Thursday, June 16, 2022

When Are Louisiana State Taxes Due

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Following Fema’s Recent Disaster Declaration For Severe Storms And Flooding Louisiana Impacted Taxpayers Get More Time To File And Pay Certain Federal Taxes

Louisiana state income tax filing begins Feb. 12

Residents of certain Louisiana parishes can wait until August 16, 2021, to file their 2020 federal income tax return. The IRS extended this and other tax deadlines because of the severe storms and flooding that began on May 17, 2021, in parts of the state that were declared a disaster area by the Federal Emergency Management Agency . The tax relief applies to residents of Assumption, Ascension, Calcasieu, East Baton Rouge, Iberville, Lafourche and Lafayette Parishes.

Various federal tax filing and payment due dates for individuals and businesses from May 17 to August 15 will be shifted to August 16. In addition to the May 17 personal income tax filing deadline, which was previously pushed back to June 15 for taxpayers impacted by a winter storm in February, this includes:

  • 2020 IRA contributions originally due on May 17;
  • Quarterly estimated income tax payments normally due on June 15; and
  • 2020 returns for tax-exempt organizations typically due on May 17.

Penalties on payroll and excise tax deposits due from May 17 to May 31 will also be waived if the deposits were made by June 1.

You don’t have to contact the IRS to get this relief. However, if you receive a late filing or late payment penalty notice from the IRS that has an original or extended filing, payment or deposit due date falling within the postponement period, you should call the number on the notice to have the penalty abated.

What Is The Last Day To File Taxes If You Live In Texas Oklahoma Or Louisiana

If you are a Texas, Oklahoma, or Louisiana resident, you have until June 15, 2021 to file your federal tax return. The federal filing deadline was extended for Texas, Oklahoma, and Louisiana to accommodate taxpayers who were affected by severe winter storms earlier this year.

Taxpayers who are not residents of any of these three states must file by or on the recently extended May 17, 2021 federal income tax deadline, or they will need to file an extension. The IRS made it clear that state tax deadline extensions will vary on a state-by-state basis. At the time of publication, the majority of the states that do require taxpayers to file state tax returns have followed suit in extending their deadlines from April 15 to May 17, 2021. But taxpayers should go to their respective states official government website to check if their state is among that group.

Nonresident Athlete Individual Income Tax

A nonresident individual who is a member of the following associations is considered a professional athlete and is required to electronically file a Louisiana income tax return, IT-540B-NRA reporting all income earned from Louisiana sources:

  • Professional Golfers Association of America or the PGA Tour, Inc.
  • National Football League
  • East Coast Hockey League
  • Pacific Coast League

Income from Louisiana sources include compensation for the services rendered as a professional athlete and all income from other Louisiana sources, such as endorsements, royalties, and promotional advertising. The calculation of income from compensation is based on a ratio obtained from the number of Louisiana Duty Days over the total number of Duty Days. Duty Days is defined as the number of days that the individual participated as an athlete from the official preseason training through the last game in which the individual competes or is scheduled to compete.

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Individuals may request an additional extension to file federal income taxes through Oct. 15 by filing Form 4868 online or by using a tax professional. The extension is only for filing; any taxes would still be due by June 15.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” Chuck Rettig, IRS commissioner, said in a news release.;

Individuals who received unemployment benefits in Louisiana, which includes hundreds of thousands of residents, have the first $10,200 of benefits exempt from Louisiana state income tax for 2020.

Louisiana Property Taxes By County

Louisiana State Personal Income Tax Returns Due Tuesday ...

You can choose any county from our list of Louisiana counties for detailed information on that county’s property tax, and the contact information for the county tax assessor’s office. Alternatively, you can find your county on the Louisiana property tax map found at the top of this page. Hint: Press Ctrl+F to search for your county’s name

Median Property Taxes In Louisiana By County

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Louisiana State Income Tax Deadline Pushed Back A Month

    BATON ROUGE, La. — Louisiana individual and business taxpayers will have an extra month to pay their taxes this year.

