Fight Retail Crime Day – Oct. 24, 2024
This day of action unites the retail industry in advocating for legislative solutions to address rising retail crime, theft, and violence. While Michigan has taken great steps to curbing ORC with the Attorney General Nessel’s support and the FORCE team’s success, it’s Congress’ job to step up by passing
the Combating Organized Retail Crime Act – CORCA (S. 140/H.R. 895). CORCA would increase federal coordination by establishing a new Organized Retail Crime Coordination Center to combine expertise and resources from federal, state, and local law enforcement agencies and retail industry representatives.
These crimes not only have an economic impact on retailers, but also a broader effect in terms of the safety of store employees and customers. According to NRF’s 2023 National Retail Security Survey, more than two-thirds (67%) of respondents said they experienced an increase in violence and aggression from ORC perpetrators compared with a year ago. Organized retail crime groups extend into other criminal activities, including transnational groups involved in human, weapons, and drug trafficking.
Treasury updates RAB on sales tax treatment of food/prepared food
On Aug. 20, Michigan Department of Treasury published Revenue Administrative Bulletin (RAB) 2024-13 Sales and Use Tax – Food For Human Consumption. This RAB explains the sales- and use-tax treatment of food and prepared food. It updates and replaces RAB 2022-4 and is based on Public Acts 141 and 142 of 2023 signed into law on Oct. 3, 2023.
Michigan WIC: New Food Guide available as of August 1
Notable changes for this Food Guide include the addition of new flavors in brand-specific food categories like cereal and juice, removal of images for discontinued products, and update of the allowed/not-allowed descriptions for fruits and vegetables. The UPCs for any new products have been loaded in the approved products list (APL) and are now available for redemption in-store.
Corporate Transparency Act: New filing requirement due by Dec. 31
What you need to know:
The Corporate Transparency Act (CTA) is a U.S. federal law that went into effect on Jan. 1, 2024 and requires reporting of personal information on owners and some employees to FinCen (the Financial Crimes Enforcement Network which is part of the Internal Revenue Service). The law requires collecting personal information on “beneficial owners” to share with law enforcement and certain government agencies for investigative purposes as part of efforts to make it harder for bad actors to hide. Businesses that existed prior to Jan. 1, 2024 have until Dec. 31, 2024 to comply. Companies founded after Jan. 1, 2024 must comply within 90 days of forming the new business.
Companies, including limited liability companies (LLCs), corporations, and similar entities, are obligated to file reports with FinCEN containing information on “beneficial owners” such as social security number, driver’s license, passport number, and home address. This information is not publicly disclosed and is only intended for use by law enforcement and certain government agencies. “Beneficial Owners” refers to all individuals who own or have substantial control in that business, defined as an individual who, directly or indirectly, exercises substantial control over a company or owns or controls at least 25% of the ownership interests of the company.
Businesses must keep this filing updated within 30 days of any changes of ownership or previously reported information pertaining to a “beneficial owner.” The penalties associated with noncompliance are thousands of dollars in fines and up to two years in federal prison. While some lawsuits and challenges to the requirement exist, business owners should be prepared to comply ahead of the Dec. 31 deadline to avoid penalties.
Updated labor law posters available
MRA has updated federal and state labor law posters available to members. Updates bring all postings up to spring 2024 versions and now feature a state poster and federal poster instead of one extra large poster. As a MRA member benefit, you get one free set of posters (sold elsewhere for $30-$40). To get your free state and federal posters, use coupon code LABOR1 during check out. Additional poster sets cost $30 each plus tax.
Deadlines and Reminders
- Oct. 1-Dec. 16 – Michigan WIC Central Region Vendor Contract Renewal (rolling 3-year renewal period by region)
- Oct. 31 – Nursery Dealer and Growers Licenses expire
- Nov. 1-Jan. 15 – Open enrollment for individual health care coverage
- Nov. 30 – CBD/hemp processor-handler license renewal deadline. These licenses are required for retailers who wish to sell CBD products. The annual license applies to consumable and non-consumable hemp and hemp products.
Monthly Reminders:
- Sales & Use Tax – Monthly & EFT – On or before the 20th day of the following month.
- Withholding Tax – Monthly & EFT – On or before the 20th day of the following month.
- Retailer’s Prepaid Wireless 911 Surcharge – Within 30 days of the close of each month. Receipt of a complete Form 5012 is required regardless of payment method.
Quarterly Reminders:
- Corporate Income Tax (CIT) Estimated Returns and Payments (Jan. 15, April 15, July 15, Oct. 15).
- Sales & Use Tax – Quarterly & EFT – On or before the 20th day of the month following the quarter (Jan. 20, April 20, July 20, Oct. 20).
- Withholding Tax – Quarterly – On or before the 20th day of the month following the quarter (Jan. 20, April 20, July 20, Oct. 20).
