????????????: The Connelly ruling highlights the complex link between succession planning and tax law. Poorly structured agreements, even when well-intentioned, can lead to significant estate tax liabilities. Proactive, tailored strategies help protect estates and ensure business continuity. ?? ???????????? ??????????: 1. Conduct a comprehensive review of existing buy-sell agreements with legal and tax advisors. 2. Evaluate whether your current succession plan aligns with post-Connelly best practices. 3. Explore alternative funding mechanisms and legal structures to mitigate tax risks. Succession planning is as much about preserving your business as it is about protecting your legacy. Thoughtful structuring, paired with ongoing legal guidance, is key to achieving both goals. #WittAndGoldsworthy #BusinessLaw #LawFirm #ConellyVsUnitedStates #SucessionPlanning

??? ????????????????: ?????????????? ????, ???????? If you're in the communications or air transportation industry, don’t forget that taxes under the alternative method must be deposited for amounts billed or tickets sold during the first 15 days of December 2024. Make sure to meet this deadline to keep everything running smoothly! #WittAndGoldsworthy #BusinessLaw #LawFirm #Taxes #TaxDeadline #TaxCompliance

?? ???????? ??????????????: ???????? ???????????????? ?????????????? ?? ????????: “My exit plan can be created quickly if needed.” ?? ??????????: While it may seem like a last-minute exit plan could work in a pinch, rushing the process often leads to costly mistakes and missed opportunities. An effective exit plan takes time to develop, with careful consideration of your business's value, tax implications, succession planning, and long-term goals. Without proper planning, you risk undervaluing your business, overlooking key legal issues, or making decisions that don’t align with your future vision. In exit planning, there are no shortcuts. Plan wisely, and the long-term rewards will speak for themselves. #WittAndGoldsworthy #LawFirm #MythVsFact #ExitPlanning #BusinessStrategy #SuccessionPlanning #BusinessExit

“An entrepreneur sees potential where others see voids. They thrive on the uncharted, finding strength in the challenge of creating something from nothing. In adversity, they discover their greatest creativity.” – Ryan Holiday, The Obstacle is the Way (2014) #WittAndGoldsworthy #BusinessLaw #LawFirm #Quote #MotivationMonday #RyanHoliday