On Wednesday, September 27, the Treasury Department announced a new proposed rule extending the deadline for companies formed in 2024 to comply with the Corporate Transparency Act’s beneficial ownership and control reporting rules. 

The Corporate Transparency Act requires most existing and most new businesses to file a detailed report with FINCEN (the United States Treasury’s Financial Crimes division) detailing who the major owners and managers are.  Currently, the filing period commences January 1, 2024.

In a unanimous decision, a three-judge panel of the Louisiana Third Circuit Appeal affirmed the authority of the Louisiana Tax Commission to correct property tax assessments of #pipelines when a local assessor uses values that are too high or do not reflect fair market value. Cheryl Kornick represented the taxpayer in this matter.

With the 2023 Louisiana Legislative Session under way, it is a good time to highlight the lobbying election available to qualifying public charities exempt from federal income tax under section 501(c)(3) of the Internal Revenue Code.

Nonprofit organizations that qualify for federal income tax exemption as public charities under section 501(c)(3) of the Internal Revenue

New IRS guidance confirms no step up in basis for grantor trust assets that are not included in the decedent’s estate.

Rev. Rul. 2023-02 clarifies that the basis adjustment under section 1014 of the Internal Revenue Code does not apply to “step up” the basis for assets in grantor trusts treated as owned by the