Govenor Edwards, House Speaker Barras to meet ahead of Louisiana ‘Fiscal Cliff’

Louisiana Governor John Bel Edwards is set to meet this week with House Speaker Taylor Barras. During this meeting they will undoubtedly discuss the so-called Louisiana “Fiscal Cliff” which represents a drop, scheduled for next year, where temporary taxes collide with tax revenues to create an estimated $1.5 billion shortfall. Governor Edwards is hoping to address this shortfall before the …

Flood Damage, Tax Returns, and Homeowners Insurance

The last thing on people’s mind following extreme adverse weather is their tax returns – filing taxes can be confusing enough, but accounting for storm damage and dealing with homeowners insurance can truly create a headache. Estimating Lost Property Value The biggest issue for people who suffered property loss is determining how much the value of their home declined and …

Business Payroll Taxes and The IRS

Payroll Tax Problems Business owners are well aware that life happens: A client’s check may bounce, a huge customer might have just shut their doors – sometimes as a business owner you might have to pick between paying IRS payroll taxes, or paying your employees their regular paychecks. It can definitely be hard these days, sometimes money is short and …

Be Wary of New Phone Scams

Private Debt Collection Program Earlier this year the IRS moved forward with a controversial “Private Debt Collection” program. This program has had a shadow cast over it amid a sharp uptick in instances of fraudsters and scammers who pose as IRS Debt collectors. This ‘Private Debt Collection’ program was originally authorized under a federal law enacted by congress in December …

Health Savings Account Limits Slightly Increased

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 …

IRS Adjusts Service Vehicle Depreciation Limits

2017 inflation Adjustments to Vehicle Depreciation The IRS on Friday March 24th issued the 2017 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2017-29). This year’s guidance includes figures for vehicles that are placed in service in 2017 and to which first-year bonus depreciation applies. For passenger automobiles (other than …

IRS Confirms Six Month Extensions For Calendar-Year C Corps

The IRS has confirmed on its website that an apparent anomaly in recently posted form instructions is correct: It is allowing calendar-year C corporations a six-month filing extension, instead of the five-month extension specified in the Code. The instructions to Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, raised questions …

Small Business Tax Deductions in 2017

In 2017, many small businesses are eligible for a bigger deduction on equipment purchases, and those that aren’t required to provide health insurance will have an option to help staffers pay for coverage. Additionally, many companies have new filing deadlines for their tax returns, and owners who use their cars for business will get a slightly smaller deduction. Here are …

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. …