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,†…
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 …
