On March 1, 2024, the Governor of New York signed a law that amends the New York LLC Transparency Act, which originally had been enacted on December 22, 2023. (The original law was discussed in our January 3, 2024 post.) The amendment to the law pushes back the effective date until 2026, so LLCs will not have to file initial reports about their beneficial owners until 2026. However, once an LL...
As discussed in our earlier posts, most recently on February 27, 2024, the Corporate Transparency Act requires many business entities to report information about their beneficial owners in a brand-new government database. There has been much attention paid to a recent court decision related to the Corporate Transparency Act, but despite the publicity about the case, the Corporate Transparency ...
As discussed in our post on January 23, 2024, bonus depreciation for the 2023 tax year has been reduced to 80% of the cost of eligible property. (This is down from 100% bonus depreciation that applied in the 2022 tax year and in recent prior years.) The bill that could retroactively change the bonus depreciation rules for the 2023 tax year has stalled in Congress. The future fate of the bill i...
