Dear Client:

The massive tax law passed in 2004, the American Jobs Creation Act , continues to work its way into the lives of many businesses as its provisions become effective and the IRS issues interpretative rules and regulations to govern its details. One of the major new business tax breaks in this category was the generous deductions allowed to domestic manufacturers. For 2005-2006, the deduction (commonly called the “manufacturing” deduction) equals 3 percent of the lesser of qualified production activities income or taxable income. The percentage rises to 6 percent in 2007-2009 and finally to a hefty 9 percent in 2010 and thereafter. Read more»

Dear Client:

In December of 2006, the Louisiana Legislature authorized a refundable income tax credit for LA Citizens assessments that resulted from Hurricanes Katrina and Rita. This credit is available to individuals and businesses who paid the LA Citizens assessments as part of their homeowners or property insurance premium. Read more»