On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). Title I of the CARES Act creates the Paycheck Protection Program (discussed in more detail here). Generally speaking, the Paycheck Protection Program permits certain small businesses to
Jaye Calhoun
Tax Related Employment and Employee Benefits Changes in the Coronavirus Aid, Relief, and Economic Security Act
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or the “Act”). The CARES Act makes significant changes tax related employment and employee benefits changes in the form of a number of relief provisions designed to mitigate the negative economic consequences of the novel…
Tax and Accounting Implications of the $2 Trillion Stimulus to Assist Individuals and Businesses Impacted by the Novel Coronavirus Pandemic
On March 27, 2020, President Trump signed H.R. 748, the Coronavirus Aid, Relief and Economic Security Act (Public Law No: 116-136, the “CARES Act” or the “Act”). The CARES Act makes significant changes to the taxation of individuals and businesses in the form of a number of relief provisions designed to mitigate the negative economic…
Louisiana First Circuit Court of Appeal Limits The Application of Late Payment Penalties
In Smith International v. Robinson, No. 10498, (La. App. 1 Cir. January 9, 2020), the Louisiana First Circuit Court of Appeal held that the Louisiana Department of Revenue (the “Department”) may not impose a late payment penalty when a taxpayer has paid the amount reported to be due on its tax return. The Court’s…
Louisiana Supreme Court Rules Act 109 Limitations on the Credit for Taxes Paid to Other States are Unconstitutional, Creating a Potential Refund Opportunity for Certain Taxpayers
In Smith v. Robinson, La. S. Ct., Dkt. No. 2018-CA-0728 (Dec. 5, 2018), the Louisiana Supreme Court held that the Texas franchise tax (also known as the “Texas margins tax”) was an income tax for purposes of Louisiana’s credit for tax paid to another state and held that a 2015 law that limited…
Louisiana Department of Revenue Releases Post-Wayfair Guidance for Remote Sellers
On Friday, August 10, 2018, the Louisiana Department of Revenue (the “Department”) released Remote Sellers Information Bulletin No. 18-001 (the “RSIB”). The RSIB states that the Louisiana Sales and Use Tax Commission for Remote Sellers (the “Commission”) “will not seek to enforce any sales or use tax collection obligation on remote sellers based on United…
Louisiana Tax Changes Impacting the Hospitality Industry
Sales Tax Changes:
The Louisiana Legislature has simplified the effective state tax rates for most taxable transactions, eliminating the previous five potential tax rates (as applicable to various exemptions) to two possible rates: either fully exempt from state tax or 4.45% for most purchases (down from 5%). Effective July 1, 2018, House Bill (“HB”) 10…
Louisiana Sales and Use Tax Rate Changes Cut the Additional Temporary Penny and Raise the Rate on Business Utilities – Effective July 1, 2018
The Louisiana Legislature has simplified the effective state tax rates for most taxable transactions, eliminating the previous five potential tax rates (as applicable to various exemptions) to two possible rates: either fully exempt from state tax or 4.45% for most purchases. Effective July 1, 2018, House Bill (“HB”) 10 of the 2018 Third Extraordinary Session…
Louisiana and Parishes Considering How to Realize Benefit from Scotus’ Wayfair Decision – Working to Change Effective Date of Enabling Legislation
The Louisiana Legislature is considering last minute legislation to change the effective date of legislation allowing the State to tax remote sellers but has not acted to make other centralized collection legislation operative. It may not have to.
Today, in a 5-4 decision with far-reaching implications, the Supreme Court of the United States issued its…
Louisiana Board of Tax Appeals Holds that the Individual Net Capital Gain Exclusion Applies to a Multi-Step Transaction
In Camp v. Robinson, No. 10609D, (La. Bd. Tax App. June 13, 2018), the Louisiana Board of Tax Appeals (the “Board”) held that Louisiana’s Individual Net Capital Gain Exclusion applies to a multi-step transaction. In so holding, the Board read more broadly the scope of the transactions to which the capital gain exclusion may…