How Long Should I Keep My Tax Records?

Richard Tullier, CPA explains that 3 – 7 years is a general guideline for record retention, if you find yourself asking “How long should I keep my tax records?” It was January 2006 and my grandparents had decided that although they were spared any damage from Hurricane Katrina, they wanted to move north of the… Read More

Louisiana Update: Tax Exemption for COVID-19 Relief Benefits

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… Read More

IT’S OK TO EXTEND YOUR TAX RETURN

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… Read More

Update: Claim ERC and receive PPP loans!

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… Read More