News

OPEC ministers strike deal on oil production levels

Source: cnbc.com - Jun 22, 2018

OPEC ministers and their allied partners meeting in Vienna have agreed on oil production levels starting from July. A source confirmed to CNBC that a deal has been struck, and the group will aim... Read more >

Category: General Business

Third Special Session: still no solution with less than a week to go

Source: katc.com - Jun 22, 2018

With less than a week to go, still no solution on the state's budget shortfall. At issue, taxes to fund the budget passed in the regular session. The governor is calling on lawmakers to renew... Read more >

Category: General Business

Sales Tax Rates – April 1, 2016

Source: revenue.louisiana.gov - Jun 21, 2018

Sales Tax Rates – April 1, 2016 Revenue Information Bulletin 16-012: State Sales Tax Exemptions and Exclusions Applicable to La. R.S. 47:302, 321 and 331 Revenue Information Bulletin... Read more >

Category: General Business

Louisiana lawmakers send tax bills to House floor

Source: myarklamiss.com - Jun 21, 2018

(WVLA) - Louisiana House members will have three tax bills to consider when they meet Thursday, after a legislative panel advanced varied ideas toward limiting state budget cuts. Members of the... Read more >

Category: General Business

TOPS still short of money in Louisiana House GOP tax-budget plan

Source: nola.com - Jun 21, 2018

The Republican leadership in the Louisiana House of Representatives is pushing a budget and tax plan that would set the sales tax rate lower than Gov. John Bel Edwards and many Democrats want, but... Read more >

Category: General Business

Why A Big Tax Break For Landlords Costs Millennials And First Time Home Buyers Big Time

Source: forbes.com - Jun 21, 2018

This has to be one of the stupidest tax breaks ever. The depreciation tax deduction lets landlords (but not homeowners) deduct about 3.6% of what they paid for their houses from their rental... Read more >

Category: General Business

Supreme Court allows states to collect sales taxes on more online transactions

Source: usatoday.com - Jun 21, 2018

WASHINGTON -- A closely divided Supreme Court upended the nation's Internet marketplace Thursday, ruling that states can collect sales taxes from most online retailers. The decision, which... Read more >

Category: General Business

Real Madrid's Cristiano Ronaldo agrees €18.8m fine in tax case - sources

Source: espn.com - Jun 19, 2018

Real Madrid forward Cristiano Ronaldo has reached a deal with the Spanish tax authorities that sees the Portugal captain admit wrongdoing over his image rights income and agree to pay a total of... Read more >

Category: General Business

Edwards says urgency makes this session different

Source: fox8live.com - Jun 19, 2018

BATON ROUGE, LA (WAFB) - The Louisiana State Legislature convened for the year's third special session, the seventh since Governor John Bel Edwards took office in 2016. The problems have not... Read more >

Category: General Business

New Orleans Saints QB Drew Brees invests in a clothing line

Source: nola.com - Jun 19, 2018

Drew Brees, investor, is at it again. The New Orleans Saints quarterback, who before has mostly invested in restaurant businesses, is now investing in UNTUCKit, a clothing line of shirts designed... Read more >

Category: General Business

Illegal Immigration and Tax Issues Recent Changes Affect Available Deductions and Credits for Dependents

Source: cpajournal.com - Jun 18, 2018

Taxpayers may be surprised to know that, prior to the enactment of the Tax Cut and Jobs Act of 2017 (TCJA), under certain conditions illegal aliens or undocumented immigrants could be claimed as a... Read more >

Category: General Business

Sales taxes will apply to medical marijuana, and it's all in a word cited by the state revenue department

Source: theadvocate.com - Jun 18, 2018

Prescription drugs in Louisiana are exempted from state sales tax. That won't be the case for medical marijuana, a drug that will be "recommended" by doctors rather than "prescribed." With that... Read more >

Category: General Business

With hurricane season underway, IRS warns of scams related to natural disasters

Source: irs.gov - Jun 18, 2018

IR-2018-132, June 7, 2018 WASHINGTON ― With hurricane season underway, the Internal Revenue Service is reminding taxpayers that criminals and scammers often try to take advantage of the... Read more >

Category: General Business

Planning ideas from Form 1040 (and beyond)

Source: journalofaccountancy.com - Jun 15, 2018

Form 1040, U.S. Individual Income Tax Return, is one of the most important documents that CPAs who do tax work will encounter. In addition to providing a view of the current tax situation, the form... Read more >

Category: General Business

5 IRA planning strategies to use now

Source: financial-planning.com - Jun 15, 2018

Here’s what will happen next year at tax time. Your client’s accountant will tell your client about all the tax planning that could have been done last year. But by then, it will already be too... Read more >

Category: General Business