One area of taxation that has seen significant change in the last few years is sales and use tax. Wegmann Dazet’s Allison Civello, CPA explains that due to changes to sales tax nexus, some businesses might not be paying required use taxes, or they might be paying the tax to the wrong jurisdiction, or they might be …
Our friends at BDO explain that Research & Experimental (R&E) expenditures after December 31, 2021 will no longer be immediately tax deductible. Instead, businesses are subject to mandatory capitalization of R&E expenses – now they must capitalize and amortize these expenditures over a period of either 5 or 15 years, depending where the research takes …
MANDATORY CAPITALIZATION OF R&E EXPENSES – THE IMPACT ON LIFE SCIENCES COMPANIES Read More »
Wegmann Dazet Senior Manager Anita Zimmer, CPA, ABV, CFF gives some advice to business owners to be prepared: a hurricane busy season may lead to a business interruption claim. In the public accounting world, we refer to the period of February through April as busy season. With the lingering disturbance along the Gulf Coast …
Solar energy Investment Tax Credit aside, solar energy is a popular choice for businesses looking to reduce their carbon footprint through alternative energy sources. In addition to supporting a company’s environmental, social, and governance (ESG) strategy, converting to solar energy potentially can lock-in lower energy rates. Our friends at BDO explain in this article …
From the drive-through speaker to QR code menus, restaurant patrons are familiar with technology that streamlines front of house restaurant operations. Recent years have seen increased focus on innovation at the back of house. Though not necessarily visible to the average customer, changes underway will have a profound impact on customer experience. Tech is bringing …
Tech is Bringing Efficiencies to Back of House – Restaurant Update Read More »
During the 2021 regular Louisiana Legislative Session, Act 287 was passed for new Louisiana partnership requirements, and Richard Tullier, CPA and Allison Civello, CPA provide this summary. This Act requires all partnerships doing business in Louisiana to file the LA Form IT-565 and thus requires all partnerships to obtain a Louisiana Revenue Account Number. …
Legislative Update! Louisiana Partnership Requirements Read More »
It is important for business owners to be familiar with the differences between a W-2 and a 1099-NEC, between an employee and an independent contractor. Understanding these differences can help prevent significant penalties, interest, back taxes, legal fees, and even jail time. The January 31, 2022 due date for filing these forms with the IRS …
W-2 Employees or 1099-NEC Contractors? What are the Pitfalls if you Misclassify? Read More »
What does the chip shortage mean, and how can we plan for it? The Wegmann Dazet friends at BDO offer a Q&A breaking down the chip shortage. Whether you’re the CEO of a manufacturing firm struggling to gain access to the materials needed for your production process or you’re a consumer unable to find …
As we assess the damage, rebuild, and recover from Hurricane Ida, Stephen Albert, CPA and Richard Tullier, CPA briefly explain the tax deduction available to individuals for casualty losses. Read further for a casualty loss summary. In general for insurance claims after hurricanes and other disasters: a casualty loss is determined by comparing any proceeds …
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