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The LLC is required to report all prizes greater than $600 to the IRS and the Louisiana Department of Revenue. For winners with a U.S.-issued Social Security number, prizes of $5,000 or more are subject to Louisiana income tax withholding, and also have federal tax withheld. Unpaid child support owed by the winner may also be withheld ...
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Louisiana's corporate income tax rate had been the highest in the South according to the Tax Foundation, a conservative think tank. Lawmakers repealed the 0.275% corporate franchise tax, a levy on ...
Advance payments of tax are required in the form of tax withholding or estimated tax payments. Due dates and other procedural details vary by jurisdiction, but April 15, Tax Day is the deadline for individuals to file tax returns for federal and many state and local returns. Tax as determined by the taxpayer may be adjusted by the taxing ...
For businesses, the corporate income tax rate will drop from 7.5% to a flat 5.5%, and the state franchise tax will be eliminated entirely. Originally, Landry's plan proposed a rate of 3.5%.
Maryland (all local taxes reported on state income tax form): All counties, and the independent city of Baltimore; Michigan: Many cities, including Detroit, Lansing, and Flint (most income above a certain annual threshold; reported on form issued by imposing city or on separate state form 5118/5119/5120 in the case of Detroit)
Republican Gov. Jeff Landry's goal to repeal or reduce the Louisiana income tax and simplify the state's convoluted tax code will have to wait until at least next year after Legislative leaders ...
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service. Gross Collections indicates the total federal tax revenue collected by the IRS from each U.S. state , the District of Columbia , and Puerto Rico .