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”
(Published in October 31, 2017 issue of Thomson Reuters “Tax & Accounting”)
Lean Accounting refers to a collection of principles, practices and tools that are used by lean companies to measure the business, control operations, analyze and make sound financial decisions and finally improve all financial processes. Lean Accounting practices have been around since the early 1990’s, and as long as they’ve been around there have been some that argue Lean Accounting practices don’t comply with Generally Accepted Accounting Principles (GAAP). This idea then usually leads to a debate about Lean Accounting vs. conventional inventory valuation systems. Continue reading “Lean Inventory Valuation: Lean Accounting and GAAP Compliance Introduction”
There are significant changes that will come about as a result of this tax bill. The changes will have an impact on businesses and individuals. It might make sense to look at your business/personal tax situation before the end of the year in order to insure you take advantage of certain aspects of existing tax law before the new law takes effect.
With the introduction of “The Tax Cuts and Jobs Act” last week, The House Ways and Means Committee proposes dramatic changes to our nation’s tax laws. As the legislative debate begins in earnest, the only thing that is certain for taxpayers is uncertainty. Individuals and business leaders alike must navigate year-end tax planning under the current tax laws while positioning themselves to react quickly in the event that the new tax legislation should go into effect in 2018. Continue reading “Year-end Tax Planning Guide – 2017-2018”
Congress recently enacted significant changes to IRS rules regarding audits of partnerships and limited liability companies (LLCs) that will soon take effect. The changes are expected to dramatically increase the IRS audit rates for partnerships and LLCs and will require partners and LLC members to revise their partnership agreement (operating agreement for LLCs). The new rules generally apply to partnership tax years beginning after 2017. Continue reading “Significant Changes to IRS Audits of Partnerships”