Archive for December, 2013

Revenue Information Bulletin 13-029: Electronic Filing Extensions for Composite Returns

The Louisiana Department of Revenue has issued Revenue Information Bulletin (RIB) 13-029: Electronic Filing Extensions for Composite Returns:

Beginning with returns due on or after May 15, 2014, partnerships that file composite tax returns are required to submit their request for a filing extension electronically. All extension requests must be made on or before the return’s due date.

Extension Requests

Extensions may be requested by requesting the extension electronically through the LDR website or tax preparation software.

A tax filing extension granted by the secretary only allows for an extension of time to file the tax return. The extension does not allow an extension of time to pay the tax due. To avoid interest and penalty assessments, taxes should be paid on or before the original due date.

Visit the LDR website to read the full text of RIB 13-029.

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2013 Louisiana tax amnesty collections reach $435 million

BATON ROUGE – The 2013 state tax amnesty program has received more than 52,000 applications with payments totaling over $435 million, the Louisiana Department of Revenue (LDR) announced Thursday.

“Taxpayers responded enthusiastically to the opportunity to fulfill their obligations and settle their accounts with the state,” Secretary of Revenue Tim Barfield said. “We believe we have received the overwhelming majority of applications, and we continue to process those applications that were submitted by the deadline to ensure compliance with the amnesty eligibility requirements.”

Of the $435 million collected, approximately $369 million came from accounts under audit and litigation, which generally are contested matters involving businesses, and $66 million came from delinquent tax collections generally involving individuals. Amnesty collections include $67 million paid using transferable tax credits.

LDR estimates the cost of administering the amnesty program, including its share of outside legal fees, is approximately $14 million. And, as provided under the amnesty statute, LDR will retain about $64 million to replace penalties and fees waived under the program.

LA Tax Amnesty 2013: A Fresh Start gave eligible taxpayers the chance to bring their accounts up to date by paying all taxes due, with a waiver of all penalties and 50 percent of the interest. The program was in effect from September 23 through November 22. Taxpayers submitted applications by mail, online or at LDR customer service centers throughout the state.

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