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McBrayer Blogs

Will Your Business Be Affected by Kentucky Revenue Bill Tax Reforms?

House Bill (HB) 8 has moved to the Kentucky Senate after being passed by the House of Representatives last week. This legislation seeks to transition Kentucky from its reliance on the current income tax-based model to a consumption-based model, gradually decreasing the income tax over the next several years. To replace the income tax revenue, HB 8 expands Kentucky’s 6% sales tax to a wider variety of services provided to consumers by Kentucky businesses. More >

IRS and KDOR Extend Income/Sales and Use Tax Deadlines for Those Affected by December 10 Storms

Following the severe storms, tornadoes, and flooding that caused catastrophic destruction in parts of western Kentucky and surrounding areas beginning on December 10, the Internal Revenue Service (IRS) has announced that it will be extending many tax-filing deadlines to May 16, 2022 for those affected by the disaster. Similarly, the Kentucky Department of Revenue (KDOR) has announced that it will honor those same extensions for state filing deadlines as well, in addition to other special, Kentucky-only provisions. Here’s what you need to know about how these deadlines have changed and who is eligible for the extensions. More >

UPDATE: The Taxman Still Cometh, but It's a Little Later for Some Kentuckians Impacted by Severe Storms

UPDATE: The IRS has announced tax relief for taxpayers in the following additional counties due to severe storms and flooding that began February 27, 2021: Anderson, Bell, Calloway, Clark, Edmonson, Fayette, Graves, Greenup, Harlan, Jessamine, Laurel, Leslie, Letcher, Madison, Menifee, Owsley, Perry, Pike, Powell, Pulaski, Union, Warren, Whitley and Woodford counties. Additionally, the Kentucky Department of Revenue has agreed to apply the same rules as the IRS for filing and payment of income tax withholding for these taxpayers. 

Kentucky residents and businesses impacted by late-February storms and flooding can cross looming tax deadlines off their immediate list of worries. For those in impacted counties, the IRS has extended certain deadlines falling on or after February 27, 2021 to June 30, 2021. These include: More >

New Kentucky Law Protects Businesses from COVID-19 Liability

Kentucky recently joined a growing group of states who have passed measures to protect private businesses from coronavirus-related lawsuits. Senate Bill 5 cleared the Kentucky Senate in early March and the House soon thereafter. It became law on Monday, April 11, without the Governor’s signature. More >

Deadline to Apply for PPP Loans Extended to May 31, 2021

Employers hoping to take advantage of the Paycheck Protection Program in 2021 have a bit more time to apply. On March 30, President Biden signed the PPP Extension Act of 2021, which extends the application deadline to May 31, 2021 and extends the PPP authorization through June 30, 2021 to provide the Small Business Administration additional time to process applications received by the May 31 deadline. More >

New Guidance on Change of Ownership Issues for PPP Loans

Under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, small businesses around the nation have received Paycheck Protection Program (“PPP”) loans to stay afloat during the pandemic, but the rules regarding these disbursements haven’t always been so clear. On October 2, 2020, the Small Business Administration (“SBA”) issued guidance to all SBA employees and PPP lenders to clarify the requirements around the ownership of businesses receiving PPP loans. More >

Federal Reserve Announces Expansion of Main Street Lending Program

The Federal Reserve expanded the Main Street Lending Program on Monday, June 8, 2020. The expansion allows for more small and medium-sized businesses to receive support during the COVID-19 pandemic. The Main Street Lending Program was established to support lending to businesses who were in sound financial condition before the pandemic began. More >

Best Practices for Transitioning to the Virtual Workplace

Over the past few months, most businesses have been forced to adapt the way they operate due to the COVID-19 pandemic. A common adaptation has been to move toward a virtual business – for both services and employees. This transition brings a host of new concerns related to cybersecurity and the protection of client, employee, and organization information. More >

Payroll Protection Program Flexibility Act provides some latitude with loans

The Payroll Protection Program Flexibility Act (PPPFA) was signed into law on June 5, 2020. The Act is intended to address several concerns expressed by stakeholders regarding the Payroll Protection Program (PPP) that was introduced as a part of the Coronavirus Aid, Relief, and Economic Security Act passed on March 27, 2020. More >

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