Inside This Issue
Filing Extensions Granted for Taxpayers Impacted by Recent Natural Disasters Including Hurricanes Harvey and Irma The Kentucky Department of Revenue will honor the recent IRS announcements
allowing filing extensions for taxpayers impacted by Hurricane Harvey in Texas,
Hurricane Irma in Florida, and any other natural disaster recognized by the IRS.
Continue readingIndividual and Corporate Tax Form ChangesFor the 2017 tax year, all Kentucky tax forms and instructions have been redesigned
to make them more user-friendly. The form numbers most familiar to preparers and
taxpayers were used in lieu of any internal DOR numbering.
Also, the paid preparer signature block was updated to
enable preparers to provide information that will facilitate
better communication. Further, quick references to filing
information, such as addresses, payment instructions, etc.,
appear below the signature section.
Continue reading2017 Itemized Deductions Limitation Threshold Adjusted for InflationThe phase-out threshold on Kentucky itemized deductions has been adjusted for the 2017 tax year.
Continue readingLocal Jurisdictions Consider Utility Franchise FeesOn June 15, 2017, the Kentucky Supreme Court (Kentucky CATV Association, Inc. v.
City of Florence, 520 S.W.3d 355 (Ky. 2017)) determined that the portion of Kentucky’s
telecom taxes prohibiting municipalities from collecting franchise fees from utilities
in exchange for use of their rights-of-way was invalid, as that power was
constitutionally granted to local municipalities pursuant to Ky. Const. §§ 163 and
164.
Continue reading2018 Standard Deduction
for Individual Income TaxThe Department of Revenue (DOR) has set the
standard deduction for the 2018 tax year.
Continue readingSales Tax Remitted by
“Travel Intermediaries”Beginning October 1, 2017, sales tax due on
accommodations purchased in Kentucky through online
travel companies (OTCs) or “travel intermediaries” (such
as Expedia or Priceline) will be collected and paid
directly to the Kentucky Department of Revenue by the
travel intermediary on the entire room charge (not just
the portion of the charge for the room reservation
retained by the OTC).
Continue readingNew Form 20A100The DOR historically has accepted IRS Form 2848 or a
power of attorney prepared by a lawyer and, for most
cases, will continue that practice. However, the DOR
accepts the new KY Form 20A100 “Declaration of
Representative” as well. The form will be required for
representatives of taxpayers involved with protest
proceedings and may be requested by other DOR
offices. Like IRS Form 2848, KY Form 20A100
authorizes representation for various tax types and
periods.
Continue readingUK Tax Seminar InformationThe goal of this annual seminar is to familiarize participants with new income tax law developments, changes in tax legislation, and case rulings for both the Federal Tax Code and the Kentucky State Tax Code so that practitioners will be aware and cognizant when preparing returns for individuals and small businesses. Continue reading
October and November Tax CalendarsKeep these calendars handy so you don't miss a due date.
Continue reading