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During his 2024 presidential campaign, President-elect Donald Trump promised to impose a variety of new tariffs, even without congressional approval. But can a president really levy such tariffs without congressional consent?

The Gift and Estate Tax Exclusion is currently scheduled to be reduced by approximately 50% in about 13 months.  Without action from Congress, on January 1, 2026, the Exclusion will go from almost $14 million to about $7 million.  But with Republicans taking over the presidency, House and Senate in 2025, the increased Exclusion could be extended.  For families with more than $14 million, this legal uncertainty creates gift planning uncertainty.

The United States Patent and Trademark Office ("PTO") has issued its Final Rule adjusting filing fees at all stages of the trademark application and maintenance filing process. The new fees will take effect on January 18, 2025.

The United States Patent and Trademark Office (USPTO) has issued its Final Rule with adjusted filing fees at all stages of patent and trademark application filings through maintenance fees. The fee increases will take effect on January 19, 2025.

On November 15, 2024, the United States District Court for the Eastern District of Texas blocked the Department of Labor’s 2024 Rule that would have expanded entitlement to overtime wages for millions of American workers. The decision to vacate and remand the rule back to the department for further consideration applies nationwide. 

HB 5100 and HB 5101, as passed by the Michigan House of Representatives and Senate, and to be signed by Governor Gretchen Whitmer, provide a new income tax credit. For tax years beginning on and after January 1, 2025, Michigan will allow an income tax credit for qualifying research and development expenses incurred in the calendar year.

Can employers force workers to sit through a meeting where its (critical) views of unionization are presented to dissuade them from joining a union? The National Labor Relations Board ruled that mandating employees to attend these so called “captive-audience meetings” violates Section 8(a)(1) of the National Labor Relations Act (NLRA). This decision, resulting from a case involving Amazon’s mandatory anti-union meetings at its Staten Island facilities, overturns a significant 1948 ruling that had previously permitted companies to hold mandatory gatherings to present opposing perspectives on union formation, justified by Section 8(c) of the NLRA, which protects employers’ right to express opinions.

The Internal Revenue Service recently announced the 2025 cost of living adjustments for the estate and gift tax exclusion amounts.

In Grigsby v. United States, the Justice Department used discovery procedures in federal district court essentially to audit a taxpayer’s federal income tax credits for research activities. The court found that the taxpayer was not entitled to the credits, the U.S. Court of Appeals for the Fifth Circuit affirmed, and the Supreme Court denied certiorari.

On Nov. 1, 2024, the IRS published its annual cost of living adjustments for various retirement plan limits. These increases are more modest than recent years, a reflection that inflation is slowing.