Rules reset on how La. businesses report withholdings
Louisiana businesses withholding state income taxes from their employees must follow a new schedule for filing and remitting that money to the state, The Times-Picayune reports. In previous years, businesses reported their withholdings to the state on a monthly, quarterly or semimonthly basis. Some seasonal businesses were able to file on an even looser schedule. Reporting frequency was determined by how much in withholdings businesses collected. Beginning this year, however, some businesses must report their withholdings to the state quarterly, regardless of how much they collect, says Sebrena Coleman, director of the Louisiana Department of Revenue's Special Programs Division. As in the past, when businesses pay the state will depend on how much they collect, although those payment brackets have also been altered. Businesses with monthly withholdings of $500 or less must remit their withholdings on a quarterly basis. Those with average monthly withholdings of more than $500 but less than $5,000 must now remit monthly. Firms with withholdings of $5,000 or more a month must remit semimonthly. The changes will make more consistent the flow of income from withholding taxes coming into the state, Coleman says, and will allow the revenue department to process returns and payments more efficiently. Businesses that pay withholdings semimonthly must file and pay their remittances electronically. Those that pay monthly or quarterly can opt to file and pay either electronically or using traditional paper methods.
comments powered by Disqus
Real estate recap: DPW reorganization recommendations coming … Capital Region home sales post 5% gain in February … WWII bombing range near Hammond at center of new lawsuit
Office Parks Get a Makeover
What Families Are Spending on Prom Night