UPDATE – In its Action on Decision (AOD 2023-01, 2023-10 IRB 502), the Internal Revenue Service (“IRS”) announced its acquiescence to the holding of the Fifth Circuit in Trafigura Trading LLC v. United States, No. 21-20127, 29 F.4th 286 (5th Cir. 2022), i.e., that Internal Revenue Code (“IRC”) Section 4611(b)(1)(A) imposes a tax on
Businesses with Louisiana Worker Classification Concerns Should Consider Relief Provisions as New 1099-NEC Filing Requirements Go into Effect
UPDATE – On February 15, 2023, the Louisiana Department of Revenue issued Revenue Information Bulletin (“RIB”) No. 23-010 stating that qualifying businesses can submit an application under the Fresh Start Proper Worker Classification Initiative by sending an email to FreshStart.LDR@LA.GOV. RIB No. 23-010 also states that in order to qualify, the employer must have consistently
Automatic Extension of Time for Filing Louisiana Income Tax, Corporate Income Tax and Franchise Tax Returns
UPDATE – On January 20, 2023 the Louisiana Department of Revenue revised the proposed regulations. The revisions modify the previous Notice of Intent to amend the regulations relating to the new automatic extension. The revisions to the proposed rule no longer contain language requiring the Secretary to grant a “reasonable” extension because the statutory
Deadlines Extended for Like Kind Exchanges and Qualified Opportunity Zone Investments
Under Section 1031 of the Internal Revenue Code, a taxpayer may sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without recognizing tax on the sale if certain requirements are met. Two of those requirements involve deadlines: the taxpayer must identify replacement property within 45 days