Nicholas Brown, an editor for Farm Law & Tax, recently gave a webinar to extension agents associated with Virginia Tech. The webinar, which is free for anyone to watch, reviews tax rules designed to lessen the impact of natural disasters such as Hurricane Helene. Though delivered to a Virginia-based audience, the webinar provides information that is applicable to anyone affected by Hurricane Helene, including North Carolina residents. The webinar can be viewed at this link. The slides used during the presentation can be found at this link.
During the presentation, Brown was also asked about the Corporate Transparency Act (CTA), which imposes beneficial ownership information (BOI) filing requirements on certain entities including limited liability companies (LLCs). After the presentation ended, Brown was made aware of a court ruling out of Texas that affected what was said during his presentation. On December 3rd, 2024, the United States District Court of the Eastern District of Texas issued a nationwide preliminary injunction against the Corporate Transparency Act. As such, the Act's requirements to file Beneficial Ownership Information reports with FinCEN are stayed until further notice for all entities covered under the Act across the nation, including North Carolina. Please subscribe to this portal to ensure that you stay up to date as further developments occur that could impact the injunction's effect. This article covers the injunction in greater detail. The following article has been posted in order to cover questions that might arise in the event that the injunction is lifted and BOI reporting requirements are reinstated.
Further Reading on Hurricane Helene:
For more information on Hurricane Helene disaster relief, please read other articles found on Farm Law & Tax concerning the subject:
Hurricane Helene: Tax Rules for Farmers to Know as 2024 Comes to a Close
Taxability of Disaster Relief Payments
Updates on Unemployment Benefits
Waiver of Dyed Diesel Regulations (waiver now expired)
