On March 27, 2025, Mississippi Governor, Tate Reeves, signed new legislation that will phase out the state’s individual income tax over time.

Significant enhancements to Form 6765 are on the horizon for taxpayers that claim a research and development (R&D) tax credit. The changes are optional for 2024 and mandatory for 2025. Sections E and G have been revamped to compel more detailed qualitative data directly with the originally filed tax return.

The 2024 tax filing deadline is April 15th, 2025 and approaching quickly, but there is still time to take action that might reduce your tax liability.

Here are steps you can still take after the new year to reduce your tax liability.

Corporations will continue to have to register and pay taxes, Act 2024-213 only removes the need to file an annual report.

The Corporate Transparency Act BOI filing requirements have been reinstated by the Fifth Circuit Court of Appeals. FinCEN has extended the deadline for most entities until January 13, 2025, with a few exceptions for entities that were formed recently.

As the year comes to a close, many companies prepare for year-end audits, an important process that can impact financial reporting, regulatory compliance, and investor confidence.

Other federally declared disasters this year include widespread flooding in Illinois, wildfires in New Mexico, and tropical storms in Pennsylvania and Georgia. Victims of these disasters may be eligible for tax relief.