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Showing 18 posts tagged tax.
Be Wary of Estate Tax Provisions in the Proposed Fiscal Year 2016 Budget
It's time to call your estate and financial planners - new tax provisions in the proposed FY 2016 budget once again show the specter of potentially brutal taxes at death for the moderately wealthy. While these taxes exist only in the proposal stage for now and have to pass through the gauntlet of an opposition Congress, it's never too early to take a look at your estate and plan ahead. More >
The Individual Taxpayer Implications of the Tax Extenders in H.R. 5771
Every year for the past several years, Congress has passed a series of what are referred to as "tax extenders" - reinstatements of tax deductions and credits that have expired before the current tax year. It did so again in 2014, renewing several key tax breaks for individuals that apply exclusively to the 2014 tax year. More >
Tax-Exempt Organizations: Excess Benefit Transactions vs. Private Inurement
In the past several years, tax-exempt organizations (hereinafter "Organizations") have faced greater scrutiny and attention from the IRS. As a result, Organizations must adhere to stricter compliance and administrative requirements to maintain their tax-exempt status. More >
Possible Delay to 2015 Tax Season
In a letter dated October 6, 2014, IRS Commissioner John Koskinen wrote to Senate Finance Committee Chairman Ron Wyden expressing his concern about the upcoming 2015 tax filing season. Specifically, he is worried about dozens of tax breaks which lapsed at the end of 2013. More >
Many Taxpayers Worry About the Estate Tax, But Few Plan Accordingly
Estate taxes often garner a lot of attention - particularly in an election year when the threat of raising taxes routinely becomes a political focal point. The estate tax, 40% at the federal level,[1] aptly referred to as the "death tax," does have the potential to be quite devastating. However, it is important to put the estate tax in the proper context. Instead of worrying about how much the Government will take from taxpayers' estates when they die, taxpayers should focus on what they can do now to protect their assets. More >
KY Supreme Court Approves Plugging Holes with Others' Piggy Banks
Budget drafting is one of the most challenging, yet essential, functions of state governments. Unlike the federal government, which has the ability to run large deficits and print its own currency, almost every state - Kentucky included - has a statutory or Constitutional framework requiring a balanced budget. Every two years, the Commonwealth's budget drafters utilize familiar methods to balance the ledger: debt restructuring, adjusting tax rates and spending levels, infusing federal funds and taxing new revenue sources. Another option, less understood by the public but increasingly utilized by Kentucky policy makers, is "sweeping" restricted funds. This controversial task has just been made easier thanks to a recent decision by the Kentucky Supreme Court. In a 5-2 opinion, the practice of sweeping regulatory accounts was declared lawful, meaning that lawmakers may continue to transfer fees and fines collected by state regulatory agencies to the General Fund without violating the Kentucky Constitution. The legality of sweeping funds that are generated by a statutory tax (rather than fines and fees) was not directly addressed by the Court, leaving open the possibility that the sweeping of such funds may yet be deemed unconstitutional. 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 >
