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 …
Many New Orleans residents, faced by recent property assessments announcing skyrocketing property taxes for their neighborhoods, have until August 22 to file appeals for relief. A July 26 article by The-Times Picayune/The New Orleans Advocate’s Jeff Adelson cited data from the Orleans Parish Assessor’s Office on the increases. Approximately 26,000 properties are in neighborhoods where the average sale price rose …
Here are 4 tips from the Louisiana Department of Revenue: 1. Keep documents secure Place paper documents in airtight containers and place up high. Scan important records such as tax returns, payroll records and insurance documents 2. Use paperless media and cloud storage Save electronic records to flash drive or upload to cloud storage 3. Document valuables and business equipment …
Putting together the software necessary to collect taxes on internet sales is taking longer than expected, so legislation sitting on the governor’s desk would extend by a year the drop-dead date for the state commission to gather the exact local taxes from out-of-state retailers. Right now, the Louisiana Department of Revenue is collecting 8.45% taxes on sales of goods by …
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 …
It’s never too early to start thinking about your next income tax return. For most taxpayers, that’ll be your return for the 2019 tax year–which, by the way, will be due on April 15, 2020. The 2019 tax rates themselves are the same as the tax rates in effect for the 2018 tax year: 10%, 12%, 22%, 24%, 32%, 35% …
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 …
