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Showing 57 posts in Corporate and Business Tax.
Corporate jets relocated to Kentucky because of tax break
For purposes of taxation, Meyer Tool's corporate jets have now been placed at the Cincinnati/Northern Kentucky International Airport. A new tax break has been implemented that would eliminate property tax on non-commercial aircrafts by local taxing districts. More >
The Kentucky Business Investment Program
On November 22nd, the KEDFA small business loan program was discussed on our blog. Let's take a look at another valuable financial resource for Kentucky businesses: the Kentucky Business Investment Program ("KBI"), also administered by the Kentucky Economic Development Finance Authority. More >
Debate over how much corporations should pay in taxes continues
It's been suggested that corporate tax rates in the United States are at 39.1 percent - which would be the highest among nation members of the Organization for Economic Cooperation and Development. The argument as to how much is paid, however, is far from settled. For example, this figure does not necessarily take into account deductions and credits. More >
Tax preparer sued concerning negligent tax handling
A hotel chain based out of Northern Kentucky was the recipient of a $99 million judgment concerning alleged fraud by a tax preparing company. It is alleged that the chain was misled by its tax preparer, Grant Thornton, LLP, concerning products that the company sold. It was argued in court that these instruments were not legal and could not stand up to scrutiny by the Internal Revenue Service. More >
Taxing of online sales may be decided by Supreme Court
Kentucky is one of a minority of states that require collection of taxes for out-of-state online sales. Known as the Amazon tax, deciding whether such taxes should be allowable could be taken up by the United States Supreme Court. More >
A Tip For Dealing with Automatic Gratuities in 2014
A new Internal Revenue Service ("IRS") rule, set to take effect in January 1, 2014, may eliminate a common practice in the restaurant industry. Often, an automatic gratuity, normally 18%, is added to the bill of large parties. Automatic gratuities were adopted by restaurant employers as a means for ensuring that servers do not get stiffed on expensive bills. Servers heavily rely on tips to supplement a salary that is often times lower than the federal minimum wage. More >
Is US Tax Policy Pitting Corporate Giants Against Small Business?
The federal government shutdown may have put federal tax reform efforts on hold officially, although lobbying no doubt continues behind the scenes. Unfortunately, lack of official information makes longer-term business and corporate tax planning a bit more challenging. More >
The Facts on FATCA
On August 19, 2013, the Internal Revenue Service introduced its new registration portal to assist Foreign Financial Institutions ("FFI") as they make efforts to comply with the Foreign Account Tax Compliance Act ("FATCA"). Financial firms (banks, investment funds, and insurance companies) around the world must comply with the law, aimed at keeping US persons from hiding income and assets overseas, or risk serious consequences that could shut them out of financial markets. In recent years, the U.S. government has suspected that U.S. persons are underreporting massive sums of money hidden in offshore accounts. More >
Could Your Business Qualify for a 179D Green Building Tax Break?
If your company has built a new facility or upgraded an existing one anytime in the past six years, you might find that you qualify -- at least partially -- for a tax break of up to $1.80 per square foot under federal tax code section 179D, or the energy efficient commercial buildings deduction. This could be the case even if you had no concrete intention to focus on green building standards at the time. More >
Did You Notify the IRS When Your Business Moved?
If your business or corporation has changed addresses in the past few years, are you certain the IRS was notified about your new address? If you’re not certain, you should check, or you could find yourself in an awkward situation if you’re ever involved in an IRS tax controversy. As a recent ruling by the U.S. Tax Court underscores, you could lose your right to challenge a federal tax lien if you missed the notification when it was misaddressed. More >
