News & Alerts

In a letter to the Senate Finance Committee Chairman and Ranking Member, the American Institute of CPAs (AICPA), together with 53 state CPA societies, raised serious concerns with the removal of the pass-through entity tax (PTET) deduction of state and local taxes, which has helped to provide some parity between corporations and pass-throughs.

This morning, the AICPA and state CPA societies in 53 states and jurisdictions sent a letter to the Senate Committee on Finance urging the retention of the ability for all pass-through entities to deduct state and local taxes at the entity level.

The Senate is considering a sweeping bill that will unfairly increase taxes for local accountants, pharmacists, dentists, and others — but retain deductions for large corporations. The legislative package, known as the “big beautiful bill,” would eliminate state and local taxes (SALT) for pass-through entities (PTEs). Since the majority of U.S. businesses are structured as PTEs, the bill will have massive implications for the [state] economy and regional accounting firms. By June 13, call or email our senators and urge them to preserve the existing PTET SALT deductions for all businesses.

AICPA has requested that all members contact Congressional Representatives by tomorrow, Wed., May 21 to preserve the PTET SALT deduction. More details along with sample email language and congressional contact information provided.

As the Louisiana filing deadline nears, Jerry Schreiber recaps the "what you need to know" to make it through.

Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the FinCEN is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

Read about changes to Louisiana’s individual income tax as enacted by Act 11 of the 2024 Third Extraordinary Session of the Louisiana Legislature. Click and save the RIB.

Read AICPA's statement on the BOI enforcement freeze noting further clarification is needed.

With respect to the CTA, Treasury will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.

Read about FinCEN's interim final rule that extends BOI reporting deadlines.

LCPA's Advocacy Team navigates the noise to bring you clear, concise updates on the issues that matter most.

The 2024 Third Extraordinary Session resulted in substantive reforms to hundreds of taxrelated statutes with an effective date of January 1, 2025.

A special thank you to Gerry Schreiber and Beth Brennan for preparing the attached article, which offers valuable insights into The Federal Disaster Tax Relief Act of 2023. We will continue to inform you about related guidance and specifics as they become available.

The Supreme Court granted a stay for case No. 4:24–cv–478 from the United States District Court for the Eastern District of Texas, pending appeals and any potential certiorari. Justices Gorsuch and Jackson issued separate opinions, with Gorsuch concurring and Jackson dissenting.

In light of a 12/23/24, federal Court of Appeals decision, reporting companies, except as indicated by FinCEN, are required to file BOI. Because reporting companies may need more time, FinCEN has extended the reporting deadline for certain companies. Read about the extensions.

The 5th Circuit Court of Appeals has reversed its previous rejection of FinCEN’s appeal of the BOI injunction. This decision effectively lifts the injunction, reinstating the original filing deadline of January 1, 2025.

Read the Financial Crimes Enforcement Network's response to the preliminary injunction that remains in effect and what it means for CPA firms.

As the reporting deadline for the Beneficial Ownership Information (BOI) approaches quickly, LCPA has heard concerns from many members regarding the lack of clarity and guidance from the Financial Crimes Enforcement Network (FinCEN) and the January 31, 2025 deadline.

Following the recent Texas Top Cop Shot, Inc., et al., v. Merrick Garland, Attorney General of the United States court case and subsequent appeal, the AICPA released the following statement, attributable to Melanie Lauridsen, Vice President of Tax Policy & Advocacy for the AICPA.

AICPA and State CPA Societies issue letter to voice concerns with the rollout and continued push to implement BOI reporting requirements without regard for the impact to the small business community. Read the letter in its entirety.