News & Tax Alerts: Tax Alerts – State

Electronic Funds Transfer Requirements (3/12/2013)

Wednesday, March 13, 2013   (0 Comments)

We would also like to remind you of Louisiana electronic funds transfer requirements if you have any clients to which this applies.

Louisiana Revised Statute 47:1519 authorizes the Louisiana Department of Revenue to require electronic payments from taxpayers whose individual payments exceed $5,000. Electronic Funds Transfer (EFT) payment is required under all of the following circumstances:

  1. The tax due in connection with the filing of any return, report or other document exceeds $5,000.
  2. A taxpayer files tax returns more frequently than monthly, and during the preceding 12-month period, the average total payment exceeds $5,000.
  3. A company files withholding tax returns and payments on behalf of other taxpayers during the preceding 12 month period and the average total payments for all tax returns filed exceed $5,000.

If an EFT payment is not timely made or if the required tax return is not filed by the due date, the provisions for late payment penalties, late filing penalties, interest, and loss of applicable discount shall apply in accordance with R.S. 47:1601-1602.

Attribution and thanks are extended to Gerard H. Schreiber, Jr., CPA, who contributed content for this alert.