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Where individual, corporate, and passthrough entity taxation meet


Where individual, corporate, and passthrough entity taxation meet
By Mo Bell-Jacobs, J.D.; Bridget McCann, CPA; and Steve Wlodychak, J.D., LL.M.
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Editor: Bridget McCann, CPA
By now, most practitioners are well aware of the annual limitation enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, in 2017 that limits the amount of state and local taxes individuals can deduct for federal income tax purposes to not more than $10,000 ($5,000 in the case of a married individual filing a separate return) (the SALT cap).
1 No doubt most are also aware of the ensuing legislation at the state level to offer taxpayers a workaround to the SALT cap by enacting passthrough-entity-level taxes, which arguably impose the tax liability for owners of passthrough entities (PTEs) (such as partnerships, LLCs treated as partnerships, and S corporations) instead directly on the PTE. ....

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Tax extensions for Kentucky victims of severe storms, flooding, landslides and mudslides


May 15, 2021
May 15, 2021
FRANKFORT — The Kentucky Department of Revenue (DOR) will honor the recently announced IRS special tax relief for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance due to the effects of severe storms, flooding, landslides and mudslides in Kentucky that began February 27, 2021.
Under the provisions of KRS 131.081 (11), Kentucky honors federal extensions related to disaster relief for filing of income tax returns, including payment of tax due. This extension to file and pay taxes does not apply to sales tax and other type of taxes. However, taxpayers with disaster-related delays that are seeking filing extensions or that have been assessed penalties for taxes other than income may contact the DOR to request an extension or a waiver of penalties. ....

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Tax Extensions for Victims of Severe Storms, Flooding


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Affected taxpayers have until June 30 to file Kentucky income tax returns and submit tax payments for the following: individual income tax; corporate income tax; and income tax withholding.
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Commonwealth Journal
5 hrs ago
Affected taxpayers have until June 30 to file Kentucky income tax returns and submit tax payments for the following: individual income tax; corporate income tax; and income tax withholding.
While the deadline to file federal and Kentucky income tax returns is Monday, Pulaski Countians impacted by the severe storms and flooding that began February 27 will have a little bit longer.
The Kentucky Department of Revenue (DOR) will honor the recently announced IRS special tax relief for taxpayers in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. ....

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