News & Insights

The New Postcard Size IRS Form 1040 for 2019

The Internal Revenue Service has released a prototype of the new Form 1040 that hundreds of millions of Americans use to file their annual taxes. The new "postcard sized" form will be used for the 2018 income tax year.  A full-size PDF draft version of the new 1040 form can be viewed from the IRS website. ..

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Detecting and Preventing Expense Reimbursement Fraud

Expense reimbursement fraud accounts for 21 percent of fraud in small businesses (<100 employees), and 11 percent in large businesses (100+ employees), according to the Association of Certified Fraud Examiners’ 2018 Report to the Nations. Businesses often overlook expense reimbursement fraud because the amount of money may seem trivial: but small losses can add up quickly. The median duration of expense reimbursement fraud is 24 months, and the median loss is $31,000. ..

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2018 Form 1040 to be shorter but with more schedules

The IRS is working on a draft version of the 2018 Form 1040, U.S. Individual Income Tax Return, that reduces the size of the form to two half-pages in length and eliminates more than 50 lines, compared to the 2017 version of the form. The draft form moves many items that in the past have appeared on the face of the 1040 to various new schedules. ..

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Louisiana decreases the overall state sales tax rate effective July 1, 2018

Beginning July 1, 2018, the overall state sales tax rate will be reduced from 5 % to 4.45 %.  The new tax rate of 0.45 percent will sunset on June 30, 2025.  Louisiana updated the exemption table for exemptions and exclusions: ..

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