Our relationship with Bourgeois Bennett CPA's and Consultants is longstanding and very beneficial for our members. Following natural disasters of the magnitude of Hurricanes Katrina and Rita, the need for accurate tax and financial information is vital. Here is some of the important information they have made available for LRA members:
03/13/06 Bourgeois Bennett outlines special employer business credits and tax benefits from Hurricanes Katrina and Rita. Click here for more information.
01/16/06 Bourgeois Bennett provides an update on reconstructing important financial information that may have been lost in the storms. Click here to read the article.
As part of the KETRA provisions, businesses may qualify for tax credits for wages paid to displaced workers. See the attached PDF for details.
The Katrina Emergency Relief Act of 2005 (KETRA) has important provisions that can affect pension plans for companies within the affected area. To find more information, click here to download a document from Bourgeois Bennett.
Bourgeois Bennett has supplied us with information concerning the documentation and quantification of your insurance claims and how important it is to be sure you claim all covered losses. If you need more information, contact Philip Monteleone, Manager, Litigation and Forensic Accounting Services at (504) 831.4949. Click here for their article.
Click here to see an article about how to reconstruct your important financial information that may have been lost in these storms.
As of September 6, 2005, the Louisiana Department of Revenue established an address to accept tax returns and payments for parishes in the Metropolitan New Orleans area. Businesses in the parishes of Orleans, St. Bernard, and Plaquemines should remit returns and payment to the following address: P.O. Box 91138, Baton Rouge, LA 70821-9138.
Businesses may access the website of the Louisiana Association of Tax Administrators at www.laota.com to find information about parishes that have granted sales tax filing extensions. In general, most of these parishes are granting a 30 day extension for sales tax returns due September 20, 2005. Access the website for details about the procedure in each parish.
The Louisiana Department of Revenue has granted extensions of time to file and pay taxes to February 28, 2006, in accordance with the IRS tax relief guidelines. For estimated payments, and withholding tax, the extension applies to all returns that would be due August 30, 2005, through December 31, 2005. In addition, the department has granted a 30-day extension of time to file or make payments for sales tax returns due September 20, 2005. Click here to access the details.
The Katrina Emergency Tax Relief Act of 2005 (H.R. 3768), signed on Sept. 23, postpones federal deadlines for affected taxpayers to file tax returns, pay taxes and perform other time-sensitive acts until Feb. 28, 2006. The IRS will abate interest and late filing, late payment or failure to deposit penalties that would otherwise apply. This includes the Oct. 31 and Jan. 31 deadlines for filing quarterly federal employment and excise tax returns; and employment and excise deposits due on or before Feb. 28, 2006. The postponement of deadlines, interest suspension and waiver of penalties apply to any tax return, tax payment or tax deposit with an original or extended due date falling on or after Aug. 29, 2005. Click here to access the details.
