On October 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced that certain businesses in Louisiana affected by Hurricane Francine will have an additional six months to submit beneficial ownership information (BOI) reports
Louisiana Extends Certain Filing and Payment Deadlines Due to Hurricane Francine
On September 13, 2024, the Louisiana Department of Revenue (the “Department”) published Revenue Information Bulletin Number 24-019 granting automatic extensions to eligible individuals and businesses impacted by Hurricane Francine.
IRS Extends Filing Deadlines for Taxpayers in Louisiana due to Hurricane Francine
On September 13, 2024, the Internal Revenue Service (IRS) announced that taxpayers in Louisiana will have until February 3, 2025 to file various federal individual and business tax returns and make certain payments due to Hurricane Francine. The extension applies to any individual, business, or tax-exempt organization that has a valid extension to file their
FinCEN Finalizes Reporting Rule for Certain Residential Property Transfers
The Financial Crimes Enforcement Network (FinCEN) finalized a rule on August 28, 2024 that creates new reporting requirements for certain transfers of residential real estate. Under the new rule, transfers of residential real estate not already subject to the Anti-Money Laundering and Countering the Financing of Terrorism regulatory regime will be required to submit a Real Estate Report.
IRS Provides Details of the Second Employee Retention Credit Voluntary Disclosure Program
The Internal Revenue Service (“IRS”) published details regarding the second Employee Retention Credit Voluntary Disclosure Program (the “Disclosure Program”) on August 15, 2024. The Disclosure Program will allow employers who previously received payments for their Employee Retention Credit (“ERC”) to repay 85% of the credit received.
FTC Noncompete Ban Killed Before Taking Effect
The FTC’s ban on noncompete agreements has been struck down for all employers nationwide just two weeks before it was to take effect.
NAR Settlement: What Real Estate Practitioners Need to Know
On August 17, 2024, new requirements governing the relationship between residential buyers, sellers, and real estate agents went into effect.
FinCEN Confirms the CTA Does Not Require Disregarded Entities to Obtain an EIN
On July 24, 2024, FinCEN updated its Corporate Transparency Act FAQ section to confirm that disregarded entities may use their parent’s Employer Identification Number when filing Beneficial Ownership Reports.
FinCEN Corrects Employer Identification Number Issue for Single Member LLCs
After receiving complaints that disregarded entities required to file Beneficial Ownership Information (BOI) Reports could not do so using their parent’s Employer Identification Number (EIN), the Financial Crimes Enforcement Network (FinCEN) has corrected the issue.
New Revenue Ruling Aims to Root Out “Basis-Shifting Transactions”
On June 17, 2024, the IRS published Revenue Ruling 2024-14 as part of a package it says will raise an additional $50 billion dollars of income taxes over the next decade from “basis-shifting transactions.”