Changes to Employee Parking Deduction May Save you Money
Effective January 1, 2018, IRC §274 was amended through the Tax Cuts and Jobs Act (TC&JA) and generally disallows an employer’s deduction for expenses with respect to the cost of Qualified Transportation Fringe Benefits (QTFs) provided to employees. However, the TC&JA did not address how to determine the amount of
S-corp or C-corp? Which Entity Should you Be?
Both S corporation (S-corp) and C corporation (C-corp) structures share many common benefits; however, there are several notable differences that could have a direct impact on your business. Some of these differences can be an advantage or disadvantage, at any time, for either structure. Here’s a quick summary of what
The IRS Will Waive Some Penalties for Tax Underpayments
Taxpayers that don’t withhold and make estimated tax payments equal to 110% of the prior year tax or 90% of the current year tax are subject to Federal tax penalties. The IRS is not going to assess a penalty for individuals who have paid in at least 85% of their
Opportunity Zones: The Sleeper Hit of Tax Reform
Opportunity Zones have the potential to be one of the biggest tax incentives ever. However, we’ve found that not a lot of people are aware that they exist or how to take advantage of them. Before we get into a discussion about Opportunity Zones and the related tax benefits, ask
Proposed Regulations for Market-Based Sourcing in Kentucky
Earlier in 2018, Kentucky Legislation passed House Bill 487 which brought substantial reform to the Kentucky Tax Laws. Among these changes were two specific adjustments which were made to move to a Single Sales Factor apportionment method and adapt to a Market-based sourcing approach. Proposed regulations submitted by Kentucky Legislators
Kentucky Provides Guidance on State Tax Deductions for Corporate Income
The Kentucky Department of Revenue recently released guidance regarding the deductibility of state taxes from Gross Income for Corporations. Kentucky Technical Advice Memorandum, KY-TAM-18-06, sheds some light as to which taxes are deductible and those that are not. KY-TAM-18-06 concludes that all state taxes not based on gross or