Presidential candidate Governor Bobby Jindal of Louisiana has released his tax reform proposal which, among other things, seeks to reduce individual income tax rates, eliminate the corporate income tax, and reduce tax code complexity. The Wall Street Journal reported that a focus of the plan is to ensure that everyone contributes to income tax revenue, citing Jindal’s campaign which argues …
Taxes are a crucial component of a country’s international competitiveness. In today’s globalized economy, the structure of a country’s tax code is an important factor for businesses when they decide where to invest, how much to invest, and which types of operations to locate in which countries. No longer can a country levy high taxes on business investment and activity …
Bloomberg is predicting a lower effective tax rate in 2016 because of a drop in the consumer price index (CPI). The CPI measures the cost of goods and services. When the CPI doesn’t change much, it tends to signal that interest rates will stay put. For 2016, Bloomberg is projecting that the personal exemption amount will be $4,050, up from …
Many filing deadlines have changed by Congress and small business owners need to be aware of the new filing dates. The changes came in an unlikely vehicle, H.R. 3236, the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015. That non-tax law also gave the IRS an increased audit period from three to six years in many cases. …
More than a quarter of the nearly 13 million taxpayers who requested an automatic six-month extension this year have yet to file. Although Oct. 15 is the last day for most people, some still have more time, including members of the military and others serving in Afghanistan or other combat zone localities who typically have until at least 180 days …
IRS Form 990 is an informational tax form that most tax-exempt organizations must file annually. The form gives the IRS an overview of the organization’s activities, governance and detailed financial information. Form 990 also includes a section for the organization to outline its accomplishments in the previous year to justify maintaining its tax-exempt status. In collecting this information, the IRS …
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 …
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,†…