    The Louisiana Department of Revenue today granted automatic filing and payment extensions to those affected by severe winter weather in February. The extension applies to income, excise, franchise, sales, severance and withhold taxes.;

    For income and franchise taxes, the extension applies to all taxpayers and paid tax preparers in Louisiana regardless of parish. The due date is now June 15 instead of May 15.;

    For excise, sales, severance and withholding tax returns and payments due on or after Feb. 11, 2021, and on or before Feb. 28, 2021, the automatic extended due date is March 31, 2021. This extension is available to all individual and business taxpayers in Louisiana, regardless of parish of residence.

    The state’s decision follows an announcement Wednesday by the Internal Revenue Service that federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15 to May 17.;

    Individual taxpayers can also postpone the federal income tax payments without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax.

    Following Hurricane Ida Louisiana Department Of Revenue Grants Automatic Filing And Payment Extensions For Tax Returns And Payments With Original Or Extended Due Dates On August 31 2021

    The Louisiana Department of Revenue has now issued Revenue Information Bulletin 21-021 automatically granting; filing and payment extensions to taxpayers for certain Louisiana tax returns and payments due during Hurricane Ida landfall and impact.; The Departments new RIB specifically explains that for taxpayers whose homes, principal places of business, critical tax records, or paid tax preparers are located in Louisiana, tax returns and paymentswith original or extended due dates on August 31, 2021;will now have an automatic extended due date of September 15, 2021.

    For tax returns submitted by the extended deadlines and for payments either submitted by the extended deadline or for which an installment agreement is entered into by the extended deadline, no late filing penalties, late payment penalties, or interest will be due.

    Any return or tax on which penalty or interest began accruing before August 28, 2021, will not be eligible for this relief.

    The Departments RIB also provides and appendix containing the following list of severance and excise tax returns and payments normally due on August 31, 2021 :

    • International Fuel Tax Agreement Return
    • Severance Tax Timber and Minerals
    • Surface Mining and Reclamation Fee

    The Jones Walker SALT Team will provide additional updates regarding Hurricane Ida relief as they are issued.

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    Louisiana Tax Deadline Extended To Aug 16 For 5 Parishes

    BATON ROUGE, La. Louisiana state income taxes for 2020 are due Tuesday for most taxpayers around the state, but residents of five parishes struck by severe storms last month are getting an extension.

    The state revenue department said the filing and payment deadline is Aug. 16 for people whose homes and principal places of business are in Ascension, Calcasieu, East Baton Rouge, Iberville and Lafayette parishes. Those parishes experienced heavy rain and flooding in mid-May.

    No late penalties or interest will apply to state income tax returns or tax payments submitted by people and businesses in those five parishes by the August deadline, the revenue department said.

    More information is available online.

    When Are Income Taxes Due In Louisiana Here’s Why The Deadline Has Been Extended

    Form IT 540 Individual Income Return Resident

    Most of the nation had its federal income tax deadline extended until;May 17;due to the coronavirus pandemic relief effort, but;Louisiana;residents have even longer this year for both federal and state taxes.

    That’s because the;Federal Emergency Management Agency;issued a disaster declaration in;Louisiana;after winter storms knocked out power and froze swathes of the state in February.

    Now;Louisiana;residents in all 64 parishes have until;June 15;to file all individual and business tax returns but also make any tax payments without penalty or interest, according to the;U.S. Treasury Department;and;Internal Revenue Service. The extension is automatic and individuals or businesses don’t have to request it.

    Even so, the federal government suggests individuals should file sooner rather than later and urges online filing as the fastest way to get any potential refunds. The;IRS;estimates online tax return refunds take about 21 days.

    Individuals may request an additional extension to file federal income taxes through;Oct. 15;by filing Form 4868 online or by using a tax professional. The extension is only for filing; any taxes would still be due by;June 15.

    “This continues to be a tough time for many people, and the;IRS;wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,”;Chuck Rettig,;IRS;commissioner, said in a news release.

