What do the 2021 cost-of-living adjustment numbers mean for you?

What do the 2021 cost-of-living adjustment numbers mean for you?

The IRS has announced its 2021 cost-of-living adjustments to tax amounts that might affect you. Many increased to account for inflation, but some remained at 2020 levels. As you implement 2020 year-end tax planning strategies, be sure to take these 2021 adjustments into account in your planning. Individual income taxes Tax-bracket thresholds increase for each … Continued

Year-end tax planning strategies must take business turbulence into account

Election years often lead to uncertainty for businesses, but 2020 surely takes the cake when it comes to unpredictability. Amid the chaos of the COVID-19 pandemic, the resulting economic downturn and civil unrest, businesses are on their yearly search for ways to minimize their tax bills — and realizing that some of the typical approaches … Continued

Hannis T. Bourgeois Elects New Director of Operations

Hannis T. Bourgeois, LLP is pleased to announce that Lauren M. Fitch, J.D., has joined the firm as Director of Operations effective September 14, 2020. As Director of Operations, Mrs. Fitch will help oversee all business, financial and operational aspects of the firm’s offices in Baton Rouge, Denham Springs and New Orleans.   “We are … Continued

Unusual year steers year-end tax strategies

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. The economic impact, as well as federal relief packages like the CARES Act, may render some tried-and-true strategies for reducing your income tax liability less advisable for 2020. Adding to the uncertainty … Continued

September 2020 Newsletter

    The General Ledger, Edition 3, September 30, 2020 Hannis T. Bourgeois Elects New Managing Partner Jay A. Montalbano, CPA, CVA, CCIFP, Managing Partner Hannis T. Bourgeois, LLP is pleased to announce that Jay A. Montalbano, CPA, CVA, CCIFP, has been elected Managing Partner of the firm effective June 1, 2020. Mr. Montalbano will follow … Continued

Compare and contrast: How do the Republican and Democratic tax plans differ?

With the presidential election only weeks away, many people are beginning to pay closer attention to each candidate’s positions on such issues as the COVID-19 pandemic, health care, the environment and taxes. Among their many differences, President Donald Trump and former Vice President Joe Biden have widely divergent tax proposals. Their stances could have a … Continued

CARES Act – Retirement Plan and RMD Changes

After the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27, the IRS issued several notices with additional information and guidance related to the 2.2 trillion economic stimulus bill aimed at protecting the public health and economic impacts of COVID-19. The CARES Act is expansive legislation with wide-ranging … Continued

Privacy Policy

PRIVACY NOTICE Last updated September 01, 2020 Thank you for choosing to be part of our community at Hannis T. Bourgeois, LLP (“Company”, “we”, “us”, or “our”). We are committed to protecting your personal information and your right to privacy. If you have any questions or concerns about this privacy notice, or our practices with regards to your … Continued

Payroll Tax Deferral Guidance

On Friday, August 28, 2020, the IRS released Notice 2020-65 to provide for the implementation of the Executive Order signed by President Trump on August 8, 2020, in response to the ongoing COVID-19 pandemic. The Executive Order instructed the Secretary of the Treasury to defer the withholding, deposit, and payment of employee Social Security taxes … Continued

Product Surround

There are two components of a product or service, the core product or service and the product or service surround. Most strategies focus on the core product or service yet it only generates 20% of the benefit to the customer whereas normally the product surround contributes the remaining 80%. In this article we will show … Continued