The Internal Revenue Service (“IRS”) announced a new electronic filing platform for Form 15620 to make an election pursuant to Section 83(b) of the Tax Code. 83(b) elections allow a taxpayer who receives equity compensation in a business that is subject to a substantial risk of forfeiture, such as a vesting agreement, to claim the
The Court of Chancery of Delaware recently validated the Delaware asset protection trust laws and rejected a creditor’s attempt to seize assets held in a Delaware asset protection trust in order to enforce a $14 million judgment from Michigan against the trust’s grantor. In the Matter of the CES 2007 Trust. The creditor alleged that
On July 4, 2025, the President of the United States signed the One Big Beautiful Bill (the “Bill”), which included significant taxing and spending modifications. To pay for extending certain tax cuts and other changes, the bill adds an Adjusted Gross Income (“AGI”) floor for charitable contribution deductions for both individuals and corporations.
President Donald J. Trump signed the “One Big Beautiful Bill Act”, H.R. 1, 119th Cong., on July 4th, just one day after the House passed it on a 218-214 vote.
While several bills were considered that would restructure the state’s severance tax scheme on oil and gas during Louisiana’s 2025 regular legislative session, three bills aimed to stimulate drilling activity and attract jobs in the energy sector were passed and sent to Governor Jeff Landry for his signature.
The tax writing committee of the House of Representatives has proposed a bill which would increase permanently the unified estate and gift tax lifetime exemption equivalent and the lifetime exemption from the tax on generation skipping transfers to $15 Million, indexed for inflation with a base year of 2025.
FinCEN announced an interim final rule on March 21, 2025 that removes both United States companies, regardless of ownership, and United States persons from the definition of Reporting Companies required to file a Corporate Transparency Act Beneficial Ownership Information (“BOI”) Report . Under the new rule, “Reporting Company” means only those entities “that are formed
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
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.
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.”