Insights

Richard Levychin, CPA to Moderate “Utilizing IRC Section 181 for Independent Film Production Investments While Generating Robust Tax Deductions” Jan 22nd

Taxation and Valuation of Stock Compensation Provided to Founders

UPDATE: Injunction on Corporate Transparency Act ….Again

Beneficial Ownership Information Reporting Injunction Lifted, Putting in Place a January 13, 2025 Filing Due Date for Most BOI Reports

UPDATE: Injunction on Corporate Transparency Act ….Again

The nationwide injunction has been reinstated on the enforcement of the Corporate Transparency Act (CTA). The latest action comes from the merits panel of the Fifth Circuit Court of Appeals.

There has been an abundance of activity surrounding the CTA in just the last several weeks, here is an updated timeline:

Current Status

  • December 26: Merits panel of the Fifth Circuit Court of Appeals vacates the lifting of the stay, thus reinstating the injunction, issued by a different panel on December 23. 

Earlier This Month

  • December 23: Fifth Circuit Court of Appeals lifted the original nationwide injunction and FinCEN extended some BOI reporting deadlines to January 13, 2025.
  • December 6: Federal District Court placed a preliminary injunction on the enforcement of the CTA in Texas Top Cop Shop, Inc., et al. v. Garland, et al., Case No. 4:24-cv-478 (E.D. Tex.)

Galleros Robinson will keep you updated as things continue to progress.

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The information presented here should not be construed as legal, tax, accounting, or valuation advice. No one should act on such information without appropriate professional advice and after a thorough examination of the particular situation.