Stephanie M. Bruns

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Articles

Tax Meets AI

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?
Protecting and Enhancing Taxpayer Rights

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.
Act Now to Reduce Your 2024 Kentucky Real Estate Taxes!

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.
Protesting a Kentucky Tax Audit

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.
New Year, New Successor Liability

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.
2023’s Biggest State Tax Issues

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.
State transfer pricing audits on the rise

Oct 13, 2023 | lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns

What is a State Transfer Pricing AuditTransfer pricing is a growing and contentious issue for states trying to protect their tax revenues. In response, many states have increased their efforts to curb revenue loss through increased transfer pricing audits and examining intercompany transactions. Broadly, transfer pricing focuses on the pricing of intercompany transactions and the allocation of income and expenses between related entities.
What to Do Now that Kentucky Taxes SaaS

Mar 7, 2023 | lexology.com | Mark Loyd |Bailey Roese |Stephanie M. Bruns

Does anyone remember when the statutory definition of tangible personal property for sales tax did not include prewritten computer software? Prior to July 1, 2004, it did not. That changed in 2003 when Kentucky enacted 2003 H.B. 293 to adopt the streamlined Sales and Use Tax Agreement, effective July 1, 2004.