The White House last Wednesday (April 26th) issued President Trump’s goals and key features for tax reform, which include slashing corporate tax rates, flattening individual marginal income tax brackets, and repealing of the estate and alternative minimum taxes. Trump outlined these proposals in a one-page sheet of bullet points headed “2017 Tax Reform for Economic Growth and American Jobs†and …
A Serious Threat to Financial Decisions The threat of fake news reaches far beyond just politics. Americans say that fake financial news is affecting their ability to make retirement, investment, and health care decisions. In a recent AICPA survey of 1,018 adults, 58% of respondents said that fake financial news is a serious threat to their financial decision-making. One-third of …
Deadline Closing in Fast Monday May 15 is the deadline for filing 2017 Louisiana Individual Income Tax returns. Taxes can be electronic filed with The Louisiana Department of Revenue for the fastest, most error-free tax return and refund processing. Louisiana File Online is the state’s free tax filing web application which can be reached at www.revenue.louisiana.gov/fileonline. Filing Extensions Available until …
Severe Storm Tax Relief Tax relief is available to Louisiana taxpayers affected by severe storms and tornadoes that struck the state on February 7, 2017. The Louisiana Department of Revenue is offering filing and payment extensions to residents whose homes, critical tax records or principal places of business are located in the following ZIP codes in Livingston and Orleans parishes: …
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. For passenger automobiles (other than …
The American Health Care Act House Republicans released draft bills to repeal and replace the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148, earlier this month. Collectively known as the American Health Care Act, the bills would repeal most of PPACA’s provisions and would enact a new system that would offer tax credits to help taxpayers afford health insurance. …
Who Must File: All corporations and entities taxed as corporations for federal income tax purposes deriving income from Louisiana sources, whether or not they have any net income, must file an income tax return. Corporations that obtain a ruling of exemption from the Internal Revenue Service must submit a copy of the ruling to the Department to obtain an exemption. …
The IRS announced that it will not reject tax returns just because a taxpayer has not indicated on the return whether the taxpayer had health insurance, was exempt, or made a shared-responsibility payment under Sec. 5000A. The IRS disclosed the change on its webpage, ACA Information Center for Tax Professionals, in response to President Donald Trump’s Jan. 20 executive order …
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, and Other Returns, raised questions …
With the passage of the Protecting Americans From Tax Hikes (PATH) Act in December 2015 (part of the Consolidated Appropriations Act, 2016, P.L. 113-114), Congress took care of a large part of the problem of expired tax provisions. However, in the relief over the many extended provisions, which included such important items as the Sec. 41 research credit, the expanded …
