State Tax

Question 1

When is an individual required to make estimated tax payments for Louisiana Income Tax

Answer 1

Taxpayers must make a declaration of estimated income tax and pay estimated tax payments if their estimated Louisiana income tax after credits and taxes withheld is expected to exceed $1,000 for single filers and $2,000 for joint filers as required by Revised Statute 47:116.
Source: LDR Website / Reviewed 06-14-22

Question 2

Do you have to file an extension for Louisiana tax returns including the following:
Corporations: S or C
Partnerships
Personal tax returns
Fiduciary returns

Statue /
Act 410

Answer 2

La RS 47:103
For individual, partnership, and fiduciary income tax returns for taxable periods beginning on or after January 1, 2022, there shall be an automatic six-month extension of the time to file the return.

Starting with the 2022 tax year, corporate taxpayers that timely request a federal extension to file their income tax return will receive an automatic extension to file their Louisiana Corporation Income and Franchise Tax (CIFT) return for the same period to the later of (a) the date of the federal extension or (b) six months from the original filing deadline, all pursuant to La. R.S. 47:287.614 as amended by Act 410. For 2022 calendar year filers, the original filing deadline is May 15, 2023, yielding an extended due date of November 15, 2023 under both methods.

Eligible taxpayers do not need to file a paper or electronic extension request form; however, they must check the box on their ultimately-filed CIFT return indicating they timely requested the federal extension.[1]

Question 3

Are Louisiana LLCs subject to franchise tax

LDR websites

Answer 3

Louisiana Franchise Tax for LLCs
Under Act 12, all entities that have elected corporate federal income tax treatment must also pay Louisiana franchise tax. Two exceptions exist:
1. LLCs that have opted for pass-through
taxation under Subchapter S (S
corporations)
2. Entities purchased by an S corp in
2012 or 2013

Question 4

Who is subject to Louisiana Franchise tax

Answer 4

Any corporation or entity taxed as a corporation for federal income tax purposes meeting any of the following provisions, unless specifically exempted under the provisions of R.S. 47:608, must file a Louisiana corporation franchise tax return: Organized under the laws of Louisiana.