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Municipal Messes Delayed audit finds ‘material weaknesses’ in Elton’s finances and procedures [ KPLC (Louisiana)] The town agreed to address such deficiencies including timely adopting an operating budget, hiring someone qualified to prepare financial statements, and submitting required paperwork to the Legislative Auditor’s Office by the due date.
Excise taxes make up an average of 10% to 20% of a state’s tax base, but in some states they constitute more than 30%.The The top states depending on sales and excise taxes include Florida, Texas, Tennessee, South Dakota, Louisiana and Mississippi.
There’s always something changing in the world of sales tax, and this year has been no exception. Louisiana, for instance, hiked its sales tax and made its combined rate among the highest in the country. Kansas finally dropped its sales tax on some groceries to zero. Here’s a look at the major trends. Rates elevator.
” Related article: Trump IRS Nominee Billy Long Grilled Over Ties to Fraudulent Tax Credits After Long, 69, left Congress in 2023, he received at least several thousand dollars in compensation from White River, which holds oil and gas mineral leases in Louisiana and Mississippi.
The Internal Revenue Service is offering tax deadline relief for individuals and businesses in the entire state of Louisiana, affected by Tropical Storm Francine that began on Sept. 3, 2025, to file various federal individual and business taxreturns and make tax payments. These taxpayers now have until Feb.
For e-commerce business owners, incometax filing season marks the start of a highly stressful time. Among the taxes that e-commerce businesses need to file, incometax is the most common one. To help you meet the incometax filing season fully armed and prepared, we have compiled a step-by-step guide.
million people across the nation (state-by-state list below) have unclaimed refunds for tax year 2019 but face a July 17 deadline to submit their taxreturn. billion in refunds remain unclaimed because people haven’t filed their 2019 taxreturns yet. Need to file a 2019 taxreturn?
LouisianaLouisiana House Bill No. The Louisiana PTET election is effective for the tax year made, and succeeding tax years until terminated. 428 was recently signed into law, providing two technical modifications to the state’s PTET election applicable to taxable years beginning on or after January 1, 2023.
Taylor, Kiplinger Consumer News Service (TNS) Many Californians thought their taxes were due today (Oct. 16), but the IRS has further postponed tax deadlines for people in 58 counties impacted by natural disasters last winter. 16, 2023, to file their 2022 federal incometaxreturns and pay any tax due.
For example, it makes sense to suggest electing S Corp status to your clients when their self-employment tax burden exceeds the tax burden if the corporation converted to an S Corp. For businesses structured as corporations, being an S Corp can help them avoid paying taxes at the corporate and shareholder levels.
The IRS has posted a June 2021 draft version of the Form 941 , Employer’s Quarterly Federal TaxReturn, instructions that take into account the amended and expanded coronavirus (COVID-19) pandemic tax credits and the new COBRA premium assistance credit from the American Rescue Plan Act (ARPA). Federal News.
With May 17th behind us (though for those in Texas, Louisiana and Oklahama — this was just another day. But before we leave taxes in the rearview, let’s address an unfortunate reality: as a business owner, you have a greater number of tax reporting obligations than a regular person has. Teach me and I remember.
Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. Delaware is considered “the place” to establish your corporate entity as there’s no Delaware sales tax. Delaware offers perhaps the most favorable tax treatment to businesses. Historically, in the U.S.,
Incorporation is a critical legal matter that impacts more than your company’s tax responsibilities for doing business. To compete for business taxincome with New Jersey and New York, Delaware made incorporating within its borders easier for absentee (aka out-of-state) companies and incentivized absentee companies to do so.
At the state level, it is not uncommon to have more than one sales tax rate. Items deemed necessities like groceries may have a lower tax rate (or even be exempt) in an effort to provide some low-incometax relief. As noted above, many states also have local sales taxes. However, many consumers do not pay the tax.
Set in New Orleans, Louisiana this year, there was plenty of fun (Phillies Astros World Series Game 1) and information to go around. LIFO The Last-In First-Out inventory method is a common inventory valuation method used by many dealerships that can help taxpayers lower their incometax for a period of time.
To illustrate the point that there are a lot of taxes to keep up with, even back in Colonial times. For payroll, in particular, there are a number of taxes. Then, there’s how to pay and file these taxes. The aim of this legislation would be to help avoid increases in unemployment tax rates for employers.
The new service will allow consumers who filed their taxes using Credit Karma to take a $500-$1000 advance on their tax refund without an additional fee or charge. Funds can be deposited into a consumer’s account with 24 hours of the IRS accepting their fully filed taxreturn.
By Katelyn Washington, Kiplinter Consumer News Service (TNS) The IRS has granted Louisianatax relief to areas of the state impacted by seawater intrusion. Affected taxpayers now have extended tax deadlines of Feb. 15, 2024, to file certain taxreturns and make tax payments. 20, 2023, to Feb.
The IRS has issued the much anticipated revised Form 941 , Employer’s Quarterly Federal TaxReturn, and its instructions for used beginning with the second quarter of 2021. Alabama has announced tax filing and payment extensions to state taxpayers affected by Topical Storm Claudette. This includes withholding taxes.
Louisiana has increased its sales tax, making its combined rate among the highest in the U.S. The new rate is 5%, up from 4.45%, creating a combined state and local sales tax rate of some 12%. Kansas sales tax on some groceries has now dropped to zero. Up, up and down. The bill has advanced to the state senate.
Separately, despite a recent California Senate bill restricting write-offs for lenders, retailers can continue to take bad debt deductions for sales or use tax paid to the state that is later found worthless and written off for incometax purposes.
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