Governor Edwards Urges Congress to Ease Restrictions on Benefits to Flood Victims

Governor John Bel Edwards has asked Congress to ease a restriction on benefits that victims of floods would receive from the Federal Government to help with rebuilding their homes. In a letter, The Governor told congress that the restriction has caused problems for Louisiana as we have tried to recover from the widespread flooding in 2016. In the aftermath of …

2017 Louisiana Second Amendment Weekend Sales Tax Holiday: September 1-3

The 2017 Louisiana Second Amendment Weekend Sales Tax Holiday will take place from Friday, September 1 through Sunday, September 3. Act 453 of the 2009 Regular Session of the Louisiana Legislature enacted the “Annual Louisiana Second Amendment Weekend Holiday Act” that provides an exemption from state and local sales and use taxes on individuals’ purchases of firearms, ammunition and hunting …

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 …

Flood Damage, Tax Returns, and Homeowners Insurance

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 of their home declined and …

IRS to Begin Offering Video Conference Appeals

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 technological trend to expand in …

New Regulations Issued by IRS Change Return Due Dates and Extensions

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, P.L. 114-11. These newly issued …

Retirement Planning By The Numbers

Small Business Accounting Checklist

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, and annual tasks. Daily Accounting …

Revised Health Bill Retains Taxes on Higher-Income Individuals

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 income portion (Sec. 1411) imposes …

Treasury To Propose Reform of Eight Regulations Deemed Burdensome

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 regulations under Sec. 2704 that …