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.
Governor Landry Calls For an Extraordinary Session of the Legislature to Address Tax Reform
On October 26, 2024, Governor Landry issued a Call to Convene the Legislature of Louisiana into Extraordinary Session (the “Call”) to address state tax reform.
FinCEN Extends CTA Filing Deadlines for Certain Businesses in Louisiana Due to Hurricane Francine
On October 29, 2024, the Financial Crimes Enforcement Network (FinCEN) announced that certain businesses in Louisiana affected by Hurricane Francine will have an additional six months to submit beneficial ownership information (BOI) reports
Louisiana Extends Certain Filing and Payment Deadlines Due to Hurricane Francine
On September 13, 2024, the Louisiana Department of Revenue (the “Department”) published Revenue Information Bulletin Number 24-019 granting automatic extensions to eligible individuals and businesses impacted by Hurricane Francine.
IRS Extends Filing Deadlines for Taxpayers in Louisiana due to Hurricane Francine
On September 13, 2024, the Internal Revenue Service (IRS) announced that taxpayers in Louisiana will have until February 3, 2025 to file various federal individual and business tax returns and make certain payments due to Hurricane Francine. The extension applies to any individual, business, or tax-exempt organization that has a valid extension to file their
FinCEN Finalizes Reporting Rule for Certain Residential Property Transfers
The Financial Crimes Enforcement Network (FinCEN) finalized a rule on August 28, 2024 that creates new reporting requirements for certain transfers of residential real estate. Under the new rule, transfers of residential real estate not already subject to the Anti-Money Laundering and Countering the Financing of Terrorism regulatory regime will be required to submit a Real Estate Report.
IRS Provides Details of the Second Employee Retention Credit Voluntary Disclosure Program
The Internal Revenue Service (“IRS”) published details regarding the second Employee Retention Credit Voluntary Disclosure Program (the “Disclosure Program”) on August 15, 2024. The Disclosure Program will allow employers who previously received payments for their Employee Retention Credit (“ERC”) to repay 85% of the credit received.
FTC Noncompete Ban Killed Before Taking Effect
The FTC’s ban on noncompete agreements has been struck down for all employers nationwide just two weeks before it was to take effect.