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Yes, the Department of Revenue will waive any penalty for failing to comply with the 110% safe-harbor rule in 2019 for taxpayers with AGI over $150,000 ($75,000 if married filing separate). The 100% safe harbor rule will apply for 2019 as in prior years for Kentucky. However, the 110% safe-harbor rule will apply for 2020 and subsequent years.
Income Taxes. The Kentucky Department of Revenue is committed to helping you understand Kentucky income tax law changes, keeping you updated, and answering your questions. Links to the Income Tax Fre quently Asked Questions (FAQs) may be found at right. For additional information rega rding income taxes please visit.
There is no minimum threshold for Kentucky's corporate income tax or the limited liability entity tax. If a company has any amount of sales, property, or payroll in the state of Kentucky, then that company is required to file a Corporate/LLET tax return. Before year 2018: KRS 141.900 (25) and 103 KAR 16:240 (2)
Income Taxes . Income Taxes; Corporation and Pass-Through Entity Taxes FAQs; Individual Income Tax FAQs; Fiduciary Tax FAQs; Sales and Excise Taxes . 2022-23 Changes to Sales Tax on Services; 2018-19 Changes to Sales Tax on Services; Do I Need to Register for a Sales and Use Tax Account; Cosmetic Surgery Procedures; Employer Recruitment ...
According to the provisions of Kentucky Regulation 103 KAR 26:070, all sales to contractors, subcontractors, or builders of tangible personal property to be incorporated or fabricated into any structure or improvement to real property are subject to sales tax. This same treatment applies to sales of landscaping services to contractors.
Sales Tax. The 2022 Kentucky le gislation in House Bill 8 and 2023 legislation in House Bill 360 make substantial changes to how various services are taxed within the state. In the area of sales and use tax, more than thirty (30) additional service categories became subject to tax. Businesses that provide the new services are required to ...
The law change to remove the deduction from individual income tax affects health insurance premiums paid with after-tax dollars. When should employers implement the new flat 5% rate for withholding? The 5% tax rate is effective January 1, 2018 and thereafter; therefore, implementing the new withholding formula as soon as possible will ensure ...
HB 487, effective July 1, 2018, requires remote retailers with 200 or more sales into the state or more than $100,000 in gross receipts from sales into the state to register and collect Kentucky sales and use tax. The transaction and gross receipts thresholds are based on the previous or current calendar year sales.
Sales and Excise Taxes. Transient Room Tax. Legislative changes for the 1% State Transient Room Tax, and Local Transient Room Taxes, effective 01/01/2023. Provisions included by the General Assembly in House Bill 8 expand the transient room tax to include stays at campgrounds and RV parks. In addition, the new statutory language requires those ...
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