UPDATED March 23, 2020, to reflect Kentucky’s adoption of income tax relief announced by IRSOriginally published March 20, 2020 In light of the COVID-19 pandemic, the IRS announced that individuals and businesses will be given 90 extra days to file their Federal income tax returns and pay any tax liabilities resulting therefrom. The due date...Read More
The SECURE Act of 2019 makes substantial changes to the taxation and distribution of IRAs and retirement benefits. How does it affect your estate plans? KDDK tax and estate attorney Mark S. Samila explains.Read More
On June 21, 2018, in a narrow 5 to 4 decision, the United States Supreme Court in South Dakota v. Wayfair, Inc. issued a decision which opens the door for states to require out-of-state merchants to collect and remit sales tax on internet sales. The issue of sales tax on internet sales is an issue...Read More
Recently enacted changes which may affect your business regarding IRS audits of partnerships and limited liability companies (LLCs) have gone into effect for tax years beginning on or after January 1, 2018. Under the new Rules regarding partnership adjustments and audits, the IRS is no longer required to proceed against an individual partner but instead...Read More
Employers have a legal obligation to provide employees a Form W-2 stating the employee’s wages and withholdings for the year by January 31 of the following year. This obligation remains even when an employer has closed its doors and ceased operating. Employees should confirm that their employer (including former employers) have their most current contact information so...Read More
The Internal Revenue Service (IRS) recently issued a notice (Notice 2018-6) that extends the due date for furnishing required Affordable Care Act (ACA) forms to individuals and employees until March 2, 2018. Previously, the deadline to furnish individuals with their 2017 Form 1095-B (Health Coverage) and 1095-C (Employer-Provided Health Insurance Offer and Coverage) was January...Read More
With the signing of the Tax Cuts and Jobs Act (the “Act”) by President Trump on December 22, 2017, the most sweeping tax legislation in decades has been enacted. The Act doubles the estate and gift tax exemption amount to $11,200,000 to those individuals dying in 2018, up from what was to be a $5,600,000...Read More
Republican lawmakers joined President Trump on Wednesday, December 20, 2017, to celebrate their largest legislative achievement to date, currently named “The Tax Cuts and Jobs Act” (the “Act”). The Act makes several sweeping changes, including a provision that, effective in 2018, caps the amount of state and local income taxes and property taxes individuals may...Read More
Nationwide, employers’ potential exposure to the Affordable Care Act’s (ACA) employer penalties, which apply if an applicable employer fails to offer adequate, affordable coverage, could reach $31 billion for 2016 according to a new report from Accenture, a global management consulting firm. This exceeds previous Congressional Budget Office projections that non-compliant employers would face $21...Read More
Pursuant to federal legislation enacted by Congress in 2015, the IRS announced today that it will begin collecting unpaid taxes through private collection agencies. Specifically, the IRS has announced that it will be contracting with the following companies for collection purposes: CBE Group, 1309 Technology Pkwy., Cedar Falls, IA 50613 Conserve, 200 CrossKeys Office Park,...Read More
