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Govenor Edwards, House Speaker Barras to meet ahead of Louisiana 'Fiscal Cliff'

Louisiana Governor John Bel Edwards is set to meet this week with House Speaker Taylor Barras. During this meeting they will undoubtedly discuss the so-called Louisiana “Fiscal Cliff” which represents a drop, scheduled for next year, where temporary taxes collide with tax revenues to create an estimated $1.5 billion shortfall.

Governor Edwards is hoping to address this shortfall before the beginning of the next fiscal year, which begins on July 1st, 2018. Members of the house under Speaker Barras’ leadership have been unwilling to embrace the governors budget and tax plans since early 2016, however the first big question that needs to be answered is ‘Will the Governor hold a special session?’.

Unless Speaker Barras and the Louisiana House can get behind a plan, the legislature may have to wait until after regular session to pass a budget with a $1.5 billion shortfall and no new revenue.

Flood Damage, Tax Returns, and Homeowners Insurance

August 7, 2017

The last thing on people’s mind following extreme adverse weather is their tax returns – filing taxes can be confusing enough, but accounting for storm damage and dealing with homeowners insurance can truly create a headache. Estimating Lost Property Value The biggest issue for people who suffered property loss is determining how much the value […]

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IRS to Begin Offering Video Conference Appeals

July 31, 2017

The IRS has announced that starting August 1st taxpayers will be able to schedule video conference appeals with IRS Appeals Officers at select offices. This program is currently being launched as a pilot, however the IRS believes this technology will provide greater access, efficiency, and flexibility to taxpayers so be on the lookout for this […]

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New Regulations Issued by IRS Change Return Due Dates and Extensions

July 24, 2017

Last Week, July 19th the IRS issued a package of regulations which change due dates and extensions of time to file for various tax returns and information. The regulations reflect statutory changes made by the Veterans Health Care Choice Improvement Act of 2015, P.L. 114-41, and the Protecting Americans From Tax Hikes Act of 2015, […]

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Small Business Accounting Checklist

July 19, 2017

Managing the finances of your business does not have to feel like pulling teeth. A well planned budget, good record keeping, and a timeline for accounting functions can make end of the year tax preparation easy and painless. One of the first things to do is break down your finances into daily, weekly, monthly, quarterly, […]

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Revised Health Bill Retains Taxes on Higher-Income Individuals

July 14, 2017

Yesterday, July 13th, Senate Republications released a revised version of the Better Care Reconciliation Act of 2017. If enacted, the new version would retain several taxes originally imposed as part of the Patient Protection and Affordable Care Act(PPACA). This includes 3.8% net investment income tax, and 0.9% Medicare Surtax under Sec. 3101. The net investment […]

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Treasury To Propose Reform of Eight Regulations Deemed Burdensome

July 11, 2017

The US Treasury has identified 8 regulations which it will soon be targeted for reform. These regulations will be changing in accordance with Executive Order 13789. These regulations includes Sec. 385 implementing rules that would re-characterize certain transactions between related parties that are ostensibly debt as equity, curbing the practice of “earnings stripping,” and proposed […]

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Senate Health Care Bill Tax Provisions

July 5, 2017

On June 22nd Senate Republicans released a draft bill that would repeal many provisions of the Patient Protection and Affordable Care Act (PPACA). The Senate bill, called the Better Care Reconciliation Act of 2017, differs in many respects from the House-passed American Health Care Act, H.R. 1628, but like the House bill, it would repeal […]

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Business Payroll Taxes and The IRS

June 26, 2017

Payroll Tax Problems Business owners are well aware that life happens: A client’s check may bounce, a huge customer might have just shut their doors – sometimes as a business owner you might have to pick between paying IRS payroll taxes, or paying your employees their regular paychecks. It can definitely be hard these days, […]

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