On Tuesday, the Louisiana Supreme Court rejected an attempt to block a constitutional amendment needed to complete the restructuring of the state’s tax laws sought by Gov. Jeff Landry and the Louisiana Legislature.
FinCEN Announces Pause on Fines and Other Penalties Related to BOI Reporting Deadlines
The Financial Crimes Enforcement Network (“FinCEN”) announced on February 27, 2025 that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update beneficial ownership information (“BOI”) reports.
FinCEN Confirms BOI Report Filing Extension to March 21 After Nationwide Injunction Lifted
For most businesses, Beneficial Ownership Information (“BOI”) reports will now be due by March 21, 2025 according to a FinCEN Notice updating deadlines for filing BOI reports.
Eastern District of Texas Stays Injunction Against Enforcement of BOI Reporting Requirements
The last nationwide injunction against enforcement of the Corporate Transparency Act’s Beneficial Ownership Information (“BOI”) reporting requirements has been stayed by Judge Kernodle of the Eastern District of Texas.
U.S. House Bill Would Extend Deadline to File BOI Reports by One Year
The United States House of Representatives unanimously passed the Protect Small Businesses from Excessive Paperwork Act on February 10, 2025, which would grant a one-year extension to file Beneficial Ownership Information (“BOI”) Reports under the Corporate Transparency Act.
FinCEN Announces Appeal of Nationwide Injunction and Thirty Day Extension for Reporting if Successful
On February 6, 2025, the Financial Crimes Enforcement Network (“FinCEN”) published an alert announcing that it has filed a Notice of Appeal in Smith v. U.S. Department of the Treasury, which enjoined the enforcement of Beneficial Ownership Information (“BOI”) Reporting requirements nationwide.
LDR Provides RIB Retaining Certain Sales and Use Tax Exemptions Inadvertently Repealed by State Tax Reform Measures
In response to the 2024 Third Extraordinary Session to address state tax reform, the Louisiana Department of Revenue (the “Department”) issued Revenue Information Bulletin No. 25-009 to clarify that certain exemptions and exclusions were inadvertently repealed due to “technical oversights.”
SCOTUS Stays Injunction on BOI Reporting Requirements
The Supreme Court of the United States stayed a nationwide injunction on January 23, 2025 in McHenry v. Texas Top Cop Shop, Inc. The Financial Crimes Enforcement Network (“FinCEN”) will now be allowed to enforce the filing requirements of the Corporate Transparency Act while the matter is pending in lower courts, meaning any business originally required to file BOI reports before January 1, 2025 must comply immediately.
Second Eastern District of Texas Judge Issues Injunction Against BOI Reporting Enforcement
Another judge with the Eastern District of Texas enjoined enforcement of the Beneficial Ownership Information reporting requirements on Wednesday January 8, 2025.
DOJ Pushes Forward: Emergency Writ Filed to Revive CTA Enforcement
The Department of Justice won’t give up. Today, the Department of Justice filed an emergency writ asking the Supreme Court to suspend the nationwide preliminary injunction holding the Corporate Transparency Act (“CTA”) unconstitutional and to allow enforcement of the act and its Beneficial Ownership Information filings until the final resolution of the case. This request