Year-end planning for 2019 takes place against the backdrop of recent major changes in the rules for individuals and businesses. For individuals, these changes include lower income tax rates, a boosted standard deduction, severely limited itemized deductions, no personal exemptions and increased child tax credit. For businesses, the corporate tax rate has been reduced to 21%, there are limits on …
Walmart.com has only about $140,000 directly at stake in a tax fight with a Louisiana parish. But the company’s court challenge to that amount may have ramifications for other online marketplace providers and for Walmart’s operations elsewhere in the state and nationwide. The case has to do with Walmart.com’s role as facilitator of third-party sales. Jefferson Parish, which is allowed …
Three candidates for governor in Louisiana were disqualified after failing to file their income tax returns. A spokesman for the Secretary of State’s Office confirmed the news to WAFB and released copies of documents indicating the candidates were Democrat M.V. “Vinny” Mendoza, and Republicans Patrick J. Doguet and Manuel Russell Leach. A report from The Advocate newspaper says the …
While the Tax Cuts and Jobs Act reduced the federal corporate income tax rate from 35% to 21%, most U.S. states—including Louisiana—also tax corporate income, with the average combined rate being 25.9%, according to the Tax Foundation. The combined federal and state corporate tax rate for Louisiana is 26%—the 27th highest rate in the nation. The state’s rates are comparable …
House bill calls for dedicating state sports betting revenue to early childhood education Louisiana lawmakers took a first step regarding legal sports betting on Tuesday when the House Ways and Means Committee considered how to it, as well as taxation for fantasy sports contests and medical marijuana. State Senator Danny Martiny (R-District 10) filed a bill ahead of the session …
About 66,000 Louisiana taxpayers were double-paid their state tax refunds, $26 million in overpayments the state is working to claw back. The error happened Wednesday. Jacques Berry is spokesman for the Division of Administration, which oversees the state’s technology office. Berry blamed a computer system error for the mistake, which paid 66,000 taxpayers twice for refunds they were owed. Berry …
Albert Einstein once lamented, “The hardest thing in the world to understand is the income tax.” If you buy, sell, finance or own real estate, it gets even harder. Yet there’s no reason to pay more than the minimum, and the Internal Revenue Code actually gives property owners lots of tax breaks. According to Art Ford, a certified public accountant …
IGNORANCE ISN’T BLISS when it comes to the U.S. tax code. Failing to fill out your tax return correctly, even if you make an honest mistake, isn’t going to earn you immediate forgiveness from the Internal Revenue Service. “When you sign your tax return, you’re signing it (to say) that everything is accurate and true,” says Mark Jaeger, director of tax development at …
Private sector employment increased by a robust 227,000 jobs in October, according to payroll giant ADP, but small businesses are having a difficult time finding qualified employees to fill the open slots. Small businesses nevertheless added 29,000 jobs in October, including 7,000 in businesses with between one and 19 employees, and 22,000 in businesses with between 20 and 49 employees. …
The IRS on Monday issued 34 questions and answers on new Sec. 45S, which was added by the law known as the Tax Cuts and Jobs Act, P.L. 115-97, to provide a general business credit for employers who provide paid family and medical leave to their employees (Notice 2018-71). The credit equals a percentage of the wages an employer pays …
