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Profitability Points

Welcome to Profitability Points, the blog space of Person Huff CPA group! We’ve decided to take up the challenge of making the boring topics of accounting and small business interesting enough that you read our posts and learn something you can apply in your daily operations. Our goal is to help you make (and keep!) more money by providing timely information about federal and state taxes, managing cash flow and streamlining operations. Learn more about our Five Point Profitability Checkup

2016_Floods

A one-month filing and payment extension for Louisiana state taxes is available to Louisiana taxpayers affected by recent severe storms and flooding.

The extension applies to Louisiana tax returns and payments due August 15, 2016. The extended deadline is September 15, 2016.

For returns and payments submitted by the extended deadline, the Louisiana Department of Revenue will waive any late filing penalties, late payment penalties and interest that would otherwise apply.

Additionally, the IRS said that affected taxpayers in East Baton Rouge, Livingston, St. Helena and Tangipahoa parishes in Louisiana would receive this and other special tax relief. Other locations in Louisiana and other states may be added in coming days, based on damage assessments by Federal Emergency Management Agency (FEMA).

The tax relief applies to deadlines beginning on August 11, 2016. As a result, affected individuals and businesses will have until January 17, 2017, to file returns and pay any taxes that were originally due during this period, including:

  • September 15 deadline for making quarterly estimated tax payments;
  • October 17 deadline for 2015 income tax returns on extension (related payments, however, are not eligible for relief);
  • September 15 deadline for corporation and partnership returns on extension; and
  • October 31 deadline for quarterly payroll and excise tax returns.

10 Tips for Deducting Losses from a Disaster

August 5, 2016

We have been experiencing major flooding in Louisiana this week. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses: Casualty loss. You may be able to deduct […]

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State Solar Energy Tax Credit Limit Has Been Reached

July 21, 2016

The amount of claims already submitted for Louisiana’s solar energy system tax credit exceeds the amount of money available to pay claims on purchased systems through the scheduled end of the credit program on December 31, 2017. Consumers purchasing residential solar energy systems from this point forward should not expect to receive tax credits from […]

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I Got a Notice From the IRS – What Should I Do?

July 13, 2016

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, or may tell you about changes to your account, ask you for more information, or request a payment. Before you proceed, check where the notice came from […]

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Should Louisiana Raise Taxes Again?

June 13, 2016

Two interesting and related articles this morning – the first from The Advocate regarding a poll about raising taxes during the upcoming Special Session: FULL ARTICLE ON BUSINESSREPORT.COM “Roughly seven in 10 Louisianans, or 72%, believe increasing taxes will keep businesses from relocating to The Bayou State, according to the results of a poll of […]

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Person Huff CPA Staff Relaxes After Tax Season!

May 24, 2016

We treated our entire staff to a relaxing fishing trip May 13th to celebrate the end of tax season! Check out the photos!!

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Changes to Louisiana Corporate Franchise Law Tax

May 11, 2016

The changes to the Louisiana corporate franchise tax adopted during the Session appear to be potentially more far reaching than the changes to the state sales and use tax. For tax periods beginning on or after January 1, 2017, Act 12 (signed by the Governor and effective March 10, 2016) expands the Louisiana corporate franchise […]

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Changes to the Solar Credit for Louisiana Taxpayers

May 5, 2016

The Regular Legislative Session made several changes to the solar credit as described in Act 131. Act 131 repealed the eligibility of numerous types of systems, including but not limited to solar thermal systems and solar air conditioning systems, and imposed a requirement that the solar energy system be installed on the homeowner’s primary residence. […]

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Vapor Excise Taxes in Louisiana

April 27, 2016

The sale of vapor products grew by 23 percent in 2014, and some project that vapor products will surpass traditional cigarettes in consumption over the next decade. This leaves policymakers with the challenge of determining exactly how or whether these emerging products should be taxed.In the 2015 legislative session, at least 25 states and the […]

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