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    Grants Available For Charities Faith Groups And Small Businesses Providing Covid Reliefcontinue Reading

    BATON ROUGE Starting Monday, Aug. 16, 2021, charities, faith-based organizations and small businesses can apply for grants to support COVID-19 response and relief efforts in Louisiana through the Louisiana Nonprofit and Small Business Assistance Program.;

    Eligible nonprofits include churches and other faith-based organizations, public charities, and groups with federal tax-exempt status, such as 501 organizations.

    Nonprofits must use grant funds to provide aid to communities impacted by COVID-19. Priority consideration will be given to nonprofits providing food, employment, and education assistance programs.;

    Small businesses must use grant funds to provide workforce development activities that directly address a negative economic impact of the COVID-19 public health emergency. These activities must involve workforce preparation or must improve an individuals employment opportunities by providing:

    ·;;;;;;;;Academic education

    Ldr Extends State Income Tax Deadline Due To Coronavirus Public Health Emergency

    BATON ROUGE Due to the public health emergency created by the coronavirus pandemic, the Louisiana Department of Revenue is extending the deadline for state income taxes to July 15, 2020. The extension applies to Louisiana individual, corporation, fiduciary and partnership income tax returns and payments.

    IT-565 – 2019 Partnership Return of Income

    R-6922 – 2019 Composite Partnership Tax Return

    IT-540 – 2019 LA Resident Income Tax Return

    IT-540B – 2019 LA Nonresident and Part-Year Resident Income Tax Return

    R-1035 – LA Consumer Use Tax Return

    May 15, 2020

    IT-541 – 2019 Fiduciary Income Tax Return

    May 15, 2020

    CIFT-620 – 2019 Corporation Income and 2020 Franchise Tax

    May 15, 2020

    We recognize that the coronavirus pandemic has caused significant disruptions in the lives of Louisiana citizens, Secretary of Revenue Kimberly Lewis Robinson said. We believe providing more time to file and pay their taxes can help to ease the stress they might be feeling during this public health emergency.

    The state filing extension follows the U.S. Treasury Departments decision to move the federal income tax deadline from April 15 to July 15.

    The state filing extension is automatic for eligible taxes and no extension request is necessary. LDR will not apply penalties or interest to any applicable returns or payments submitted by the extended July 15 deadline.;

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    Resident Individual Income Tax

    Resident taxpayers who are required to file a federal individual income tax return are required to file a Louisiana income tax return, IT-540, reporting all of their income. If a Louisiana resident earns income in another state, that income is also taxable by Louisiana. A temporary absence from Louisiana does not automatically change your domicile for individual income tax purposes. As a resident taxpayer, you are allowed a credit on Schedule G for the net tax liability paid to another state if that income is included on the Louisiana return.

    Residents may be allowed a deduction from taxable income of certain income items considered exempt by Louisiana law. For example, Louisiana residents who are members of the armed services and who were stationed outside the state on active duty for 120 or more consecutive days are entitled to a deduction of up to $30,000. In each case, the amount of income subject to a deduction must be included on the Louisiana resident return before the deduction can be allowed.

    Take Note: Louisianas Individual Income Tax Filing Deadline Is Next Month

    Louisiana taxpayers can start filing state income taxes ...

    Dollars Closeup Concept. American Dollars Cash Money. One Hundred Dollar Banknotes.

    BATON ROUGE, La. Monday, May 17 is the official federal income tax filing due date, according to the IRS.

    Those are not the only taxes that residents of Louisiana have to take care of this year. June 15 is the last date everyone can file their individual income tax in the state.

    The Louisiana Department of Revenue provided details about the filing of 2020 Louisiana state individual income tax returns below:

    If you have any questions about the tax process in Louisiana, visit Louisiana Department of Revenue.

