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 […]
Now offering Tax-Zoom Conover & Conover CPAs, PSC will be offering numerous ways to safely get your 2021 taxes prepared, including Tax-Zoom, our contact free method of preparing taxes. To learn more about our safe, effective and time-shaving method, email us at ConoverCPA@gmail.com or give us a call at 859-734-0304. We will be in the East Street […]
If you plan to start a new business, or you’ve just opened your doors, it is important for you to know your federal, state and local tax responsibilities. The IRS has provided five tips in its Tax Tip. We’ve added two at the end. Tax Tips if You’re Starting a Business Here are five basic […]
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 […]
Employers are already working frantically to get out timely and accurate W-2s. Congress has changed the law requiring W-2s to be filed on or before January 31. You can expect your W-2 on or before January 31. However, this law change could result in little time to find errors. What you should do: 1. Immediately […]
Conover & Conover, CPAs, PSC, is offering free dependent returns when the parent or guardian’s return is prepared by us. Please call to see if your dependents will qualify. Depending on the number of dependents, this could result in savings up to $150. Restrictions apply. Please ask for details.
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 […]
On November 27, the White House released a statement delaying online enrollment for the S.H.O.P. portion of the Affordable Care Act (ACA, also known as Obamacare) for one year. Eligible small businesses, particularly those with fewer than 25 employees should review what this means to them. Here are things you will want to know: 1. […]
Employers, Requirements and voluntary reporting At the time of this writing, those of us who will have less than 250 W-2s this year are not YET required to report health care costs on the W-2s. Those employers with 250 or more W-2s are required to report it. However, nothing in this prevents employers from voluntarily […]
Yes, there has been a lot of hype about the requirement for ALL employers to provide written notice about the Health Insurance Marketplace. Much of this hype has been promoted by companies wanting to sell you the “correct” wording and method to meet the requirement. But is that really necessary? Yes, if you are subject […]