JW SALT Team Presents “Now is the Time! 5 Steps to Restart Your Tax Department” Webinar

As we slowly begin the long process of returning to our offices, it will be very important to have a clearly defined and organized approach to identify upcoming deadlines and document important changes to our core businesses. Please join the Jones Walker SALT team as we discuss these practical issues, including specific steps to take, business changes to document, tax reduction opportunities to pursue, and some unique approaches to resolve existing state tax issues and controversies.

When: Wednesday, June 3, 2020 | 12:00 – 1:15 p.m. CDT

Presenters: Jones Walker Partners, Jay AdamsBill BackstromAndre BurvantJohn Fletcher, and Matt Mantle

Registration Details: Registration is complimentary.

Questions or to Register: Please contact Courtney Farley | cfarley@joneswalker.com

This program is intended for intermediate to advanced practitioners in state and local tax administration and those doing business in Louisiana, Mississippi, Texas, and along the Gulf Coast.

 

Louisiana Tax Commission Issues Additional Guidance on Property Tax Filing Deadlines

Today, in compliance with Proclamation No. JBE 2020-59, which was issued by Governor Edwards on May 14, 2020, the Louisiana Tax Commission (LTC) issued Statewide Advisory 05-2020 explaining that JBE 2020-59 continues the suspension of the statutory April 1, 2020 deadline for filing personal property renditions with local assessors (for property owners other than public service companies) and annual reports of public service companies with the LTC to at least June 5, 2020.

Public service companies that file annual reports for public service properties with the LTC should be able to rely on the extension provided in the Advisory.

As noted in our prior post, for all other owners of personal property that are required to file renditions with the local assessor, we previously provided the following best practices:

  • File your rendition with the local assessor on or before April 1, 2020; or
  • Request in writing (an e-mail should suffice) an extension of time from the local assessor and obtain a written (an e-mail should suffice) confirmation of any such extension granted by the local assessor (La. R.S. 47:2324 provides that upon written request, the local assessor may grant an extension of time to file a personal property rendition of up to 30 days).

In order to avoid penalties, including but not limited to the potential loss of rights to contest the assessor’s determination of fair market value of the subject property, property owners must file the required renditions/reports on a timely basis.  Property owners must be vigilant every year, but especially this year, to timely file all renditions (local assessors) or annual reports (LTC).

Mississippi DOR Sets July 15 Income Tax Filing Deadlines

This morning the Mississippi Department of Revenue issued a notice reversing course and setting Mississippi’s income tax filing deadlines for July 15 to coincide with the federal due dates. This applies to individual, corporate and fiduciary returns, and covers return extensions as well as estimated payments for both Q1 and Q2. We now have an additional two months to spend that money we’ve been setting aside for taxes.

 

Happy Cinco de Mayo!

We hope everyone is enjoying Cinco de Mayo! Here are crawfish enchiladas prepared by Sue Zemanick, owner of Zasu in New Orleans and a James Beard Award winning chef, and a shot (or two) of some amazing tequila, complements of Jay Adams. We enjoyed the enchiladas with perfect margaritas – of course with SALT! And no, I didn’t use the special tequila in the picture to make the margaritas. I used Don Julio silver for the margaritas. After dinner, I enjoyed sipping the “good stuff.”

Mississippi Legislature will reconvene the 2020 Legislative Session on Monday, May 18

Reposted from Mississippi Lt. Gov. Delbert Hosemann’s Facebook page:

COVID-19 Update: By agreement of Lieutenant Governor Delbert Hosemann and Speaker of the House Philip Gunn, the Mississippi Legislature will reconvene the 2020 legislative session on Monday, May 18.

The Legislature recessed its 125-day session temporarily on March 18, following the governor’s issuance of a state of emergency related to COVID-19.

Hosemann, Gunn, and members of the Legislature continue to analyze the impact of the pandemic and federal funds from the CARES Act relief package on the state’s emergency response efforts, healthcare facilities, and wider state budget. Budget analysts and agencies have said all agencies currently have the funds required to meet their immediate financial needs. Hosemann and Gunn have specifically reserved the right to reconvene earlier than May 18 if necessary.

Legislative leadership is also working on establishing protocol for working within and visiting the Mississippi Capitol as shelter-in-place restrictions begin to be lifted. Their goal is to allow as much access as possible while prioritizing the health and safety of those in the building.

More information will be released as it becomes available.

Jay Adams and Joe Landry Discuss Property Tax Relief for Louisiana Business Property

Property Tax Relief for Louisiana Business Property
by Jay Adams and Joe Landry

Reprinted from Tax Notes State, April 27, 2020, p. 537

Volume 96, Number 4 April 27, 2020

Through multiple proclamations, Louisiana Gov. John Bel Edwards (D) ordered that nonessential businesses close their doors or limit their operations, including restaurants, hotels, casinos, retail shops, barbershops, and beauty salons, as well as places of amusement such as concert halls and movie theaters. For many businesses, it is uncertain when they will be able to reopen and return to normal operations. One consequence of the ongoing disruption of business and ominous market conditions is the related decrease in the value of property used to operate these businesses.

Click here to read the full article on Tax Notes State.

 

 

Reminder: Not All Louisiana Sales Tax Return Deadlines Have Been Extended

In response to increasing pressures on businesses caused by the COVID-19 pandemic, the Louisiana Department of Revenue has issued several Revenue Rulings and Revenue Information Bulletins to extend specific filing and payment deadlines for certain state taxes. On March 19, 2020, the Louisiana Department of Revenue issued Revenue Information Bulletin No. 20-008  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 extended the deadline for filing February 2020 state sales and excise tax returns from March 20, 2020 to May 20, 2020. The extension is for state sales and excise taxes only and is not applicable to local tax filing and payment deadlines. Information on local sales tax extensions can be found on the Louisiana Association of Tax Administrators’ website.

In light of the Department’s extension of the March 20 deadlines to May 20, some taxpayers believed that sales tax returns and payments due on April 20, 2020 for the March 2020 state sales taxes have also been extended. The Department has not extended the sales tax return filing and payment due date of April 20, 2020 for March 2020 sales taxes. Click here for the Department’s list of Louisiana state tax filing and payment extensions.

Any taxpayers that have not filed sales tax returns due on April 20, 2020, should consider filing the return as soon as possible and requesting a penalty waiver from the Department.

Jones Walker will continue monitoring deadline extensions, and our tax professionals are available to assist clients with any questions or complications they may be encountering. If you have any questions, please contact any member of our State and Local Tax Team.

BCI Delays Deadlines For Incentive Programs

On Tuesday, April 21, 2020, the Louisiana Board of Commerce and Industry (“BCI”) held a special meeting via teleconference to consider a Motion to Suspend All Deadlines (the “Motion”). The Motion extends all deadlines related to advance notifications, applications, compliance documentation, other contractual documents and Industrial Tax Exemption Program local notices of action that are required to be filed through the Louisiana Department of Economic Development (“LED”) for programs administered by the BCI during the pendency of the Executive Orders issued by Governor Edwards related to the COVID-19 Pandemic. Under the Motion, all deadlines for BCI programs are suspended between March 17, 2020 until April 30, 2020, or later if additional proclamations are issued and thereafter subject to an additional thirty (30) day extension. However, the Motion does not affect any standing rules of the LED regarding requesting extensions and other deadlines for BCI programs. Further, in the Motion, the BCI encourages applicants to continue to file relevant program-related documents to avoid delay once the restrictions imposed by the Executive Orders are lifted.

Click here for the BCI’s agenda and Motion.

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