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. …
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 …
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 …
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 …
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 …
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 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 …
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 to HSAs set up to …
No one in the State Capitol says they want to renew a temporary 1-cent increase in the sales tax that is scheduled to expire in mid-2018. “I continue to believe that (it) should roll off the books,†Gov. John Bel Edwards told reporters on Tuesday, in a comment echoed by state legislators of both parties. Avoiding the Fiscal Cliff But …
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 …
