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

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

Watch out for tax-related identity theft scams all year long

With the filing date for 2017 in the rearview mirror for most businesses and individuals, the last thing they probably want to think about is income taxes. Unfortunately, though, criminals who commit tax-related identity theft don’t work seasonally — they’re constantly devising and unleashing new schemes. And even though the IRS has taken successful steps … Continued

Capital Gains Rates Before and After the New Tax Law

Are you confused about the federal income tax rates on capital gains and dividends under the Tax Cuts and Jobs Act (TCJA)? If so, you’re not alone. Here’s what you should know if you plan to sell long-term investments or expect to receive dividend payments from your investments. Old Rules Prior to the TCJA, individual … Continued

Are Roth IRAs Still Beneficial under the New Tax Law?

The Roth IRA remains an attractive retirement planning vehicle for many individuals after the changes made by the Tax Cuts and Jobs Act (TCJA). Here’s what you need to know about Roth IRAs and Roth IRA conversions under the new law. Tax Advantages Roth IRAs offer several important tax advantages over traditional IRAs. First and … Continued

HTB Welcomes New Senior Manager

Hannis T. Bourgeois, LLP welcomes Derek Foret as a Senior Manager to the firm’s Audit Department. Derek provides assurance and consulting services to companies, and is based in the firm’s Baton Rouge office Derek joins HTB with more than 5 years of public accounting experience serving both public and private companies including work with capital … Continued

The pass-through provisions of the TCJA: The devil is in the details

The Tax Cuts and Jobs Act (TCJA) has been touted for cutting the corporate tax rate, but the law also contains some valuable goodies for smaller businesses that operate as pass-through entities, including partnerships, limited liability companies, S corporations and sole proprietorships. These business owners stand to see their tax liabilities fall significantly, but determining … Continued

Home Equity Borrowers Get Good News From The IRS

Passage of the Tax Cuts and Jobs Act (TCJA) in December 2017 has led to confusion over some of the changes to longstanding deductions, including the deduction for interest on home equity loans. In response, the IRS has issued a statement clarifying that the interest on home equity loans, home equity lines of credit and … Continued