News

The long awaited guidance of the Employee Retention Credit has finally been released.  Wegmann Dazet’s Frank Holzenthal, CPA summarizes the new ERC guidance issued by the IRS. The first section of the new ERC guidance issued gives guidance on provisions related to the ERC for the 3rd and 4th quarters of 2021, and the second […]

Wegmann Dazet’s Richard Tullier, CPA explains the tax implications of the 2021 advanced child tax credit payments and helps to answer “Claim it or opt out?”   In March 2021, the American Rescue Plan Act increased the child tax credit from $2,000 per child, up to as much as $3,600 per child for kids under

Richard Tullier, CPA explains that 3 – 7 years is a general guideline for record retention, if you find yourself asking “How long should I keep my tax records?” It was January 2006 and my grandparents had decided that although they were spared any damage from Hurricane Katrina, they wanted to move north of the

Allison Civello, CPA, discusses the new Louisiana law that provides an individual and corporate income tax exemption for COVID-19 relief benefits: Louisiana has enacted an exemption from individual and corporation income tax for state and federal COVID-19 relief benefits received. The law exempts from income any gratuitous grant, loan, rebate, tax credit, advance refund, or

If your tax preparer said your extension is OK, then trust their instincts. Richard Tullier, CPA, tells us why it’s OK to extend your tax return.   Before I get to some of the many scenarios in which extensions make sense, here’s an analogy: It’s the day before a big test, but you just got

An update from our friends at BDO – CARES Act Employee Retention Credits for Nonprofits, retroactive to March 12,  2020. One way to continue to pursue your organization’s objectives is to ensure that you can still function, even if only in a limited capacity. Nonprofits were supported with the CARES Act in March 2020, which includes the

At a time when cash is likely at a premium, it is time to think about filing your tax returns for 2020 and also time to think about how to maximize your cash flow for 2021. Richard Tullierr, CPA explains why it’s not good to get a big refund check. We are bombarded nowadays with

Whether you’re starting a business or have been in business for years, you may have asked yourself this question at least once during your career: “CPA, Tax Preparer, Bookkeeper: What’s the Big Difference?” Wegmann Dazet Senior Tax Manager Richard Tullier discusses the difference amongst the three. People use these terms interchangeably, but the difference can

Like-Kind exchanges, more commonly known as 1031 exchanges, have long been used to defer taxes when “trading” assets. Melissa Chauvin provides an update and can help you with rule changes made to like-kind (1031) exchanges. Tax  deferrals with like-kind (1031) exchanges had been available for use on vehicles, equipment and real property. With the passing

We read through 5,600 pages of the Consolidated Appropriations Act of 2021 to bring you the most important facts. In order to help you and your business navigate through the uncharted waters of Washington’s response to the pandemic, we provide the economic and tax impacts. The bill includes both expansions of existing legislation as well