Legislature Retroactively Eliminates Michigan 10 Year Audit

On June 26th, Governor Snyder signed House Bill 5543, now Public Act (PA) 211 of 2012. By clarifying when Michigan’s four year statute of limitations begins, the new law will end the Michigan Department of Treasury’s current practice of conducting ten year use tax audits on registered Sales, Use, or Withholding taxpayers who have filed [...]

Expansion at Schwab rankles RIAs

With its acquisition of money manager ThomasPartners Inc. last week, The Charles Schwab Corp. took another step in building out its small but fast-growing proprietary separate-account platform. But by buying the firm, Schwab risks once again ruffling feathers among its army of more than 7,000 registered investment adviser custody customers, some of whom worry about [...]