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2007 Kentucky Individual Income Tax Updates
Last Minute FEDERAL Legislation: The Mortgage Forgiveness Debt Relief Act of 2007 has been enacted to provide relief to those families who have been adversely affected by problems in the subprime mortgage market. Under current law, debt forgiven following mortgage foreclosure or renegotiation is considered income for tax purposes. This act will provide relief to those families by permanently excluding debt forgiven under these circumstances for tax liability for federal purposes.
However, because Kentucky has not adopted this legislation, any mortgage debt forgiveness will still be considered income for Kentucky purposes and subject to tax. Therefore a Schedule M adjustment must be made on Part 1, Additions to Federal Adjusted Gross Income, line 5 to report this income. For more information regarding updates click here. 2007 Kentucky Individual Income Tax Updates (January 31, 2008)
Attention: KY E-Tax filers. If you are trying to file your sales and use tax return electronically and have received a ‘Server error’ message, you may need to try to log on to KY E-Tax directly through the KY E-Tax link on this page. A new KY E-Tax server address has recently been added. If you have saved the old server address in your Favorites link, you may be experiencing the error message. Please click on the KY E-Tax link from this page and enter your information. You may then save the new server address to your Favorites to replace the previous web address. If you still require further assistance with KY-E-Tax, please call the Division of Sales and Use Tax at (502) 564-5170, or, you may email KRCWebResponseSalesTax@ky.gov.
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The Kentucky Estimated Tax Voucher, 2008 Corporation Income/Limited Liability Entity Tax Form 720ES, will not be mailed to corporations and limited liability pass-thru entities that are subject to declaration payments. It was determined 95 percent of corporations and pass-thru entities are using software for their estimated tax vouchers. These are available from the link below or call (502) 564-8139 or (502) 564-3658 for a copy.
Corporation Income and LLET Estimated Tax Payments for 2008
Estimated tax payments are required for corporation income tax and the limited liability entity tax (LLET). Form 720-ES includes estimated tax payments for the corporation income tax imposed by KRS 141.040 and the (LLET) imposed by KRS 141.0401. Corporations as defined in KRS 141.010(24)(a) are subject to both the corporation income tax imposed by KRS 141.040 and the LLET imposed by KRS 141.0401. Limited liability pass-through entities as defined in KRS 141.010(28) are subject to the LLET, including S corporations. S corporations are also subject to the corporation income tax in certain cases under the provisions of KRS 141.040(14). The first estimated payment installment, equal to 50% of the estimated tax, is due by the 15th day of the sixth month; the second installment equal to 25% of the estimated tax is due by the 15th day of the ninth month; and the third installment equal to 25% of the estimated tax is due by the 15th day of the 12th month of an entity’s calendar or fiscal year. Corporation income tax and LLET must be reported separately on Form 720-ES.
2008 Kentucky Estimated Tax Voucher - Corporation Income - Form F720ES
Instructions for Filing 2008 Estimated Tax Voucher - 41A720-S4
Additional Corporation Tax forms can be found on the FORMS pages. (March 20, 2008)
County Information links to an interactive map that directs you to each of Kentucky's 120 counties. Find address, phone, fax, email & Web site information on each county's PVA, Sheriff, Clerk, Attorney and Judge Executive.
