Amazing yet true: it seems 401k Fiduciary Duties keep growing. If your plan documents name you (the plan administrator) as the fiduciary, then you and the plan sponsor (your employer), could be taking on more risks than you know. According to the Department of Labor, your basic responsibilities include: acting solely in the interest of plan participants […]
A Like Kind Exchange, known as a 1031…many of you with real estate know the sweet benefits offered in the program but you may have likely also heard of the many “thou shall nots!” One big one, of course, came with the Tax Cut and Jobs Act that limited all Like Kind Exchange activity to
By Thomas Laine, CPA Updated!…Lease Accounting Standards changes have been delayed. The Financial Accounting Standards Board (FASB) has decided to delay the implementation of the new standards by one year. This article will reflect the new deadlines. Did you know… …that the recent changes in lease accounting standards might cause you to #violate a lending #covenant
With income tax nexus and sourcing rules, (e.g. multi-state income tax), your income generated by activities or service delivery in other tax jurisdictions could be subject to tax. Allison Civello, Manager II with Wegmann Dazet, illustrates potential tax liability. Life moves faster than laws; tax laws can lag. Over the last year, we’ve seen a
Chances are good that in a conversation with a tax professional, you’ll hear the term “nexus.” Since it is used often, nexus must mean something important, but what is it? Allison Civello, Manager II with Wegmann Dazet, explains: Nexus quite simply is a relationship. In tax, it is the relationship between a tax jurisdiction
Wegmann Dazet Senior Tax Manager Richard Tullier on Deferring Your Tax Burden One of the biggest challenges affecting every growing business is #CashFlow. As your business grows you need cash the most, but that may be the hardest time to get it: vendors don’t know you well, so they want their money now; and to
Asset Misappropriation? Let’s Be Blunt. It’s Called Fraud…Fraud…theft by your employees from your hard earned revenue. It seems like you read about it more and more in the news each day. Read on to learn some suggested safeguards from our Manager II, Kathy Flattmann, on how even small companies reduce the fraud risk. The first
In this blog by Senior Tax Manager, Richard Tullier, he explains how a partnership or an S Corporation that files in Louisiana now has the opportunity to pay taxes for its owners at the entity level, beating the $10,000 cap. With every ebb, there is a flow; with every Yin, a Yang; and just like
Are you thinking of rehabilitating a building in Louisiana that is 50+ years old? Did you know your reno expenditures may qualify for federal and state tax credits? Federal and State tax credits are available to owners who rehabilitate buildings that are located in a Certified Cultural or Downtown Development District, which includes most of
With the passing of the TCJA, sweeping changes were made to tax laws for various types of taxpayers. Trusts and estates were among those taxpayers affected. For income tax purposes, trusts and estates are treated similarly to individuals. Therefore, some of the changes affecting individuals also apply to trusts and estates. These changes are: •