August 19, 2016
LDR Extensions, Reduced Property Taxes and ER Sponsored Relief Benefits
The Louisiana Department of Revenue is granting filing and payment extensions to taxpayers whose homes, principal places of business or critical tax records are located in parishes declared federal disaster areas by President Obama following severe storms and flooding in South Louisiana in August 2016.
Revenue Information Bulletins (RIBs) and Press Releases related to the extensions issued are:
08/18/2016 RIB 16-047 South La. Severe Storms-Flooding Extensions issuedTax Relief to Individuals and Businesses Affected by South Louisiana Severe Storms and Flooding Return Filing and Tax Payment Deadlines Extended
08/18/2016 Filing and payment extensions available for Louisiana taxpayers affected by August flooding
08/14/2016 Filing extensions available to Louisiana taxpayers affected by flooding
On August 15, 2016, Governor John Bel Edwards issued Executive Order JBE 2016-053, which is an emergency suspension of deadlines in legal, administrative and regulatory proceedings. The Louisiana Department of Revenue (LDR) issued RIB 16-046 relative to JBE 2015-053.
Then on August 17, 2016, the Governor issued Executive Order JBE 2016-057 to AMEND JBE 2016-053.
The LCPA Advocacy Team does not know at this time if additional RIBs will be issued by LDR relative to the Amended Executive Order but will continue to monitor communication releases.
Reduced Property Taxes After Flooding
It is important that taxpayers with damaged property from the floods contact the assessor’s office so they can submit evidence of damage that has affected property value. There are important procedures and upcoming deadlines you need to know.
Steven Boutwell with Kean Miller has shared a link to the firm's blog that provides information related property taxes. The KM SALT Tax Team includes LCPA member, Phyllis Sims, and frequent LCPA speaker, Chris Dicharry.
Read more on the South Louisiana Flooding Legal Resource blog and La. R.S. 47:1978.1.
Employer-Sponsored Disaster Relief Benefits
As many employers are looking for ways to help employees in the wake of the Louisiana flood crisis, Bill Potter, LCPA member and Tax Director at Postlethwaite & Netterville, has put together a few tips on employer-sponsored disaster benefits and the tax consequences of those options.
For more information on employer sponsored disaster relief benefits,click here.
Resources to Assist You in the Recovery Process
We continue to add resources to our website, so be sure to check back often. Our goal is provide the most up-to-date information and connect you with other members who need help or can provide help.
Disaster Recovery Resources: a comprehensive list updated regularly
Disaster Assistance Forum: an online community for people to connect with each other on flood-related issues. Feel free to reply to an existing discussion or start a discussion of your own.
AICPA Benevolent Fund: established in 1933 to help AICPA members through temporary periods of financial difficulty brought on by natural disasters or serious illness, an accident, or the death of the primary source of family income. If you or someone you know are in need of assistance, please direct them to the Benevolent Fund Resource Center or call 866.527.2228.
Questions about the content of this Alert should be directed toLinda Babin.