The IRS withdrew proposed regulations released last September that would have allowed charities to file information returns with the IRS and donors instead of providing contemporaneous written acknowledgments of charitable donations. Charities that elected to use the new procedure would have been required to obtain donors’ Social Security or other tax identification numbers (TINs) to complete the information return. The …
Many individuals and small business owners will face the dilemma of choosing whether to file their own tax return or let a professional CPA (like Person Huff!) file for them. There are some good reasons you should consider allowing a professional to prepare your tax return: 1. Tax Law Is Confusing: Tax laws are constantly changing and this year is …
About 85% of small business owners rely on a professional like Person CPA Group to file their taxes. This is because according to a recent National Small Business Association survey, nearly 60% of business owners report that the administrative burdens were the biggest problems posed by federal taxes. There have been a lot of changes to tax law in recent …
The Louisiana Department of Revenue (LDR) will begin accepting and processing 2015 state individual income tax returns on Tues, January 19. That’s the same day that processing begins at the Internal Revenue Service (IRS). The Department also enters this tax season with a focus on safeguarding taxpayers against fraud. During the past two years, LDR has saved taxpayers more than …
Year-round tax planning can save both time and money by helping you take advantage of opportunities throughout the year to position yourself and your business to pay the lowest possible tax. Before you can begin your tax planning though, you have to get organized. If you are not using QuickBooks or other accounting software, now is the time to move …
The omnibus spending bill, ‘The Protecting Americans from Tax Hikes Act of 2015’ was signed into law last Friday and extends a number of important tax breaks. It also makes a number of them permanent. Among the deductions, credits and tax provisions included in the bill: The Research & Development credit Increased expensing limitations and treatment of certain real property …
In July 2015, the Senate Finance Committee voted to extend bonus depreciation and the enhanced section 179 deduction through 2016. Bonus depreciation may result in substantial tax savings for businesses that already had plans to purchase or construct qualified property. Unlike section 179 expensing, you do not need net income to take bonus depreciation deductions. Further, bonus depreciation is not …
If you were born before before July 1, 1945, you generally must receive payments from your individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Known as required minimum distributions (RMDs), these payments normally must be made by the end of 2015. But a special rule allows first-year recipients of these payments, those who reached age 70 during …
There are countless reasons you may be chosen for an IRS audit. Typically, the only time the selection is random, however, is if your tax return is entered into the IRS’s National Research Program. This program enables the IRS to study the taxpaying habits of a cross section of the country. You may not have made any mistakes if you …
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 …
