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.
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issued Revenue Information Bulletin No. 25-009 to clarify that certain exemptions and exclusions were inadvertently repealed due to “technical oversights.”
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.
In E.M.D. Sales, Inc. v. Cabrera, the Supreme Court unanimously held that a preponderance of the evidence standard applies when an employer must demonstrate that its employees were correctly classified as exempt from the minimum-wage and overtime-pay requirements of the Fair Labor Standards Act (“FLSA”).
Another judge with the Eastern District of Texas enjoined enforcement of the Beneficial Ownership Information reporting requirements on Wednesday January 8, 2025.
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
At the conclusion of the 3rd Extraordinary Session of 2024, the Louisiana Legislature passed a series of bills aimed at reforming the Louisiana tax code.
The U.S. Fifth Circuit Court of Appeals reinstated the injunction against enforcement of the Beneficial Ownership Information reporting requirements.
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
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