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
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.
SCOTUS Holds that Life Insurance Proceeds Used to Finance Stock Purchase Agreements Do Increase the Value of Closely Held Corporations for Estate Tax Purposes
On June 6, 2024, the Supreme Court of the United States ruled that life-insurance proceeds required to be used to redeem stock of a deceased shareholder must be included in the value of the company for purposes of determining the deceased shareholder’s gross estate.