IRS regs detail how businesses can “aggregate” for the pass-through income deduction

IRS Issues Proposed Guidance on Complicated QBI Deduction Rules

The IRS has finally issued eagerly awaited regulations addressing the new deduction for up to 20% of qualified business income (QBI) from pass-through entities. The QBI deduction was a major piece of the Tax Cuts and Jobs Act, which was signed into law last December. The deduction is available to eligible owners of pass-through entities … Continued

IRS issues guidance on new bonus depreciation rules

IRS issues guidance on new bonus depreciation rules The Tax Cuts and Jobs Act (TCJA) significantly expands bonus depreciation under Section 168(k) of the Internal Revenue Code for both regular tax and alternative minimum tax (AMT) purposes. Now, the IRS has released proposed regulations that clarify the requirements that businesses must satisfy to claim bonus … Continued

Is more tax reform on the horizon?

President Trump and Republican lawmakers currently are considering a second round of tax reform legislation as a follow-up to last year’s Tax Cuts and Jobs Act (TCJA). As of this writing, there’s been no actual bill drafted. However, House Ways and Means Committee Chair Kevin Brady (R-TX) just released a broad outline or framework of … Continued

Two New Partners Named at Hannis T. Bourgeois LLP

Hannis T. Bourgeois LLP is proud to announce they have named Debbie Moran and Trey Sanders partners of the firm effective July 1, 2018. “These individuals make a positive impact on our clients, our people and our communities. They demonstrate a deep commitment to the development and growth of the firm, “said Managing Partner, Monica … Continued

Watch Out for these Tax Issues When Planning for Your Business in 2018

The Tax Cuts and Jobs Act makes sweeping changes. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major changes under the new law to help you understand what’s changing. In general, these changes are effective for tax years beginning after December 31, 2017. … Continued

Overall Louisiana State Sales Tax Rate to decrease as of July 1, 2018

Act 1 of the 2018 Third Extraordinary Session of the Louisiana Legislature has amended La. R.S. 47:321.1 (A), (B), and (C) effectively reducing the overall state sales tax rate in Louisiana from 5% to 4.45% beginning July 1, 2018. Businesses will need to insure that all computer and accounting systems have been updated for the … Continued

Supreme Court opens door to taxation of online sales

In a much-anticipated ruling that confounded the expectations of many court watchers, the U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the … Continued

Tax Reform: What’s Changing for Individuals?

The Tax Cuts and Jobs Act makes sweeping changes to the tax rules for individuals. But some of the new provisions won’t necessarily be relevant to your situation. Here’s a quick reference guide to the major issues under the new law to help you understand what’s changing. In general, the changes for individual taxpayers are … Continued

Should Your Business Be a C Corporation or a Pass-Through Entity?

The Tax Cuts and Jobs Act (TCJA) introduced a flat 21% federal income tax rate for C corporations for tax years beginning in 2018 and beyond. Under prior law, profitable C corporations paid up to 35%. This change has caused many business owners to ask: What’s the optimal choice of entity for my start-up business? … Continued