Victims of Hurricane Ida now have until January 3, 2022, to file various individual and business tax returns and make tax payments. The relief applies to taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. Currently, this relief applies to the entire state of Louisiana
UPDATE: Certain Uncertainties Resolved by SBA Regarding Payroll Costs of Partnerships and Sole Proprietors Applying for CARES Act Payroll Protection Program Loans
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
Traps for the Unwary: Not All State Tax Deadlines Have Been Extended
While the Louisiana Department of Revenue (the “Department”) has extended some filing and payment deadlines, it has not extended the April 15 and June 15 deadline for making 2020 first and second quarter individual and corporate estimated state income tax payments. Nor has the Department extended the April deadline for reporting and remitting March state
Uncertainties Created by Tax and Accounting Issues Raised by the Paycheck Protection Program 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 (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
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
IRS Information About Exempt Organizations
Do you want to find out more information about the organization asking you for money?
The Internal Revenue Service has launched a new tool on IRS.gov that gives fast and easy access to information about exempt organizations. The new tool is called the Tax Exempt Organization Search (“TEOS”).
You can now find the following information
The Tax Cuts and Jobs Act (TCJA) Makes Significant Estate and Gift Tax Changes
On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “TCJA”). The TCJA enacts a number of important tax changes, including some significant changes to the federal gift tax and the federal estate tax that take effect in 2018. Specifically, the TCJA doubles the amount of the “applicable exclusion amount” for
IRS Extends Various Tax Deadlines to January 17, 2017 for Certain Parishes Affected by the August, 2016 Flood in Louisiana
The Internal Revenue Service (IRS) has granted tax relief to postpone various tax filing and payment deadlines for certain filings or payments that were due on or after August 11, 2016. The relief postpones the filing deadlines or payment deadlines until January 17, 2017. Therefore, this extension will include the September 15th deadline for
New IRS Regulations Aim to Eliminate Powerful Estate Planning Strategy
On August 2, 2016, the Treasury Department issued new proposed tax regulations that would substantially eliminate many of the valuation discounts used for transfer tax purposes by family-owned businesses. The regulations disregard restrictions on the redemption and liquidation of a family-owned business for valuation purposes. In effect, this would mean that the value of an