Wealth Through Simplicity

Issue 10.47

December 6, 2024

SUPERSTARS IN BUSINESS

RIVERSEDGE ADVISORS | BUILDING WEALTH THROUGH SIMPLICITY

At RiversEdge Advisors, putting clients’ interests first is more than a mission—it’s the foundation of everything they do. With a straightforward approach, the firm leverages proven strategies and cost-efficient, nonproprietary services to help clients achieve their financial goals while managing risk effectively. Read more >

“We believe that complexity hinders execution. By educating clients in simple, understandable terms, we empower them to make informed decisions and reduce their financial anxiety.”

WATCH THEIR VIDEO:

COURT BLOCKS CORPORATE TRANSPARENCY ACT

From Forbes

In Texas Top Cop Shop v Garland et al. ( case 4:24-cv-00478 December 3, 2024) , the U.S. District Court for the Eastern District of Texas issued a nationwide preliminary injunction against the enforcement of the Corporate Transparency Act (CTA), questioning its constitutionality and its impact on small businesses. The CTA, enacted as part of broader anti-money laundering efforts, mandates companies to disclose their beneficial ownership information to a federal database maintained by the Financial Crimes Enforcement Network (FinCEN). Read more >

RECOMMENDED STEPS FOR BUSINESSES:

Businesses That Have Filed with FinCEN:

Pause Compliance Efforts: The injunction currently halts enforcement of the CTA. While FinCEN may appeal, no immediate action is required at this stage.
Monitor Legal and Administrative Developments: Stay updated on litigation outcomes and any policy shifts under the next administration.
Protect Data: Ensure that any previously submitted beneficial ownership information is safeguarded against potential misuse.

Businesses That Have Not Filed:

Delay Filing: The nationwide injunction means that no business is currently required to comply with the CTA, but further guidance or court decisions could reinstate the act’s enforceability.
Consult Legal Counsel: Businesses should work with legal advisors to evaluate their exposure under the CTA if the injunction is lifted or enforcement resumes.
Prepare for Potential Compliance: If the injunction is overturned on appeal, businesses may need to act quickly to meet reporting deadlines. Having compliance mechanisms in place will help mitigate risks.

TAX FOUNDATION RELEASES LATEST EDITION

2025 STATE TAX COMPETITIVENESS INDEX

The Tax Foundation’s State Tax Competitiveness Index enables policymakers, taxpayers, and business leaders to gauge how their states’ tax systems compare. While there are many ways to show how much state governments collect in taxes, the Index evaluates how well states structure their tax systems and provides a road map for improvement.

Download the report >

View interative tool >

DE | #18 OVERALL

Corporate Taxes

Invididual Income Taxes

Sales Taxes

Unemployment Insurance Taxes

Property

Taxes

NEIGHBORING STATES

#34 Pennsylvania

#46 Maryland

#49 New Jersey

FAST FACT: Delaware, despite maintaining several distinctly uncompetitive provisions, ranks above average on the Index due to its lack of a sales tax.

AMBASSADOR SPOTLIGHT

ANTHONY DELCOLLO

What inspired you to get involved with the Delaware State Chamber of Commerce? I became more familiar with the State Chamber’s work due to my involvement in local politics and my time in the Delaware General Assembly as a state senator. The State Chamber supports policies that are in turn helpful to businesses of all sizes. I agreed to become an ambassador because I have seen first-hand how pivotal it is that all voices have a seat at the table when developing legislation and policy for our state. The voices of our business owners and entrepreneurs should be heard. Read more >

FAST FACT: Delaware, despite maintaining several distinctly uncompetitive provisions, ranks above average on the Index due to its lack of a sales tax.

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