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
Louisiana Tax Changes to Take Effect January 1
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.
Should I File? CTA Injunction Redux
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entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
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.