Tuesday, May 21, 2024

Louisiana’s Revenue Department acknowledges slight miscalculation

by BIZ Magazine

By Wes Muller, Louisiana Illuminator

The Louisiana Department of Revenue (LDR) has confirmed an audit that shows it incorrectly reported the state’s 2022 tax receipts in its annual fiscal report, according to a recent audit. The errors amounted to a small percentage of the state’s total budget.

The Louisiana Legislative Auditor’s Office released a report Monday that stated LDR understated sales, corporate and individual income tax revenues by $39.5 million. The agency also understated modified accounts receivables by $32.2 million due to the omission of $7.3 million in hotel sales tax revenues and $32.2 million in pending sales, corporate, and individual tax receivables.

LDR’s annual fiscal report is used by the Office of Statewide Reporting and Accounting Policy (OSRAP) to compile Louisiana’s Annual Comprehensive Financial Report.

The Legislative Auditor’s Office recommended that LDR perform a thorough review of its annual fiscal report to identify and correct preparation errors and omissions before submitting the reports to OSRAP.

In a written response, LDR Secretary Kevin Richard agreed with the audit’s findings and recommendations but said the understated amount of $32.2 million represents just 0.27% of the total amount allocated to the state’s various funds.

“In short, the small percentage these amounts represent show minor financial miscalculations occurred rather than a pervasive issue of fraud, or intentional falsification or misrepresentation of LDR’s [annual fiscal report],” Richard wrote.

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