How can you increase the tax benefit of your charitable giving? The Endow Kentucky Tax Credit provides a state tax credit for gifts to endowed funds held by qualified community foundations. Each year, Kentucky allocates a credit pool of up to $1 million for qualifying gifts made by Kentucky taxpayers. You must act fast to Read More
Sending a simple "Yes" electronically via text message can be held against you in court.
Can emails and text messages constitute a legally binding agreement? A basic binding contract must comprise of four key elements: there must be an offer, acceptance of this offer, consideration and the intention by both parties to create legal relations. One of the repeated misconceptions is that businesses and consumers tend to assume that provided they Read More
The Department of Labor has made their final ruling on overtime rules, which will become effective December 1, 2016. Millions of Americans will now be eligible for overtime pay and employers need to be informed and prepared. Join us for an informative breakfast briefing regarding the new regulations: New Overtime Rule guidelines and salary thresholds Read More
Early Wednesday, December 16, 2015, Congressional leaders reached a compromise on a tax and spending bill. It is currently anticipated that this will become law. The following “Extenders” are being made permanent: Business: 1. The bill retroactively increases and makes permanent the Section 179 expensing provision from $25,000 to $500,000. The phase out remains at Read More
Here are seven quick things you should review in every contract to help you protect your interests. 1.The Parties The first thing you need to do is make sure the parties are identified correctly. If you are a business, then make sure you are signing the contract on behalf of the business and not yourself Read More
This article was written and published by Carrington Coleman. Cybersecurity & Corporate Governance: How to Move Beyond Fear & Uncertainty to Pragmatic Solutions You’ve read the headlines, seen the statistics, and discussed the issue with the board of directors. You get it: cyber-attacks are increasingly frequent, sophisticated, and devastating to a business’s bottom line. There Read More
This article was written and published by Canadian Underwriter, Canada’s Insurance and Risk Magazine. Insurers in the United States will face competing priorities for resources and time over the next 12 months, with cyber security preparedness challenging overall regulatory compliance readiness, argues Wolters Kluwer Financial Services. While both cyber security and regulatory readiness will be major Read More
Article written by Shelly Sigo and originally published by The Bond Buyer Thursday, August 27, 2015 Kentucky is financing a statewide high-speed Internet system in a first-of-its kind P3 deal that market participants said should offer higher yield to investors. The Kentucky Economic Development Finance Authority, as conduit issuer, is pricing $230.05 million of 30-year Read More
If you are a volunteer worker for a charity, you should be aware that your generosity may entitle you to some tax breaks. Although no tax deduction is allowed for the value of services you perform for a charitable organization, some deductions are permitted for out-of-pocket costs you incur while performing the services.
One of the negative aspects of buying a new car is the annoyance involved with getting rid of your old car. Many individuals find the trade-in allowance offered by dealers (if any) to be well below the car’s true value. But the alternative of selling the car on your own involves the expense of advertising as well as the commitment of time needed to meet with potential buyers, accompany them on test drives, negotiate a fair price, etc.
The IRS has issued some useful pointers regarding the treatment of taxable and non-taxable gifts. These tips may apply to your situation since many gifts are not subject to the gift tax. You can read the complete article here. If you would like to discuss these or any tax issues further, please contact one of Read More
Close to one year after cell phones were removed from the “listed property” category of Code Sec. 280F, IRS has issued an audit memorandum which explains the practical consequences of the change. In sum, where an employer provides employees with cell phones primarily for noncompensatory business reasons, neither the business nor personal use of the phone results in income to the employee, and no recordkeeping of usage is required.
The Kentucky Legislature has not adopted the federal income tax treatment of the extended healthcare insurance coverage for adult children under age 27. This means that Kentucky employees who have adult children who qualify for health insurance under the new federal law will not receive the same treatment for Kentucky income tax purposes as they will under the federal tax laws. In general, employers must treat the amounts paid for adult children as being paid with post-tax dollars for the Kentucky income taxes if those adult children are not eligible for the gross income exclusion.
As a result of changes made by the Affordable Care Act (the “Act”), if a parent’s employer-sponsored health plan covers children, medical expenses incurred by a child under age 27 can be paid or reimbursed as a tax-free fringe benefit even if the child is not the parent’s dependent for tax purposes. The expanded benefit, effective March 30, 2010, applies to both workplace and retiree health plans, as well as to self-employed individuals who qualify for the self-employed health insurance deduction on their federal income tax return. A child includes a son, daughter, stepchild, adopted child, or eligible foster child.
Congress has adopted the 2010 Tax Relief Act. The Act contains a two-year extension of the Bush-Era tax cuts that was negotiated by the President and Republicans, and significant estate tax relief, as well as a trove of other tax breaks for businesses and individuals.
Your company and its employees may be subject to local occupational license fees and payroll taxes assessed by the counties and municipalities in which your company operates, even if it is not in the jurisdiction where your main office is located.
If you own or operate a business in Kentucky, make sure you have filed your Kentucky Annual Report. In a recent press release, the Kentucky Secretary of State’s office warns that tens of thousands of companies face dissolution if they don’t file their annual report by the deadline of October 31.
Business gurus often advise entrepreneurs that they should not be afraid to make mistakes. But, when it comes to the legal aspects of your business, not being afraid of making mistakes can lead to disastrous consequences. What are the common legal mistakes business owners make? Here are my top five.
Now that summer has arrived, many college and high school students and graduates are searching for seasonal or full-time jobs. In today’s tough market, a family business may be the only place for some children to find work. If you run a family-owned business, employing your child may generate tax savings regardless of whether the Read More
If you own a business with one or more co-owners, or are in the process of forming such a business, you should strongly consider adopting a buy-sell agreement.
It has been over 25 years since the IRS conducted an extensive audit of employment tax issues. Over the next three years, however, the IRS will audit approximately 6,000 randomly-selected companies, varying in size and industry. One of the main issues to be examined in these audits is worker classification. Generally, the IRS favors classifying Read More