The 2015 Tax Amnesty Program is the third and final effort permitted by the Louisiana Tax Delinquency Amnesty Act of 2013. After the conclusion of 2015 amnesty, there will be no new amnesty program offered by the Department of Revenue before Jan. 1, 2025. APPLICATIONS FOR LOUISIANA TAX AMNESTY 2015 WILL BEGIN AT 12:00 AM (central time), MONDAY, NOVEMBER 16, …
Maximize your profitability with good tax planning so you won’t be burdened with taxes that could be reduced or even eliminated. Start with looking for ways to push income 2016 while pulling expenses into 2015. If you use the cash-method of accounting, delay as many invoices as possible until after January 1, 2016 so that you will not receive payment …
Standard deductions and the personal exemption will both increase slightly for the 2016 tax year according to the Revenue Procedure 2015 document released by the IRS October 21. Revised tax tables are shown below. Beginning in 2016, the allowable itemized deductions are $311,300 in the case of a joint return or a surviving spouse, $285,350 in the case of a …
Louisiana convened its 2015 legislative session with seemingly insurmountable problems: a $1.6 billion budget shortfall, difficult-to-navigate funding dedications, and a governor who pledged he wouldn’t increase taxes. If that combination seems intractable, it wasâ€â€the session closed with a patchwork of short-term, temporary fixes to plug the budget hole with promises that legislators would be back in the next legislative session …
The Ninth Circuit Court of Appeals, reversing a Tax Court decision, concluded that the tax law’s limits on the amount of debt eligible for the home mortgage interest deduction ($1 million of mortgage “acquisition” debt and $100,000 of home equity debt) are applied on a per-individual basis, and not a per-residence basis as the IRS has long maintained.Thus, for the …
Presidential candidate Governor Bobby Jindal of Louisiana has released his tax reform proposal which, among other things, seeks to reduce individual income tax rates, eliminate the corporate income tax, and reduce tax code complexity. The Wall Street Journal reported that a focus of the plan is to ensure that everyone contributes to income tax revenue, citing Jindal’s campaign which argues …
Taxes are a crucial component of a country’s international competitiveness. In today’s globalized economy, the structure of a country’s tax code is an important factor for businesses when they decide where to invest, how much to invest, and which types of operations to locate in which countries. No longer can a country levy high taxes on business investment and activity …
Bloomberg is predicting a lower effective tax rate in 2016 because of a drop in the consumer price index (CPI). The CPI measures the cost of goods and services. When the CPI doesn’t change much, it tends to signal that interest rates will stay put. For 2016, Bloomberg is projecting that the personal exemption amount will be $4,050, up from …
Many filing deadlines have changed by Congress and small business owners need to be aware of the new filing dates. The changes came in an unlikely vehicle, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. That non-tax law also gave the IRS an increased audit period from three to six years in many cases. …
Levied in 44 states, corporate income taxes account for a relatively small share of state revenue  5.2 percent of state tax collections and just over 2 percent of all state revenue, including federal transfers. Top rates range from a low of 4.53 percent in North Dakota to a high of 12 percent in Iowa. Louisiana’s rates fall in the …
