Jan. 1 is deadline for Beneficial Ownership filing

The Corporate Transparency Act requires U.S. business owners to file Beneficial Ownership Information (BOI) by Jan. 1, 2025.

The measure is designed "to make it harder for bad actors to hide or benefit from their ill-gotten gains through shell companies or other... ownership structures," according to www.fincen.gov.

Companies created in 2024 have 90 calendar days to file their BOI report; those created prior to 2024 have until Jan. 1, 2025.

However, companies created in 2024 that should have filed between Sept. 8 and Dec. 7, 2024 -- but are located in a declared disaster area due to Hurricanes Francine, Milton, Helene, Debby or Beryl -- have an additional six months to file.

Filing the Beneficial Ownership Information Report can be done here.

Judge blocks labor rule expanding overtime pay

A rule implemented earlier this year by the U.S. Department of Labor increased the annual salary threshold for overtime eligibility from $35,568 to $43,888. That threshold was scheduled to increase to $58,656 as of Jan. 1, 2025 and mandated the threshold increase every three years.

But in November, a federal judge in Texas struck down the rule with a summary judgment, finding it went beyond the agency's authority, according to several news organizations. The ruling is applicable nationwide, impacting an estimated 4 million workers, and re-sets the threshold back to the $35,568 mark.

The labor department is anticipated to appeal the ruling. Employers who have already complied with the first threshold increase who wish to roll back the standard for overtime in their companies should consult the state labor department as notice is required before wages are changed and may wish to consult legal guidance before taking action. Others may decide to retain the increased threshold but not take further action on Jan. 1.

Port of Terrebonne newest local Certified Site

The Port of Terrebonne’s available 44-acre site on Rome Woodard Street in Houma has been awarded the designation of Terrebonne Parish’s newest LED Certified Site.

The property, located less than half a mile from Houma’s city limits, is a prime location for developments needing access to 15-foot water depth and a path to the Gulf of Mexico. The site boasts 100 linear feet of bulkhead waterfront and four acres of stabilized land. To help facilitate industrial development, the Port of Terrebonne offers to build up to $15 million in infrastructure for leaseback. For more information, view the property tract here.

Tax benefits assist hiring the disabled, increasing access

Considering hiring a disabled worker? Tax credits are available to assist the company investing to increase access to employment opportunities for disabled workers.

The Disabled Access Credit, taken with Form 8826, is a non-refundable tax credit for small businesses that can be claimed each year expenses are incurred to improve access. Small businesses earning $1million or less with no more than 30 full-time employees are eligible.

The Architectural Barrier Removal tax deduction encourages businesses of any size to remove architectural and transportation barriers to the mobility challenged and elderly. Qualified expenses up to $15,000 annually are eligible for deduction, using Form 3800.

Both credits can be used in the same year if expenses meet the requirements.

And don't forget: Hiring a disabled individual can also qualify a company for a Work Opportunity Tax Credit of $2,400 by filing Form 8850 to the Louisiana Workforce Commission to pre-screen individuals for eligibility.

Joint networking luncheon features state groups

South Central Industrial Association as well as the Chamber of Commerce for Houma-Terrebonne, Lafourche, Thibodaux and St. Mary are hosting a joint networking luncheon 11 a.m.- 1 p.m. Wednesday, Dec. 11 at Cypress Columns, 157 Tourist Drive in Gray. The event will feature a panel with representatives from A Council for Better Louisiana and the Public Affairs Research Council of Louisiana. Lunch is $35 for Chamber members and $45 for nonmembers. Contact your local organization to register.

State delegation featured in Dec. 17 luncheon

The Houma-Terrebonne Chamber of Commerce will feature the local Terrebonne Parish state delegation at its general membership luncheon 11:30 a.m.-1 p.m. Tuesday, Dec. 17 at Plantation Inn, 1381 W. Tunnel Blvd. in Houma. Luncheon cost is $25 for members, $35 for non-members; register here.

Free online businesses trainings available in December

The Louisiana Small Business Development Center offers free online trainings for startup and existing businesses on various topics, including:

• "Small Business 101" will be 10:30 a.m.-noon Friday, Dec. 6. Register here.
• "Starting and Financing Your Small Business" is set for 3-4:30 p.m. Tuesday, Dec. 17. Register here.
• "DBE SBE ACDBE Certification" will be 10 a.m.-noon Thursday, Dec. 19. Register here.

Find more training opportunities here.