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
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
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
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
The IRS will begin processing tax returns on Monday, January 28, 2019, and has confirmed that 2018 tax refunds will be issued to taxpayers as scheduled. “We are committed to ensuring that taxpayers receive their refunds notwithstanding the government … Continue reading
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
With the passing of April 26, 2018, House Bill (“HB”) 487 became law. The bill is effective immediately, unless other effective dates are noted. This bill includes most items from the original tax reform House Bill 366, with added technical … Continue reading
The IRS has announced that the start of the 2018 tax season will be Monday, January 29, meaning it will begin accepting both electronic and paper tax returns on that date. The IRS chose the date to ensure the security … Continue reading
Congress is enacting the biggest tax reform law in thirty years, one that will make fundamental changes in the way you, your family and your business calculate your federal income tax bill, and the amount of federal tax you will … Continue reading
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
President Trump has proposed a 15% federal income tax rate on business income — whether it’s earned by a traditional C corporation or by a pass-through entity such as an S corporation, limited liability company (LLC), partnership or sole proprietorship. … Continue reading
The IRS will begin, in early 2017, to remit certifications to the U.S. State Department for individuals who are seriously delinquent with unpaid taxes. The Department generally will not issue or renew a passport after receiving certification from the IRS, and … Continue reading
Election outcome likely to result in major tax law changes The unexpected election of Donald Trump as President, along with Republicans retaining control of both chambers of Congress, will likely result in an overhaul of the U.S. tax code. Based … Continue reading
The IRS has received numerous reports of a scam involving fake CP2000 notices being sent to taxpayers, billing them for unpaid taxes related to the Affordable Care Act. Generally, the scam involves an email that includes the fake CP2000 as … Continue reading
With year end right around the corner, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). The act extended numerous tax breaks that had expired December 31, 2014, and the President signed it into law … Continue reading
On December 18, President Obama signed into law the bipartisan Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). It makes many popular tax breaks — including some highly valued by businesses — permanent, while extending others through … Continue reading
On December 18, the Senate passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act), which the House had passed on December 17. Many popular tax breaks had expired December 31, 2014, so for them to be … Continue reading
Year-end tax planning this year will be just as complicated as it was last year because of uncertainty surrounding many expired tax breaks for individuals and businesses. Tax legislation signed into law last December extended several expired breaks, but only … Continue reading
The IRS has issued its cost-of-living adjustments for 2016. Inflation remains low, so many amounts are the same as last year, and those that did increase did so only modestly. Nonetheless, it’s helpful to know the 2016 amounts as you … Continue reading
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
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