2018-2019 Tax Planning Guide

With most of the Tax Cuts and Jobs Act (TCJA) going into effect this year, taxpayers will navigate the most sweeping tax legislation changes since the Tax Reform Act of 1986. Each year we offer a Tax Planning Guide to assist with end of year planning which is perhaps even more important today. This guide provides and overview of the most consequential changes under the TCJA and other key tax provisions. It offers a variety of strategies for minimizing your taxes in the new tax environment.

It will be particularly important to work closely with your tax advisor this year. He or she can help you identify which changes affect you and the best strategies for maximizing the new tax law’s benefits and minimizing any negative tax ramifications. Should new tax legislation be signed into law or new guidance be issued from the IRS, our tax advisors can guide you through the implications of those changes.

 

 

 

 

South Dakota vs. Wayfair: Final Decision

The U.S. Supreme Court has issued its highly anticipated decision in South Dakota v. Wayfair, paving the way for states to impose economic sales tax nexus standards on remote retailers.

The decision overrules the previous Supreme Court ruling in Quill v. North Dakota which required a physical presence sales tax nexus standard. This decision will have significant implications for almost all industries, but especially consumer products (retailers) and industrial products.

Continue reading “South Dakota vs. Wayfair: Final Decision”

New Kentucky Tax Law Brings Significant Changes

A new Kentucky tax law is bringing significant changes to both business and individual taxpayers. In late April, House Bill 487 was sent to Governor Matt Bevin’s desk by the Kentucky Legislature and became law without his signature. The new law affects corporate and individual income tax, sales and use tax, property tax, as well as other miscellaneous taxes and administrative items. Continue reading “New Kentucky Tax Law Brings Significant Changes”