Person CPA Group in Metairie is pleased to announce Brett Summerville has accepted the position of Tax Manager. Brett has 7 years of experience in public accounting and has been a CPA for over 4 years. Before joining Person CPA Group, he had 3½ years of public accounting experience in a mid-sized local CPA firm and 3½ years at large …
Since January 2015, several bills have been passed by the House, including ones to make permanent a few of the 50-plus provisions that expired at the end of 2014. Described below is a sampling. Permanent, higher Sec. 179 expensing: America’s Small Business Tax Relief Act of 2015, H.R. 636, passed on Feb. 13. This bill makes permanent the $500,000 expensing …
You may have seen this John Oliver video floating around on social networks. His point was to show how easy it is to abuse nonprofit rules. When you take this into consideration, along with the current IRS trouble related to their targeting of selected groups, it makes me think it may be time to reevaluate the entire process. I wonder …
If you have not filed one or more tax returns, you are probably very worried and scared about what will happen next. The longer you wait to catch up your returns and pay any back taxes owed, the worse your situation becomes. If you don’t file returns voluntarily, the IRS may file a “Substitute Return” for you, which will not …
Tax Foundation recently conducted a study on the effect of lower corporate tax rates on the overall economy. The article summarizing their findings is linked below for those interested in tax reform. While we can’t verify all the figures, the article seems to point out that the tax revenue reduction can at least partially be offset by increase in GDP …
Well Louisiana, we finally have a third to last national ranking in something that should make you happy! Louisiana is ranked 48th of 50 when it comes to the effective property tax rate on your residence. Some of these statistics were surprising – Delaware’s rates are lower than Illinois, for example. Memories of my time in Chicago a while back …
With another school underway, now is a good time to see if you will qualify for either of two college tax credits or other education-related tax benefits when you file your 2015 federal income tax return. In general, the American Opportunity Tax Credit or Lifetime Learning Credit is available to taxpayers who pay qualifying expenses for an eligible student. Eligible …
CASH IS KING! The life blood of any business is its ability to collect cash and pay bills as well as pay its employees, particularly its owners. Far too often small businesses are profitable, but they do not have enough operating capital to meet their current needs. Consequently, they may be forced to sell out to a stronger competitor, sell …
Business insurance, like many types of expenditures is one of those items which business owners typically do not like to pay. Sufficient insurance can be as critical to the success of your business as a good product or service. Without proper insurance you could lose all of the money, time and effort you put into your company. The types and …
There are many tax planning strategies for small business owners aimed at their individual tax situation and business itself. Regardless of the complexity of the tax situation, one of the following goals will be accomplished: Reducing the amount of taxable income Lowering your tax rate Controlling the time when the tax must be paid Claiming any available tax credits Avoiding …
