Conversations about “loopholes†in the tax code are often unproductive. “Loophole†is a loaded word, one that sneaks in hidden assumptions without justifying them. But loaded words are often effective; especially, apparently, the word “loophole.†As a result, the word has been used far too often and applied in all sorts of inappropriate situations. The end result has been a …
Businesses in Louisiana pay widely different effective tax rates depending on which industry they’re in and how long they’ve been operating in the state, according to a new report from the Tax Foundation in collaboration with KPMG. “Louisiana’s tax structure is characterized by high rates and partially offsetting incentives, particularly for new, but in some cases also for mature, firms,†…
Since January 2015, several bills have been passed by the House, including ones to make permanent a few of the 50-plus provisions that expired at the end of 2014. Described below is a sampling. Permanent, higher Sec. 179 expensing: America’s Small Business Tax Relief Act of 2015, H.R. 636, passed on Feb. 13. This bill makes permanent the $500,000 expensing …
You may have seen this John Oliver video floating around on social networks. His point was to show how easy it is to abuse nonprofit rules. When you take this into consideration, along with the current IRS trouble related to their targeting of selected groups, it makes me think it may be time to reevaluate the entire process. I wonder …
Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be offset by increase in GDP …
Well Louisiana, we finally have a third to last national ranking in something that should make you happy! Louisiana is ranked 48th of 50 when it comes to the effective property tax rate on your residence. Some of these statistics were surprising – Delaware’s rates are lower than Illinois, for example. Memories of my time in Chicago a while back …
With another school underway, now is a good time to see if you will qualify for either of two college tax credits or other education-related tax benefits when you file your 2015 federal income tax return. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible …
Business insurance, like many types of expenditures is one of those items which business owners typically do not like to pay. Sufficient insurance can be as critical to the success of your business as a good product or service. Without proper insurance you could lose all of the money, time and effort you put into your company. The types and …
Sales are the oxygen companies need to survive.  How are your sales? What quantity of product or service needs to be sold monthly to remain viable? Have you budgeted for different sales results? Do you know your breakeven sales amount? At Person CPA Group, we believe business vitality can be measured by examining 5 areas of business. We call the …
The Gettysburg address is 269 words. The Declaration of Independence is 1,337 words. The Holy Bible is 773,000 words. However, the tax code has grown from 11,400 words in 1913, to over 7 million words today. – Author Unknown  Ã‚ Ãƒâ€š Ãƒâ€š Ãƒâ€š Today Person CPA Group will let you in on the biggest mistake we see taxpayers make, failing to do tax …
