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NEWS & INSIGHTS

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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