A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA’s accompanying regulations.

The injunction, which according to the court should apply nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).

For the second time in three years, Gov. Brian Kemp is giving Georgians a tax rebate worth more than $1 billion.

Kemp said Tuesday he will include the rebate in the mid-year budget he introduces to the General Assembly in January. He said the extra money will come in handy, particularly for Georgians who suffered losses from Hurricane Helene.

“We all know that even if inflation has fallen, high prices haven’t,” he said. “Families see that every day when they go to the grocery store or the gas pump. … People shouldn’t have to deal with that added burden, especially in the wake of tragedy.”

From the IRS Website

 

IR-2024-253, Oct. 1, 2024

WASHINGTON — The Internal Revenue Service today announced disaster tax relief for all individuals and businesses affected by Hurricane Helene, including the entire states of Alabama, Georgia, North Carolina and South Carolina and parts of Florida, Tennessee and Virginia.

Taxpayers in these areas now have until May 1, 2025, to file various federal individual and business tax returns and make tax payments. Among other things, this includes 2024 individual and business returns normally due during March and April 2025, 2023 individual and corporate returns with valid extensions and quarterly estimated tax payments.

Many people currently qualify for a 0% federal income tax rate on net long-term capital gains (LTCGs) and qualified dividends earned in their taxable accounts. Investment assets that may qualify include marketable securities and real estate held outside of tax-favored retirement accounts. Here's how you might be able to take advantage of this favorable rate — even if your income is too high to qualify for it yourself.

Once your business has survived the start-up phase, it's got a solid foundation to grow. Business and financial advisory services are critical at this stage of development. Here are some major areas or functions of your company to focus on as you look to take it to the next level.