Unfortunately, the answer may be “no”. The IRS uses what is known as the shotgun rule. All fringe benefits are taxable to the employee, unless there is a specific law exempting that benefit from taxation. That is they are generally deductible for the employer but taxable to the employee. An example of a benefit that […]
What is use tax?Kentucky use tax is a tax on tangible personal property and digital property used in Kentucky upon which the sales tax has not been paid. In other words, it is a sort of “backstop” for the sales tax. Tangible personal property is basically any property that you can touch other than real estate. What […]
The Kentucky Secretary of State Annual Report is due June 30 of each year. Entities conducting business in the Commonwealth of Kentucky are required to file annual reports with the Secretary of State by June 30 of each year. Reports can be filed online at SOS.KY.gov. Scroll all the way down to the bottom. Then […]
For FIND-A-GRAVE Search, scroll down. Search for cemetery records in Mercer County, KY at by entering a surname and clicking search: Mercer County, KY (19,214 names)All of Find A Grave (141.2 million names)Restrict search to Surname As a member of Find-a-grave, we offer this link for Mercer County searches. We are not responsible for any […]
Mileage log requirements clarified: [Call us for a review]: A deduction for the ordinary and necessary expense of transportation, whether in a company vehicle or reimbursement of mileage to employees, has long been an allowable deduction for businesses. However, the recent Tax Court case, DAVID H. GARZA v. Commissioner, makes it clear that a deduction […]
The Kentucky Department of Revenue had added the corporation income tax, the S corporation income tax, the partnership income tax and related limited liability entity tax (LLET) returns and schedules to the electronic filing program. The only current exception is Single Member LLET return.
Great question! A tax credit lowers your tax bill dollar for dollar. If it is a refundable credit, such as the Earned Income Credit and the Hope education credit, it can also result in a refund when you owe no tax. The deduction reduces your taxable income, which is amount on which you pay taxes. […]
Need an EXTENSION. Click “Contact”. March 15 Corporations need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. April 15 Individuals need form 4868. Go to www.irs.gov/pub/irs-pdf/f4868.pdf. Partneships need form 7004. Go to www.irs.gov/pub/irs-pdf/f7004.pdf. OR call us. We’ll be glad to assist you.
Larger employers (50+ employees) will soon be required to provide health insurance. To retain good employees, smaller employers are looking at their options. Here’s a flyer you’ll want to read: Also see our post “What is the difference between an income tax deduction and a tax credit?”