A quick review of emerging issues from your LCPA Advocacy Team.
Loggers relief grant funds are still available. The program calls for one-time grants to be distributed on a first-come, first-served basis. All those in the timber harvesting and timber hauling industries who suffered an economic loss due to the pandemic and were not previously awarded a grant under the Louisiana Loggers Relief program are encouraged to apply as soon as possible.
Get the latest from LDR on these two relevant issues.
LCPA recently honored eight members for their remarkable contributions to the CPA profession and the communities they serve. Read about these outstanding individuals and their service that makes us proud!
LCPA held its Annual Meeting and Election of Officers on August 17 at The Ritz-Carlton New Orleans. See who is representing our non-profit professional association.
Join us for a luncheon at The Ritz-Carlton, New Orleans, as we elect the 2022-23 LCPA Board of Directors. We also will recognize our 2022 annual award honorees. This luncheon is free for members in good standing.
LDR has issued a new Policy Statement on LA R.S. 47:305.75 which provides a state sales and use tax exemption for the sale or purchase of feminine hygiene products and diapers for individual use.
Due to delays in submitting fiduciary returns electronically to the Louisiana Department of Revenue (LDR) experienced by Wolters Kluwer customers, LDR will accept a paper filed 2021 Form IT-541 provided that a 2-D barcode is present on the return when prepared using Wolters Kluwer software packages.
LDR Guidance Regarding Federal and State Changes to Deductions for Net Operating Losses
Act 454 of the 2021 Regular Session of the Louisiana Legislature authorizes the Louisiana Youth Jobs Tax Credit(“Youth Jobs”), as provided in R.S. 47:6028. The purpose of the Louisiana Department of Revenue Information Bulletin 22-009 is to provide guidance concerning eligibility and application for the credit.
Read the latest on LDR RR 22-001 regarding Application of 280C Deduction to Federal Employee Retention Credit.
Be prepared! Tune in to one of two IRS offerings via Zoom on 3/30 or 3/31 to see what some of the most recent scam emails look like.
The Louisiana Department of Revenue has updated RIB 22-007 regarding Partnership Filings for the 2021 Tax Year; plus check out list of approved corporate state E-file software vendors.
Read LDR RIB 22-007 including the footnotes, as well as LDR's targeted ‘go live’ dates for E-file.
In an effort led by the AICPA, the State CPA Societies reached out to each of our state’s US Senate and House Members asking them to join bipartisan letters to the Treasury Department requesting assistance with IRS service issues. The AICPA has joined with several other organizations in a coalition that adds even more voices to the importance of this issue.
Due to the ongoing state of emergency related to Hurricane Ida recovery efforts, and in consideration of the current level of COVID-19 cases throughout Louisiana, the Secretary has determined that an administrative waiver of this filing requirement is warranted and shall be effective for the 2021 tax year. Service recipients are not required to transmit 2021 IRS Forms 1099-NEC to LDR that would otherwise be due February 28, 2022.
The Louisiana Department of Revenue (LDR) has updated Revenue Information Bulletin (RIB) No. 21-024 Automatic Extensions Granted for Eligible Individuals and Businesses Impacted by Hurricane Ida. The LDR RIB was updated on December 23, 2021, to extend income and franchise tax deadlines to February 15, 2022, in response to IRS IR-2021-254 which was issued on December 22, 2021.
Victims of Hurricane Ida in six states now have until February 15, 2022 (extended from January 3) to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today.
FinCEN announced October 5, 2021, that victims of Hurricane Ida, the California Wildfires, Tennessee Severe Storm and Flooding, Michigan Severe Storms, Flooding, and Tornadoes, and Tropical Storm Fred have until December 31, 2021, to file Reports of Foreign Bank and Financial Accounts (FBARs) for the 2020 calendar year.
The latest on Hurricane Ida tax relief and assistance, PLUS annual e-File shutdown approaches