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    Statewide Public Health Emergency

    Governor John Bel Edwards declared a statewide public health emergency as a result of the imminent threat posed to Louisiana citizens due to COVID-19. The Department of Revenue issued guidance with respect to the filing and payment extension relief for February 2020 sales tax taxes due on March 20, 2020, and to share other important updates. For purposes of the guidance issued by the Department, February 2020 sales tax includes the following taxes: General Sales and Use Tax, Direct Marketer Sales Tax, Automobile Rental Excise Tax, Hotel Occupancy Tax, Ernest N. Morial New Orleans Exhibition Hall Authority Food and Beverage Tax, and Ernest N. Morial New Orleans Exhibition Hall Authority Tour and Service Contractor Taxes.

    The States That Pushed Back Tax Deadlines To May 17

    There are 35 states that have extended 2020 tax filing and payment deadlines to May 17, 2021, according to a list compiled by the American Institute of Certified Public Accountants. In most cases,;the grace period does not include individual 2021 estimated tax payments. Click on your state for more detailed information.

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    Overview Of Louisiana Taxes

    Louisiana has a progressive income tax that is only slightly higher than the national average. The average sales tax rate in the Bayou State is one of the highest in the country, at about 9.52%. Meanwhile, the average effective property tax rate is one of the lowest.

    Household Income
    Number of State Personal ExemptionsDismiss

    * These are the taxes owed for the 2020 – 2021 filing season.

    Louisiana Capital Gains Tax

    Form IT 540B Individual Income Return Nonresident

    Both long- and short-term capital gains are taxed as regular income in Louisiana, meaning they’re subject to the rates listed above. Remember, they are between 2% and 6%, depending on your taxable income. One exception to that is gains resulting from the sale of a non-publicly traded business or interest in such a business, including corporations, partnerships and limited liability companies.

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    Louisiana Enacts Youth Jobs Tax Credit And Apprenticeship Tax Credits

    As of June 23, 2021, Louisiana has enacted a Youth Jobs Tax Program credit and an Apprenticeship Tax credit. The Youth Tax credit provides a non-refundable tax credit that is allowed against income and corporation franchise tax for a business that hires one or more eligible youth on or after July 1, 2021. The credit requires the eligible employee to work at least three consecutive months in a full-time or part-time position. The potential credit is $1,250 per full-time hire and $750 per part-time hire. The total amount of credits claimed by all taxpayers is limited to $5 million per year and the Department will establish a first come first served system for allocating credits. Any unused tax credits may be carried forward up to five years. The Youth Jobs Tax credit will sunset on December 31, 2025.

    The Apprenticeship Tax Credit is also a non-refundable tax credit taken against the Louisiana income tax or corporation franchise tax for the employment of eligible apprentices. Each eligible apprentice that is employed for a minimum of 250 hours during the taxable period generates a $1.25 per hour tax credit up to $1,250 per eligible apprentice. The total amount of tax credits claimed by all taxpayers is limited to $2.5 million per year and the Department will establish a first come first served system for allocating credits. Any unused credits may be carried forward up to five years. This credit will sunset on December 31, 2028.

    Louisiana Issues Guidance For Pass

    The Louisiana Department of Revenue recently issued guidance regarding the new corporate income tax regulations for pass-through entities electing to be taxed as a C corporation. The Department has begun accepting elections as of February 1, 2020, for taxable years beginning on or after January 1, 2019. Elections can be made in the prior taxable year that the election was in effect. The election can also be made on or prior to the 15th day of the fourth month after the close of the taxable year the election is initially in effect. Pass-through entities electing to be taxed as a C corporation must meet specific requirements. On election day, members with more than a 50% interest in the entity, based upon capital accounts, must do the following:

  • Approve the election
  • Inform the Department in writing of this approval at the time of the election
  • File Form R-6980, Tax Election for Pass-Through Entities, with the Department
  • Subsequently, the entity must electronically file Louisiana Form CIFT-620, Corporation Income Tax and Franchise Tax Return, for the taxable year in which the election was made as well as all tax years thereafter until the election is terminated.

    U.S. Department of Revenue Policy Services Division. Internal Revenue Service. . Election of Pass-Through Entities . Retrieved from .

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