Category Archives: Tax Alerts

New Law Impacts Nonprofits and Foundations

New legislation signed into law last month as part of a spending bill repeals the nonprofit parking tax, simplifies the private foundation excise tax on investment income, and provides special treatment for disaster relief donations to public charities. Read the … Continue reading

Posted in Not-for-profit, Tax Alerts | Tagged , , , , | Leave a comment

Highlights of the Further Consolidated Appropriations Act Tax Law Changes

The federal government spending package titled the Further Consolidated Appropriations Act 2020 does more than just fund the government. It extends certain income tax provisions that had already expired or that were due to expire at the end of 2019. … Continue reading

Posted in Featured, Tax Alerts | Tagged , , , , , | Leave a comment

Tax Extenders and SECURE Act Bills Expected To Pass

Two important tax bills – the Taxpayer Certainty and Disaster Relief Act of 2019 and the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act ) – are attached to a year-end appropriations bill making its way through Congress. It … Continue reading

Posted in Featured, Tax Alerts | Tagged , , , , , | Leave a comment

Time Running Out On 15% Qualified Opportunity Fund (QOF) Tax Exclusion

The clock is ticking on an important benefit available through the federal Qualified Opportunity Fund (QOF) and Kentucky Opportunity Zone investment programs. Investing in a QOF before December 31, 2019 will allow you to take advantage of a 15% permanently excluded … Continue reading

Posted in Featured, Tax Alerts | Tagged , , , | Leave a comment

Update on Treatment of Qualified Transportation Fringe Benefit Expenses

The Internal Revenue Service recently issued interim guidance regarding the treatment of qualified transportation fringe benefit expenses paid or incurred after Dec. 31, 2017. The new rules assist taxpayers in determining the amount of parking expenses that are no longer tax deductible. … Continue reading

Posted in Tax Alerts | Tagged , | Leave a comment

Consider Prepaying College Athletic Ticket Donations Now For Tax Benefit

Friday evening the House and Senate Conference Committee agreed to the Tax Cuts and Jobs Act. Barring a delay, it is anticipated to pass both chambers tomorrow and be signed into law before December 25th. Click here to view Policy … Continue reading

Posted in Tax Alerts | Tagged , , , | 1 Comment

Ky Small Business Tax Credit Deadline Approaching

The Ky Small Business Tax Credit (KSBTC) program allows eligible small businesses to apply for a non-refundable Kentucky state income tax credit ranging from $3,500 to $25,000. Eligible small businesses include for-profit entities that have 50 or fewer full-time employees, and have created and sustained (for 12 months) at least one new full-time job (at $10.88/hr or more), and purchased at least $5,000 of qualifying equipment or technology.

If you apply by November 20, 2015, you can be approved in time to claim the credit on your 2015 taxes. Before applying, you should review the KSBTC Guidelines to confirm eligibility. Continue reading

Posted in Tax Alerts | Tagged , , , | Leave a comment

Copyright © DMLO. All Rights Reserved. | 9300 Shelbyville Road, Suite 1100, Louisville, KY 40222