Louisiana-Corporate, Personal Income Taxes: Solar Energy Tax Credit Limit Reached
The Louisiana Department of revenue (LDR) has announced that taxpayers purchasing residential solar energy systems would no longer receive corporate or personal income tax credits under the state's solar tax credit program. The LDR approves tax credit claims on a first-come, first-served basis, based on the date a tax return is filed. Presently, the number of claims submitted for the tax credit exceeds the amount of money available to pay claims under the solar tax credit program that ends on December 31, 2017. Taxpayers who have not received refunds under the 2016 fiscal year cap will be notified in writing about their eligibility for deferred claims under the $10 million cap for fiscal year 2016-2017 or the $5 million cap for the fiscal year 2017-2018. Any taxpayer who is denied a tax credit due to lack of funds will receive a certified letter of denial from the LDR. The full press release can be viewed at http://www.rev.state.la.us/NewsAndPublications/PressReleaseDetails/5435.
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Tax Policies of President-Elect Trump Now Front and Center as Congress Regroups for Possible Tax Reform
During the campaign, President-elect Trump made a number of tax reform proposals for individuals and businesses. Some of Trump's proposals, especially consolidation of the individual income tax rates, are similar to proposals made by congressional Republicans. Other proposals are unique to the president-elect. Additionally, President-elect Trump has said he will call for a special session of Congress to repeal the Patient Protection and Affordable Care Act (PPACA).
Year-End Planning: Make the Best Use of Quick Write-offs for Capital Goods Purchases
Businesses that want to accelerate year-end deductions by buying machinery and equipment have a formidable array of tax tools to work with this year, including generous expensing under Section 179 of the tax code. Here's how to make the most of Code Sec. 179 expensing.
Compressed Deadlines And Higher Penalties For Businesses issuing Forms 1099 And W-2
Have you been lax in the past about issuing 1099s, realizing the IRS rarely, if ever, penalized you for sending them in late? That permissive view of 1099 and W-2 filing is over. Making matters worse, next year's filing deadlines will be compressed. Fortunately, there is time to prepare before the close of 2016 to ensure smoother, speedier filing in 2017.