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NEWS & INSIGHTS

Main Street To Start Taking Grant Applications By July 28

Small businesses can start applying by July 28 for grants to help cover COVID 19-related expenses.

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Louisiana Main Street Recovery Program

In an effort to get Louisiana businesses the economic support they need, Act 311 of the Louisiana 2020 Regular Session set aside $275 million for the Main Street Recovery Program.

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How taxpayers can troubleshoot common after-tax-day issues

While the deadline to file and pay federal income taxes has passed for most people, there are some taxpayers still facing tax-related issues.

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5 reasons to delay applying for PPP loan forgiveness

While you may be anxious to apply for forgiveness, here are five factors affecting the forgiveness application process.

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2020 RMD Waiver under CARES Act 2020

One of the more beneficial features of the Coronavirus Aid, Relief, and Economic Security (CARES) Act for retirees is the waiver of required minimum distributions (RMDs) for 2020.

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PPP Borrowers Breathe a Great Sigh of Relief as Senate Passes Bill

The Senate passed the bill on the popular Paycheck Protection Program on Wednesday allowing small businesses to have more flexibility on spending these funds.

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Borrower-Friendly Application For PPP Loan Forgiveness

Business owners who received their PPP loans before June 5 have an option to calculate their forgiveness based on either the original 8-week covered period or the extended 24-week period.

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Louisiana Governor Signs GOP’s $300M Small Business Aid Plan

The Democratic governor John Bel Edwards signed the Republican lawmakers’ Thursday move to spend $300 million to assist small businesses to recover from the Covid-19 pandemic.

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New Tax Strategies During the Coronavirus Pandemic

Here are tax strategies businesses and individuals can use to reduce effects of COVID-19 pandemic taking advantage of government provisions.

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New 2021 Limits for HSAs and High-Deductible Health Plans

In the Revenue Procedure 2020-32, the Internal Revenue Service (IRS) announced the annual inflation-adjusted Health Savings Account (HAS) contribution limits for the 2021 calendar year.

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Steps To Ensure Forgivable PPP Loan

From the four main focus areas, you need to analyze each and ensure your business falls under the complex forgiveness rules for maximum loan forgiveness.

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CDC Outlines Safety Guidelines for Reopening

The Centers for Disease Control (CDC) has outlined safety guidelines for businesses deciding to reopen across the country. While not all states are allowed to open their doors, there are many that are

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Louisiana Workforce Commission (LWC) Pays Citizens Over $560 Million in COVID-19 Benefits

Employment has been severely impacted since the unwelcomed arrival of COVID-19. Thousands of Louisiana citizens are out of work and struggling to make ends meet.

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IRS Stimulus Check Portal Updates with Better Accessibility

Americans flooded the IRS website ever since the news of the stimulus check would be released. The servers couldn’t handle the volume of people using it.

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SSI recipients to receive automatic stimulus payments for coronavirus

People who receive Supplemental Security Income will automatically get economic impact payments from the federal government in response to the novel coronavirus pandemic.

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IRS hits the brakes on collections in response to the coronavirus

As part of government attempts to alleviate economic pressures due to the coronavirus, the IRS has begun to pause collection activities for many taxpayers.

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Louisiana to start paying enhanced unemployment benefits Monday

The federal government's $2 trillion-plus stimulus package provides money for states to add $600 a week to their unemployment benefits.

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IRS extends more tax deadlines due to coronavirus

The Internal Revenue Service and the Treasury Department are extending a number of tax deadlines for individuals, trusts, estates, corporations and others due to the impact of the novel coronavirus.

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IRS will allow coronavirus stimulus payments for seniors who don’t file tax returns

The Internal Revenue Service and the Treasury Department have reversed course on requiring senior citizens to file a “simple tax return” in order to receive a stimulus payment as part of the coronavir

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Louisiana warns about COVID-19 scams

Louisiana is warning residents about the potential for scammers to steal money distributed by the federal government during the COVID-19 pandemic.

