As we approach the year-end, taxpayers should consider the following amendments to regulations made by the Louisiana Department of Revenue earlier this year that go into effect today and on January 1st and the emergency rule regarding the following real and personal property regulations: LAC 61:V.703, 705, 901, 903, 907, 1007, 1103, 1301, 1303
Owners of businesses in Louisiana considering a sale or divestiture of their ownership interests or substantially all of the assets of a business entity domiciled in this state should be advised that during the 2024 Third Extraordinary Session the legislature repealed the net capital gains deduction in its entirety.
Read the full post on the
On June 17, 2024, the IRS published Revenue Ruling 2024-14 as part of a package it says will raise an additional $50 billion dollars of income taxes over the next decade from “basis-shifting transactions.” In addition to the Revenue Ruling, the package includes three proposed regulations affecting basis adjustments. The Revenue Ruling seeks to curtail
The Louisiana Department of Revenue has drafted an emergency regulation regarding the Louisiana net capital gains deduction, Louisiana Administrative Code 61:I.1312. The emergency regulation will be published in the January 20, 2024 issue of the Louisiana Register, but the rule is effective for all transactions occurring on or after January 1, 2024. The emergency
The SECURE 2.0 Act of 2022 (“SECURE 2.0”), signed into law by President Biden on December 29, 2022, is another round of retirement reforms that began with the original SECURE Act (i.e., the “Setting Every Community Up for Retirement Enhancement Act”) passed in 2019. SECURE 2.0 contains over 90 provisions that will have at
The Capital Construction Fund (“CCF”) program is designed to encourage owners of U.S. flagged vessels to accumulate sufficient capital to acquire additional U.S. flagged vessels by offering tax incentives to do so. The CCF program works like a combination of an IRA and a Roth IRA in the sense that, like a regular IRA, an