With the end of the year approaching, it’s a great time to look at your current tax strategies to make sure they are still meeting your needs going into the new year and to also take any last-minute steps that could potentially lower your current and future tax bill. In this article we will discuss the major changes that happened in 2017 with the Tax Cuts and Jobs Act (TCJA) for individuals that may impact your current tax situation as well as tax planning strategies to implement for this year and the next.

Marketing CoordinatorDecember 19, 2019Tax, Mileage, Underpayment

Ask an Accountant: What's the difference between a standardized deduction and an itemized deduction?

Ask an AccountantMarketing CoordinatorDecember 17, 2019Comment

Unclaimed Property Updates

Effective July 1, 2019, the Louisiana State Treasurer’s Office no longer accepts printed submissions of unclaimed property. This is to protect the security and privacy of individuals where personal identification information is included in the paper transmissions.

Marketing CoordinatorAugust 5, 2019Tax, Mileage, Underpayment

New Louisiana Pass-Through Entity Tax Legislation

Louisiana passed a new law in June responding to federal tax changes that capped individual state income tax deductions and increased the standard deduction.

Marketing CoordinatorJuly 10, 2019Tax, Mileage, Underpayment

IRS Warns of New Phishing Scams

There has been an outbreak of two new variations on phishing scams targeting taxpayers. In one, scammers use phone calls to try to convince you that your SSN is at risk of being “deactivated” and may state that this is due to overdue taxes or just generic “illegal activity.” In another, scammers are sending letters in the mail warning of delinquent taxes owed to non-existent agencies, such as the “Bureau for Tax Enforcement.” In each, scam artists are attempting to get you to provide your SSN, bank account numbers, and other personal information. If you receive any suspicious notifications, you should NOT engage in any communication with the sender.

Marketing CoordinatorJune 17, 2019

Sentinel Pension | June 2019

Marketing CoordinatorJune 10, 2019

The SECURE Act: Setting Every Community Up for Retirement Enhancement

The SECURE Act may bring significant changes to regulations over retirement savings plans. By making it easier for companies, especially small businesses, to offer retirement plans, participants will be able to ensure a steady income beyond their working years.

With an overwhelmingly strong approval from the House of Representatives last Thursday, many are hopeful that changes are on the horizon.

Marketing CoordinatorJune 6, 2019

An Overview of Required 401(k) Disclosures

As a plan sponsor, it’s your fiduciary responsibility to keep participants (existing and eligible), terminated employees with balances, and beneficiaries of deceased participants informed about your plan through disclosures outlined by the IRS and DOL. Make sure that your notices are on track by referring to this chart.

Marketing CoordinatorJune 5, 2019

EBR 0.5% Sales Tax Increase Effective April 1st

The East Baton Rouge Parish Finance Department is alerting businesses that the sales and use tax rate within the parish will increase by 0.5% parish-wide. This will be effective for taxable sales or purchases occurring on or after April 1, 2019. The increase is due to last year’s vote that approved the MoveBR transportation plan. The new tax increases combined state and parish rates to 10.45% in the Baker and Central areas and to 9.95% elsewhere.

Marketing CoordinatorApril 1, 2019

IRS Announcements | January 2019

The underpayment penalty waiver threshold is lowered from 90% to 85% of 2018 tax liability to help those who have under-withheld because of the tax reform law. It will also apply to individuals making quarterly estimates, but not to corporations.

The standard mileage rate has been increased to 58 cents/mile for 2019 along with adjustments to the charitable and medical mileage rates.

The agency announced tax season will begin January 28 with the released update to its contingency plans for government shutdowns and the expected impacts of a continuing shutdown on the tax filing season.

Marketing CoordinatorJanuary 21, 2019Tax, Mileage, Underpayment

Sentinel Pension's Important Dates for the 2018 Filing Season

If you’re utilizing the calendar year (January 1-December 31), here is a helpful list of deadlines to keep in mind for your employer-sponsored retirement plan.

Marketing CoordinatorJanuary 1, 2019