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The IRS announced victims of Hurricane Ida now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments. This relief extends to any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual or public assistance. This includes the entire state of Louisiana, and taxpayers in certain Ida-impacted localities designated by FEMA in neighboring states, including southern Mississippi, will also receive the same filing and payment relief.

The tax relief postpones various tax filing and payment deadlines that occurred starting on Aug. 26, 2021, for Louisiana taxpayers, and Aug. 28, 2021, for certain Mississippi taxpayers. As a result of the relief, affected individuals and businesses will have until Jan. 3, 2022, to file various tax returns and pay various taxes that were originally due during this period. This means individuals and businesses, who had a valid extension to file their 2020 federal income tax returns, will now have until Jan. 3, 2022, to file their 2020 federal income tax returns. The IRS noted, however, that because tax payments related to these 2020 returns were due earlier in 2021, those payments are not eligible for this relief.…

Continue Reading Tax Relief Available to Victims of Hurricane Ida

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for, among other things, an “employee retention tax credit” for employers that are forced to suspend operations or experience a financial downturn. The CARES Act disqualified employers that received Paycheck Protection Program (PPP) loans from taking the employee retention tax credit. Some employers that received PPP loans are now contemplating repaying the loans based on recently released guidance clarifying the scope of employers that are eligible for the PPP. The guidance allows employers that received PPP funds to repay the funds by May 14 without penalty.…

Continue Reading Employers That Repay PPP Funds by May 14 Are Eligible for Employee Retention Tax Credit

This afternoon the Mississippi Department of Revenue issued a notice containing updated information related to multiple extended filing deadlines and audit procedures. Among the changes are the following:

  • Income and franchise tax filing deadlines remain extended to May 15 (no change from prior notice)
  • Sales and use tax return filing deadlines remain unchanged, but

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Today, in compliance with Proclamation No. JBE 2020-30, which was issued by Governor Edwards on March 16, 2020, the Louisiana Tax Commission (LTC) issued Statewide Advisory 02-2020 suspending and continuing without date all LTC appeal hearings. The LTC will continue to meet telephonically to consider ad valorem property tax change order requests, tax sale…

In Response to COVID-19, Alabama Department of Revenue Extends Deadlines to July 15, 2020 for Filing and Payment of Alabama Individual Income Tax, Corporate Income Tax, Financial Institution Excise Tax, and Business Privilege Tax.

Today, March 23, 2020, the Alabama Department of Revenue (ADOR) issued an Order in response to the COVID-19 crisis confirming that…

The Mississippi Department of Revenue has been very active in informing the public of tax-related developments resulting from the COVID-19 pandemic. All taxpayers are encouraged to follow them on social media such as Facebook and Twitter, as those appear to be their primary and most easily available means of conveying information to the public at this time. While the department has closed its district and Clinton offices to the public and is operating on an essential-staff basis, it is still maintaining its call center (601.923.7700) and taxpayers can utilize the Taxpayer Access Portal (tap.dor.ms.gov), which provides taxpayers the ability to transact most of their business with the department online.

While the department has the authority to extend certain upcoming filing deadlines for state-level taxes it administers, taxpayers should be aware of several upcoming local tax filing deadlines that are not controlled by the department and that likely cannot be extended or waived under the current statutory provisions. Considering that most businesses in Mississippi and across the country have begun operating remotely, these deadlines may present significant compliance and logistical challenges.…

Continue Reading Beware Rigid Mississippi Local Tax Deadlines

The Louisiana Department of Revenue issued Revenue Information Bulletin No. 20-008 (RIB) today to provide guidance on filing and extension relief for certain taxes due on March 20, 2020, and to provide other important information on matters related to COVID-19. The RIB addresses extensions for filing returns and paying February 2020 state sales tax and…

The Alabama Department of Revenue announced that effectively immediately, small retail businesses (those with average monthly sales less than $62,500) that are unable to pay their sales tax liabilities will be automatically granted extensions and penalties for late payment will be waived until June 1, 2020. Larger businesses can apply for similar relief and will be reviewed by the Department on a case-by-case basis. For more information about the tax relief measure, taxpayers are encouraged to visit the Department of Revenue’s COVID-19 Updates page, or call the Sales and Use Tax Division at 334-242-1490.
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Continue Reading Alabama Small Business Tax Extension