The U.S. Fifth Circuit Court of Appeals reinstated the injunction against enforcement of the Beneficial Ownership Information reporting requirements.
New Update: FINCEN Extends CTA Filing Deadlines to January 13, 2025
On the evening of December 23, 2024, FINCEN posted the following notice on its website extending CTA filing deadlines from December 31, 2024, to January 13, 2025 and extending other filing deadlines as set forth below:
“In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are
Fifth Circuit Lifts Injunction on BOI Reporting
Just in time for Christmas, the U.S. Fifth Circuit Court of Appeals lifted the nationwide injunction on enforcement of the Beneficial Ownership Information Report (“BOI Report”) filing requirements under the Corporate Transparency Act. This presumably means that BOI Reports will be due before January 1, 2025. We will continue to monitor FinCEN in hopes that
LDR Rule Amendments and Emergency Rule
As we approach the year-end, taxpayers should consider the following amendments to regulations made by the Louisiana Department of Revenue earlier this year that go into effect today and on January 1st and the emergency rule regarding the following real and personal property regulations: LAC 61:V.703, 705, 901, 903, 907, 1007, 1103, 1301, 1303
Elimination of Louisiana’s Net Capital Gains Deduction from Income Tax
Owners of businesses in Louisiana considering a sale or divestiture of their ownership interests or substantially all of the assets of a business entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
NLRB Rules that Compelled Attendance at Meetings Regarding Union Organizing and Statements Regarding the Impact of Unionization May Violate the Law
The National Labor Relations Board (“NLRB”) has been busy recently, reversing 80-year-old precedent concerning captive audience meetings and 40-year-old precedent concerning permissible statements about the impacts of unionization.
2025 Internal Revenue Service Limits Annual Cost of Living Adjustments
The Internal Revenue Service (IRS) recently announced the annual cost-of-living adjustments to the dollar limits applicable to certain employer sponsored retirement, welfare and fringe benefit plans for 2025.
Eastern District of Texas Issues Nationwide Injunction Against the BOI Reporting Requirements of the Corporate Transparency Act
A federal district court in Texas issued a preliminary nationwide injunction on December 3, 2024, blocking the Corporate Transparency Act (CTA) and its associated regulations, which require U.S. business entities to report beneficial ownership information to the Treasury Department.
The injunction was granted by Judge Amos L. Mazzant III of the U.S. District Court for
Proposed Changes to Louisiana Severance Tax Scheme
In keeping with the Governor’s call for the Legislature’s 2024 Third Extraordinary Session, House Bill No. 25 was introduced on Monday seeking to adjust severance tax rates, eliminate exemptions, and modify administrative procedures and dedications of mineral revenues.
Governor Landry Calls For an Extraordinary Session of the Legislature to Address Tax Reform
On October 26, 2024, Governor Landry issued a Call to Convene the Legislature of Louisiana into Extraordinary Session (the “Call”) to address state tax reform.