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Showing 57 posts in Corporate and Business Tax.
President Obama's 2015 Budget Proposals for Estate & Gift Tax
On March 4, the President unveiled his fiscal year 2015 budget proposals, totaling $3.9 trillion. The overall emphasis in his proposal was creating incentives for lower and middle income individuals while curing tax preferences for higher income individuals and businesses. Not new to the proposal was the President's plan to lower the estate, generation-skipping transfer ("GST") and gift tax exemptions to their 2009 levels starting in 2018. More >
The Tax Benefits of an Accessible Business
If you are the owner of a business that is open to the public, it is your responsibility to ensure that it is compliant with the Americans with Disabilities Act of 1990 ("ADA") accessibility provisions. While complying with federal laws can be onerous at times, there are certain tax benefits available for making improvements to your office space. More >
The Future of Non-Profits & Politics
Nonprofit organizations have played an important role in America's history, but that role may soon be redefined as the IRS seeks to reform the tax code provision that gives life to these organizations. Currently, a nonprofit organized under Section 501(c)(4) of the tax code can engage in politics and remain tax-exempt if more than half of its money and time is spent on "social welfare activities." As a result, especially in recent years, several nonprofit organizations have entered into the political arena with big wallets and a set agenda, both on local and national stages - especially because political nonprofit organizations are permitted to keep donor names confidential. A study by the Center for Responsive Politics found that political spending by nonprofit organizations skyrocketed from less than $5.2 million in 2006 to more than $300 million in 2012. More >
Tax incentives approved by Kentucky house for certain businesses
Kentucky lawmakers have decided to extend tax incentives to help spur on expansion projects being conducted by AK Steel and General Electric. Those sponsoring the bill hope that the bills will protect high-paying jobs that are being offered by these corporations. The bills reportedly passed without opposition. More >
Proposed Bill Would Promote P3s in Kentucky
In July, the Kentucky Chamber of Commerce released a report entitled Private Solutions to Public Problems: Partnerships to Build a Better Government. The Chamber report, which was the subject of an earlier post, describes the benefits that public-private partnerships ("P3s") can provide to the Commonwealth. As a refresher, a public-private partnership typically involves a working relationship between a state or local government unit and a private business under which the business builds, finances and/or operates a project the governmental agency would have financed, built and operated in years past. The Kentucky Chamber report provides a broader definition that includes the provision by private entities of a wider variety of government services. More >
Tax lawsuit surrounds claimed $658 overpayment by GE
General Electric has sued the U.S. Internal Revenue Service concerning an alleged overpayment of taxes and interest related to losses suffered during the sale of ERC Life Reinsurance. The dispute goes back to 2003 when ERC was acquired by another company. The IRS refused to grant GE a capital loss of $2.2 billion realized from sale of ERC Life shares. More >
Show Me the Money: When Can I Expect My Tax Refund?
Tax filing season got a late start this year thanks to the 2013 government shutdown; the IRS pushed back its official return acceptance date from January 21 to January 31. Now that IRS is accepting returns, when can taxpayers expect to see their refund? More >
Governor's Tax Reform Plan Unveiled
On Tuesday, February 4, Governor Beshear announced his much-anticipated tax reform plan called "Kentucky Competes." According to plan estimates, full implementation of the plan would generate $210 million a year for the Commonwealth. "This plan simplifies our tax code, creates an even more attractive business climate for current and future businesses, and offers some relief to every working Kentuckian," said Beshear. More >
Understanding the Additional Medicare Tax and Medicare Surtax on Net Investment Income
The IRS began accepting 2013 tax returns today. Over the past year, there has been a lot of debate about the impact of the 0.9% Additional Medicare Tax and the 3.8% Medicare surtax on net investment income ("surtax") , but taxpayers may not have paid much attention to the new taxes...until now. More >
Office of the Taxpayer Advocate: One watchdog of IRS shortcomings
The Internal Revenue Service can strike a chord of fear -- or at least very real concern -- into the heart of any business owner in Kentucky or elsewhere across the country. More >
