News

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

As this year draws to a close, our friends at BDO remind us that year-end 2020 may not be the same as 2019 when it comes to payroll taxes and compensation and benefits matters. This alert highlights various areas of change and what employers should be focusing on.   New Form for Reporting Non-Employee Compensation

Richard Tullier, CPA explains year-end tax planning in the time of COVID: Throughout this year, I often have thought of a quote from Woody Allen: “If you want to make God laugh, tell him about your plans.”  I’d say substitute 2020 for God and the quote applies. While there have been many surprises this year,

Don’t let employee theft happen to your business; internal controls can help reduce the risk of fraud, as explained by Valerie Lowry, CPA In August 2020 an accountant admitted to stealing more than $7 million from a Louisiana shipping company. Theft by employees happens more frequently than you might think, to companies of all sizes.