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 […]

Read the full article →

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, […]

Read the full article →

Be Wary of New Phone Scams

June 20, 2017

Private Debt Collection Program Earlier this year the IRS moved forward with a controversial “Private Debt Collection” program. This program has had a shadow cast over it amid a sharp uptick in instances of fraudsters and scammers who pose as IRS Debt collectors. This ‘Private Debt Collection’ program was originally authorized under a federal law […]

Read the full article →

Health Savings Account Limits Slightly Increased

May 10, 2017

The IRS has issued the 2018 calendar year inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs), as well as the minimum deductible amounts, and maximum out-of-pocket expense amounts for high-deductible health plans. Under Sec. 223, individuals who participate in a high-deductible health plan (HDHP) are permitted a deduction for their contributions […]

Read the full article →

IRS Adjusts Service Vehicle Depreciation Limits

March 30, 2017

2017 inflation Adjustments to Vehicle Depreciation The IRS on Friday March 24th issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29). This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. […]

Read the full article →

IRS Confirms Six Month Extensions For Calendar-Year C Corps

February 13, 2017

The IRS has confirmed on its website that an apparent anomaly in recently posted form instructions is correct: It is allowing calendar-year C corporations a six-month filing extension, instead of the five-month extension specified in the Code. The instructions to Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, […]

Read the full article →

Small Business Tax Deductions in 2017

January 5, 2017

In 2017, many small businesses are eligible for a bigger deduction on equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Additionally, many companies have new filing deadlines for their tax returns, and owners who use their cars for business will get a […]

Read the full article →

New Rules May Affect Your Businesses

December 7, 2016

New laws and regulations could have an impact on how you manage your business or your tax planning. Below is a summary of important developments you should be aware of: In a change from past rules, businesses must file all Forms W-2 and W-3 and some Forms 1099-MISC with the IRS and the Social Security […]

Read the full article →