New Rules May Affect Your Businesses

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 Administration no later than Jan. …

Some Tax Refunds Will Be Delayed in 2017

As the holidays approach, the Internal Revenue Service today reminded taxpayers to remember that a new law requires the IRS to hold refunds until mid-February in 2017 for people claiming the Earned Income Tax Credit (EITC) or the Additional Child Tax Credit (ACTC). In addition, new identity theft and refund fraud safeguards put in place by the IRS and the …

W-2 & 1099 Filing Deadline Changed to January 31

In an effort to reduce fraud, a provision in the Consolidated Appropriations Act passed by Congress has changed the filing deadlines for employer copies of Forms W-2/1099-MISC. The 2016 employer W-2/1099-MISC filing deadline is Tuesday, January 31, 2017. There are new due dates for returns for partnerships, C corporations and several other business returns as well. For calendar-year partnerships, the …

Congratulations Beth Goddard!

Beth Goddard is celebrating 10 years of service with Person CPA Group! She provides accounting and tax services as well as computer technical support and training for individuals, small businesses, and non-profit organizations. She specializes in small business accounting software including Peachtree, QuickBooks, PCLaw, and Champion. She has been an officer in many non-profit organizations, and has worked in industry, …

New I-9 Form Available November 22nd

The Immigration Reform and Control Act of 1986 required employers to verify that all newly hired employees present documentation verifying the employee’s identity and legal authorization to accept employment in the United States. The I-9 (“Employment Eligibility Verification”) form must be completed by every employee hired after November 6, 1986. On Aug. 25, the Office of Management and Budget approved …

Retirement Planning By The Numbers

Year-end Tax Planning: Section 179 Deductions

Section 179 of the IRS tax code allows businesses to deduct the full purchase price of qualifying equipment and/or software purchased or financed during the 2016 tax year. That means that if you buy (or lease) a piece of qualifying equipment, you can deduct the FULL PURCHASE PRICE from your gross income. The “Protecting Americans from Tax Hikes Act of …

Tips for Small Business Year-End Tax Planning

Planning is the key to successfully and legally reducing your tax liability and is a critical part of a small business owner’s financial plan. Yet, the majority of small business owners ignore tax planning. There are many tax planning strategies available to small business owners – below are a just a few: Review Your Expenses:Check to be sure you have …

State Sales Tax Refunds Available For Personal Property Destroyed In Floods

Louisiana taxpayers can claim refunds for state sales taxes paid on personal property destroyed by a natural disaster in a parish declared a federal disaster area. The following parishes were declared federal disaster areas following severe storms and flooding in March 2016: Allen, Ascension, Beauregard, Bienville, Bossier, Caddo, Calcasieu, Caldwell, Catahoula, Claiborne, DeSoto, East Carroll, Franklin, Grant, Jackson, LaSalle, Lincoln, …

Filing Extensions Available To Louisiana Taxpayers Affected By Flooding

A one-month filing and payment extension for Louisiana state taxes is available to Louisiana taxpayers affected by recent severe storms and flooding. The extension applies to Louisiana tax returns and payments due August 15, 2016. The extended deadline is September 15, 2016. For returns and payments submitted by the extended deadline, the Louisiana Department of Revenue will waive any late …

10 Tips for Deducting Losses from a Disaster

We have been experiencing major flooding in Louisiana this week. If you suffer damage to your home or personal property, you may be able to deduct the losses you incur on your federal income tax return. Here are ten tips you should know about deducting casualty losses: Casualty loss. You may be able to deduct losses based on the damage …