News

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 […]

Anita Zimmer, CPA, ABV, CFF explains to businesses what to know about business interruption insurance. In addition to insurance for physical damages, most business policies include coverage for Business Interruption (BI) to compensate for lost profits during a period when the business cannot operate.  In general, this coverage is available when the business occurs a

Wegmann Dazet’s Victoria Tecchie reminds organizations to review their federal funding award requirements, which can change frequently. With CARES Act funding, you might be subject to a single audit without ever having had one before. Both dollar-level criteria and each federal award program’s own requirements can lead you to a Single Audit. These awards may

Both the IRS and the Louisiana Department of Revenue have issued tax updates for IDA relief: extensions for tax return and payment deadlines that were due starting on August 26, 2021. Wegmann Dazet is here to help, working in our offices and remotely to help with any questions you have.  We know many of our

What are the Potential Impacts of the New Lease Accounting Standard? Wegmann Dazet’s Bryan Whalen, CPA describes how the update affects your leases and accounting. By now most businesses have at least heard about ASC 842. That’s the new lease accounting standard that goes into effect for all non-public entities for fiscal years beginning after

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