Senate Health Care Bill Tax Provisions

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 many of the tax provisions …

Business Payroll Taxes and The IRS

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, sometimes money is short and …

Be Wary of New Phone Scams

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 enacted by congress in December …

New Features added to IRS Online Tax Account Tool.

The IRS online tax account tool debuted in December of 2016, and at the time offered basic features such as balance lookup and different payment options. Last week the IRS announced that it had upgraded several aspects of the tool, including tax payment history lookup up to 18 months back, and online transcripts of 1040-series tax returns among other functionalities. …

IRS Issues Guidance Permitting Certain Estates Portability Election

Taxpayers should be pleased with the IRS’s issued guidance permitting certain estates to make a late portability election if they did not make a timely election What is a Portability Election A portability election allows a decedent’s unused exclusion amount (deceased spousal unused exclusion amount, or DSUE amount) for estate and gift tax purposes to be available for the surviving …

Louisiana Legislative Session Reaches Last Day

There is still strong disagreement in the House and Senate about how much money to spend and trying to broker a compromise before the legislative session ends at 6 p.m today (Thursday June 8th). Awaiting final passage are measures to pay for state government agencies, public services and colleges in the fiscal year that begins July 1 and to finance …

Louisiana Tax Rewrite Officially Dead

Any chance that Louisiana legislators would make substantive changes to the state’s tax system before their lawmaking session ends was snuffed out over the weekend Representatives Barry Ivey and Julie Stokes shelved their tax reform proposals in the Senate tax committee, rather than face certain rejection of them. The pair was proposing a flat tax plan they said would improve …

Fiscal Year 2018 Budget Includes Proposals on Several Tax Items

The Office of Management and Budget (OMB) released President Donald Trump’s proposed Fiscal Year 2018 budget for the federal government on Tuesday May 23rd. Included in the proposals were several tax items, including a proposal to authorize the IRS to regulate all paid tax return preparers. The budget also calls for giving the IRS more flexible authority to address correctable …

New Accounting Rules Issued for Certain Debt Extinguishment

The GASB (Governmental Accounting Standards Board) has issued a new standard Monday for state and local government to apply when accounting for extinguishment of debt prior to its maturity. In Statement No. 86, Certain Debt Extinguishment Issues, GASB establishes rules for accounting for transactions in which cash and other monetary assets acquired with only existing resources are place in an …

Louisiana Individual Income Tax Return Filing and Extension Deadline TODAY

Louisiana Individual Income Tax Returns Are Due TODAY Today(Monday, May 15) is the deadline for filing 2017 Louisiana Individual Income Tax returns. Taxes can still be electronic filed with The Louisiana Department of Revenue. Louisiana File Online is the state’s free tax filing web application which can be reached at www.revenue.louisiana.gov/fileonline. Last Chance For Filing Extensions If you need more …