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
Louisiana Department of Revenue income tax auditors are increasingly proposing large assessments by misapplying a formula in a Department regulation (La. Admin. Code 61:I.1130(B); the “Regulation”). The Regulation is based on a statute designed to prevent deductions related to allocable and nontaxable income and contains a formula that purports to determine a percentage of a
It has become a somewhat unpleasant autumn ritual for many taxpayers: should we agree to a request from the Louisiana Department of Revenue (the “Department”) for more time to audit. Once the decision to agree to an extension has been made, thanks to the COVID-19 pandemic, signing that waiver has become more complicated. Traditionally, the
Effective July 1, 2015, the net operating loss carryback (NOL) will be eliminated and the carryover will be limited to 72% of the carryover. La. Acts 2015, No. ___( HB No. 624 (Rep. Jackson) amending La. R.S. 47:287.86) and La. Acts 2015, No. ____(HB No. 218 (Rep. Broadwater) amending La. R.S. 47:287.86).
Under the bills,