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Sep 13, 2024 | 
lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns
When you think about technology, what’s hotter than AI? Can AI be used to help provide tax advice? Given the subject matter, why not ask Google’s Gemini, available at gemini.google.com, and OpenAI’s ChatGPT, available at ChatGPT.com? Let’s start with the basics. What Is AI?
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Jun 12, 2024 | 
lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns
Several changes to Kentucky’s tax code would enhance Kentucky taxpayers’ rights and increase fairness to Kentucky taxpayers. What is fairness anyway? Fairness is described as “lack of favoritism toward one side or another” by Merriam-Webster Dictionary, “evenhandedness” by Dictionary.com, and “the quality of being reasonable, right, and just” by Collins Dictionary.
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Apr 23, 2024 | 
lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns
Businesses and individuals owning real estate in Kentucky valued at $1,000,000 or more for tax purposes should act now to reduce their Kentucky real estate tax bill. Long-term lessees obligated to pay property taxes should also take action. It’s Now or Never! Request a conference with the Property Valuation Administrator (PVA) for the county in which your property is located before the “open inspection” period ends on May 20, 2024.
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Mar 13, 2024 | 
law360.com | Mark Loyd |Gregory Rhodes |Helen Cooper
ADVERTISEMENT Don't want ads? Subscribe or login now. By Mark Loyd, Gregory Rhodes and Helen Cooper (March 13, 2024, 5:32 PM EDT) -- Eligible taxpayers hoping to address potentially erroneous employee retention credit claims have until midnight on March 22 to apply for the voluntary disclosure program....
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Mar 13, 2024 | 
law360.co.uk | Mark Loyd |Gregory Rhodes |Helen Cooper
ADVERTISEMENT Don't want ads? Subscribe or login now. By Mark Loyd, Gregory Rhodes and Helen Cooper (March 13, 2024, 5:32 PM EDT) -- Eligible taxpayers hoping to address potentially erroneous employee retention credit claims have until midnight on March 22 to apply for the voluntary disclosure program....
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Mar 13, 2024 | 
lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns
So, your company or your client got audited by the Kentucky Department of Revenue and you find out that it is not going to be a “no change” audit, and instead, the Department has informed the taxpayer that they are going to receive an assessment. What do you do? The Tax AuditFirst, be on the lookout for one or more Notices of Tax Due in the mail.
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Jan 5, 2024 | 
lexology.com | Mark Loyd |Brett Miller |Stephanie M. Bruns
Effective January 1, 2024, Indiana began imposing successor liability for past-due taxes in certain transactions involving the transfer of assets. This successor’s liability applies to transactions that close on or after February 14, 2024 in which a business owner transfers over 50 percent of the business’s tangible personal property to another person. Transfers of tangible personal property occur and successor liability may be triggered even if the seller does not receive any consideration.
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Dec 29, 2023 | 
lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns
Following are some of the biggest state and local tax issues across the country!Alternative ApportionmentOne size does not fit all. State and local statutory standard apportionment formulas determine the “slice” of the income tax base “pie” on which a particular state or locality may impose its income tax.
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Nov 22, 2023 | 
kycpa.org | Mark Loyd
Tax in the Bluegrass2023's Biggest State tax issuesIssue 5December 18, 2023By Mark A. Loyd, JD, CPAFollowing are some of the biggest state and local tax issues across the country! One size does not fit all. State and local statutory standard apportionment formulas determine the “slice” of the income tax base “pie” on which a particular state or locality may impose its income tax.
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Nov 6, 2023 | 
lexology.com | Mark Loyd
There have been a lot of big federal tax issues in the spotlight in 2023, following are some of the biggest!Less is MooreA lot of people have a lot to say about Moore v. United States, which is now pending at the U.S. Supreme Court. Moore is a U.S. shareholder of a controlled foreign corporation who paid the Internal Revenue Code § 965 one-time mandatory repatriation tax (MRT) for the 2017 tax year.
