The tax writing committee of the House of Representatives has proposed a bill which would increase permanently the unified estate and gift tax lifetime exemption equivalent and the lifetime exemption from the tax on generation skipping transfers to $15 Million, indexed for inflation with a base year of 2025.
It has been reported that the House tax committee’s draft bill to renew President Donald Trump’s tax cuts proposes to increase the state and local tax deduction to $30,000 for couples, but limits the write-off to households earning $400,000 or less.
The IRS has obsoleted nine pieces of sub regulatory guidance in accordance with an executive order by President Trump to improve government efficiency by reducing regulations. In identifying the guidance documents for removal, the IRS determined that these guidance documents no longer provide useful information.
Among the guidance obsoleted by Notice 2025-22 is Notice 2015-73
Several bills aimed at making changes to Louisiana severance tax laws were filed on Friday, the deadline for pre-filing bills to be considered during the Louisiana Legislature’s upcoming regular session, which is a fiscal one.
While voters in Louisiana may have rejected all four of the constitutional amendments on Saturday’s ballot (the Secretary of State reported just over 21% voter turnout), including Amendment No. 2 which contained significant tax measures, efforts at tax reform are likely to resume during the Legislative Session that convenes next month.
FinCEN announced an interim final rule on March 21, 2025 that removes both United States companies, regardless of ownership, and United States persons from the definition of Reporting Companies required to file a Corporate Transparency Act Beneficial Ownership Information (“BOI”) Report . Under the new rule, “Reporting Company” means only those entities “that are formed
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.
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issued Revenue Information Bulletin No. 25-009 to clarify that certain exemptions and exclusions were inadvertently repealed due to “technical oversights.”
Another judge with the Eastern District of Texas enjoined enforcement of the Beneficial Ownership Information reporting requirements on Wednesday January 8, 2025.
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.