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Tax Day now July 15: Treasury, IRS extend filing deadline and federal tax payments regardless of amount owed

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.

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ALL LOUISIANA PARISHES ELIGIBLE FOR COVID-19 BUSINESS AID

Today, Gov. John Bel Edwards announced that small businesses in all 64 Louisiana parishes will have access to federal Small Business Administration disaster aid in the wake of the COVID-19 crisis.

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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses

This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (Act), signed by President Trump on March 18, 2020.

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Unemployment Insurance Tax Payments Deferred to June 2020

In an effort to assist you, the LWC will be deferring payment due of 1Q 2020 unemployment taxes until June 1-30, 2020.

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Tax Return Extensions and Other Matters Related to COVID-19

The purpose of this guidance is to provide filing and payment extension relief for certain taxes due on March 20, 2020, and to share other important information with our stakeholders.

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Coronavirus relief bill contains tax credits for employers

The coronavirus relief bill was signed by President Donald Trump late Wednesday.

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Alimony Rules Have Changed for Your 2019 Tax Return

With tax season in full swing, you might have noticed that the rules for alimony payments you received or paid in 2019 have changed.

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How the Current Emergency Federal Rate Cut Could Affect You

Evolving fears and the impact that the coronavirus has had on the stock markets has caused the Federal Reserve to announce an emergency cut for the target range for Federal Funds. The new range is now

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Which Expenses Are Deductible in 2020

Understanding what expenses can be deducted can be complicating. For instance, you can deduct business expenses, but they have to be ordinary and necessary. Anything that is not deemed by the IRS as “

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Tax Advantages for LLC, C Corp, and S Corp

When trying to decide between LLC, C Corp, or S Corp for your business, it’s important to understand the differences between them and the tax advantages for each.

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IRS Intensifies Hunt For Crypto Tax Cheats

Cryptocurrency has led to tax evasion on a grand scale. The IRS is privy to it and is taking steps to build cases against taxpayers.

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Louisiana: Adopted Rule Implements New Law Permitting Certain Passthroughs to Elect to Pay Entity-Level Income Tax

The legislative session that occurred in 2019 resulted in two tax laws for Louisiana.

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Inflation Adjustments for 2020

The Internal Revenue Service adjusts for inflation each year. The tax year 2020 is no different.

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IRS Announces 2019 Tax Return Season Starts January 27, 2020

The IRS expects 150 million tax returns to be filed by the deadline, so they welcome people to file as soon as possible to beat the mad dash to get them in by the 15th.

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IRS Announces Mileage Rates for 2020

Taxpayers need to know that under the Tax Cuts and Jobs Act, they cannot claim a miscellaneous itemized deduction for any travel expenses that are unreimbursed.

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Cost of Living Adjustments for Retirement Plans and IRA Contributions

Every year, the Internal Revenue Service (IRS) considers the cost of living changes in the United States when adjusting tax laws. These changes are called the cost of living adjustments or COLA.

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Section 529 Plans Can Now Be Used for Private Elementary and High Schools

In the past, parents often used tax-favored Section 529 plans to build up funds for the college education of their children.

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IRS adjusts health savings account limits for 2019

The Internal Revenue Service has issued a revenue procedure providing the 2019 inflation-adjusted amounts for health savings accounts.

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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 %.

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New Credit Benefits Employers who Provide Paid Family and Medical Leave

Eligible employers who provide paid family and medical leave to their employees during tax years 2018 and 2019 might qualify...

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IRS Alerts Taxpayers to be Aware of Scammers

The Internal Revenue Service is reminding taxpayers to beware of criminals who continue using devious tactics to steal money...

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Top Tax Strategies for the End of the Year

By taking appropriate measures before year-end, taxpayers can try to maximize the benefits and minimize the burdens under the new law.

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Meals Continue to be Deductible Under New IRS Guidance

The IRS this week issued guidance clarifying that taxpayers may generally continue to deduct 50% of the food and beverage...

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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.

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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...

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