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Showing 56 posts in Corporate and Business Tax.

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

Posted In Corporate and Business Tax, Disaster relief, Income Tax

Following the severe storms, tornados, 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

Posted In Corporate and Business Tax, Taxation

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 >

The Fiduciary Rule is Here: Lenders, Get Ready!

Posted In Corporate and Business Tax, ERISA

Lenders, it’s time to embrace a new definition of “fiduciary.” In 2016, the U.S. Department of Labor (“DOL”) released the final Fiduciary Rule to expand the definition of “fiduciary” for purposes of the Employee Retirement Income Security Act (“ERISA”) and the Internal Revenue Code. The rule was delayed by the Trump administration, and following review of nearly 200,000 comments, the DOL designated June 9, 2017, as the official start date of the new rule for the financial services industry. Lenders everywhere must be ready to comply. More >

Small Business Law Every Business Owner Needs to Know

Posted In Corporate and Business Tax, Employment Law

Small businesses have a tremendous impact on the U.S. economy, providing 55% of all jobs and 54% of all U.S. sales, according to the Small Business Administration. With such an impact, it’s easy to think that these businesses are subject to less regulation and legal hurdles. Instead, the reality is that small businesses are subject to the same complex tangle of regulation that other businesses face for the most part, but they are often less-equipped to negotiate it. With that in mind, here are four types of laws that small business owners must consider during operation of their businesses. More >

Nothing is uncertain like death taxes

Posted In Corporate and Business Tax

There's a saying about death and taxes, the certainty thereof, which has been oft repeated to the point of weariness. While it is true that the imposition of taxes is a certainty, the shape and form of such taxes, especially in an estate planning context, is anything but. Just when one believes the ground to be firm in any particular tax context, the sands begin shifting. The federal estate tax has been just such an example the past several years, and estate plans should account for future uncertainty. More >

Tax evasion vs. tax planning/avoidance: knowing the difference is important

Posted In Corporate and Business Tax

Last time, we began speaking about recent recommendations made by an international organization regarding tax avoidance which will reportedly make it harder for businesses to take advantage of tax law. As we noted, the recommendations raise the important question of the distinction between tax avoidance and tax planning. More >

International organization addresses issue of tax avoidance

Posted In Corporate and Business Tax

At the beginning of the week, the Organization for Economic Cooperation and Development—an international organization founded to advise industrial nations on economic policy—proposed a plan to address what has become an important international issue: tax avoidance. The OECD, in response to a request to look at the tax rules international companies use to navigate tax planning, came up with recommendations which are supposed to address concerns about tax avoidance.  More >

Work with experienced attorney to navigate tax issues with stock sales

Posted In Corporate and Business Tax

In our last post, we began speaking about the recent Tesla Motors stock sale announcement. As we noted, the company is hoping that the move will help expand its business presence, a task that has been somewhat challenging. More >

Managing tax liabilities: work an experienced legal counsel

Posted In Corporate and Business Tax

For businesses, managing tax liabilities is an important ongoing task and businesses often go to great lengths to situate themselves so as to minimize their tax obligations. One of the challenges in tax planning, though, is that it isn’t always clear when a company may be doing the correct thing from a legal standpoint, or exactly what options a business has with respect to managing tax liabilities. Tax law, as is well known, is not always clear cut. More >

Congratulations on the Birth of Your New Tax Exemption! (Tax Breaks for New Parents)

Posted In Corporate and Business Tax

Planning for a new baby is a constant stream of decisions and questions concerning diapers, cribs, colors, daycare and more, all in the service of preparing your life for a new bundle of joy. What new parents forget in the hustle and bustle of bringing a new life into the world is that the state and federal revenue services both have a little joy of their own to add to the equation in the form of tax breaks. More >

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