On December 23, 2024, the United States Court of appeals for the Fifth Circuit granted a motion to lift the December 3rd preliminary injunction against the Corporate Transparency Act (CTA) and its reporting rules. The CTA established new reporting requirements that affect many businesses, necessitating certain companies to disclose their...
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Much of the talk about estate taxes these days centers on whether the incoming Trump Administration will extend the high federal exemption ($13.99 million for 2025), which is currently scheduled to sunset at the end of 2025 to its pre-2018 baseline of roughly $7 million. Thanks to the portability election,...
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On December 12, 2024, President Biden signed the Federal Disaster Tax Relief Act of 2023 into law, bringing good news to taxpayers who have suffered losses due to natural disasters. Here’s what you need to know about these changes and how they could impact your tax filings. Changes to Disaster...
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It’s inevitable. Sooner or later, you will part ways with this business. The one you’ve poured your heart and soul into — maybe even built from the ground up. When looking ahead to what’s next, you might have more questions than answers. What’s the best business exit strategy? Who will...
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On December 3, 2024, the United States District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA) and its reporting rules. The judge ruled that the CTA likely constitutes an unconstitutional overreach by Congress. Consequently, the upcoming compliance deadline has been delayed...
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