Business & Tax Blog

The Corporate Transparency Act (CTA) is officially back in action, with a new deadline for businesses to submit their beneficial ownership information (BOI) reports. After a February 17, 2025 court ruling lifted a nationwide injunction, the Financial Crimes Enforcement Network (FinCEN) announced that most businesses must file their initial or…

On December 26, 2024, a federal appellate court reversed its own December 23 ruling and reinstated a lower Texas court’s nationwide suspension of Beneficial Ownership Information/BOI reporting under the Corporate Transparency Act on Constitutional grounds.  BOI compliance is not required until the court takes further action, which we do not…

A federal district court in Texas has held the Corporate Transparency Act’s beneficial ownership reporting law likely violates the U.S Constitution, justifying a stay and injunction preventing enforcement of the law pending the resolution of the case. As a result, business owners are not required to file “Beneficial Ownership Information…

On November 15, 2024, the federal court in Texas v. United States Department of Labor (“DOL”) and Plano Chamber of Commerce v. DOL, consolidated cases in the Sherman Division of the Eastern District of Texas, set aside and vacated the new federal Overtime Rule. The Texas court held that the…

The Tax Court recently held in Maggard v. Commissioner (T.C. Memo 2024-77) that an S corporation’s disproportionate distributions did not result in a disqualifying second class of stock. One of the requirements of an S corporation is that all its shares of stock have identical rights to distribution and liquidation proceeds, which…