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Tax Law Defined® Blog

Frost Brown Todd’s (FBT’s) tax-related blog serves as a practical resource on all things tax – from federal, state and local taxes to more nuanced areas like LLCs, succession planning, employee benefits, estates, incentives and regulated industries taxes. Our authors cover topics pertaining to corporations, employers, individuals, family-owned business, as well as those working in regulated industries, such as manufacturing, logistics, alcohol, tobacco and equine, that are subject to specific tax laws.

Recent Blog Posts

A legislative assembly hall with empty desks and a large chandelier overhead.
The 2024 General Assembly: Light on Changes, Heavy on Constitutional Issues

June 20, 2024 | Blogs

*This article was originally published in Tax Notes (Vol. 112, No. 10) on June 3, 2024.  In recent ...

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Tennessee’s New Rural and Workforce Housing Tax Credit

June 7, 2024 | Blogs

Tennessee is the next state to follow a national trend and enact its own state low-income housing ta...

Due to the coronavirus the department of treasury is issuing to US citizens economic impact payments known as a stimulus check.
Kentucky Tax Amnesty After All?

May 30, 2024 | Blogs

In an earlier blog entitled, “Gold Bullion and Kentucky Sales Tax – The Ghost of Caesar Haunts,...

Social Security Reform Legislation
Kentucky 2024 Legislative Session – Tax Changes Overview

May 24, 2024 | Blogs

With such significant tax reform legislation passed in Kentucky over the last several years, some sp...

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Kentucky Tax Talk: Budget Focus Cools Tax Reform Efforts

May 10, 2024 | Blogs

*This article was originally published by Law360.  Over the last several years, the Kentucky Genera...

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Tennessee General Assembly Passes Massive Franchise Tax Refund Bill

April 26, 2024 | Blogs

On April 25, 2024, in a significant development for taxpayers doing business in Tennessee, both the ...

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Can Stockholders of Employee Leasing or Staffing Companies Claim Section 1202’s Gain Exclusion?

April 25, 2024 | Blogs

Stockholders must satisfy several eligibility requirements before they can claim Section 1202’s ge...

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Gold Bullion and Kentucky Sales Tax – The Ghost of Ceasar Haunts

April 19, 2024 | Blogs

Last week, the Kentucky General Assembly during its 2024 Regular Session enacted H.B. 8, one provisi...

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Guide to the Federal Income Tax Treatment of SAFEs

April 16, 2024 | Publications

The Simple Agreement for Future Equity (SAFE) was introduced in 2013 on the startup accelerator Y Co...

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User Guide for SAFE Preferred Stock with Examples

April 12, 2024 | Blogs

The Simple Agreement for Future Equity (SAFE) was introduced in 2013 on the startup accelerator Y Co...

Horses rounding a turn in the Kentucky Derby race
And They’re Off! Kentucky’s Annual Real Property Tax Appeals Season Begins the First Week of May

April 11, 2024 | Blogs

Now that much of the craziness and uncertainty of the COVID-19 pandemic has passed, which affected t...

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New Local Tax Reform Bill in the Commonwealth

March 27, 2024 | Blogs

In what has otherwise been a generally mild Kentucky Legislative Session in terms of tax reform, the...

A legislative assembly hall with empty desks and a large chandelier overhead.
Kentucky Revenue and Tax Bill Moves Forward

March 20, 2024 | Blogs

The 2024 Regular Session of the Kentucky General Assembly is coming to a close next month, and not s...

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Venture Studios and Qualified Small Business Stock

March 19, 2024 | Blogs

Section 1202 provides for a substantial exclusion of taxable gain from federal income taxes when sto...

Franchise restaurant sign: "Open. Please Come In"
$1.2 Billion Tax Refund and $400 Million Annual Tax Cut Proposed for Tennessee Businesses

February 8, 2024 | Blogs

Tennessee Governor Bill Lee delivered the State of the State address on February 5, 2024, in which h...

Detail Copper Whiskey vats at a distillery
Regional Round-Up: Added License Rights and Limited Self-Distribution for Craft Distilleries in Kent...

February 8, 2024 | Publications

As an update to our past regional round-ups in the alcohol space, Kentucky and West Virginia continu...

A blue-toned map highlights the state of Tennessee with topographical details.
New Tennessee Business Tax Filing and Licensing Thresholds

February 6, 2024 | Publications

The Tennessee business tax is a privilege tax on the privilege of doing business by making sales of ...

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Maximizing Section 1202’s Gain Exclusion

January 17, 2024 | Blogs

The combination of the 21% corporate federal income tax rate and the possibility of qualifying for S...

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Let’s Talk About SaaS, Baby: Kentucky’s Recent Taxing of Software as a Service Compared With Its...

January 8, 2024 | Blogs

Recent Kentucky tax legislation continued to expand the landscape of services subject to sales and u...

Whiskey barrels in cellar
Kicking the Bottle Down the Road: Big Bourbon Breathes a Sigh of Relief

December 20, 2023 | Blogs

As a major update to our recent article, trade representatives for the European Union (EU) announced...

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Michigan Court of Claims Gives Taxpayers Clarity on Appeals Prerequisite of Paying Uncontested Porti...

December 8, 2023 | Blogs

As a prerequisite to the tax appeal process in Michigan, a taxpayer must pay the uncontested portion...

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Manufacturers Beware: The Impact of Stricter 163(j) Deductibility Amid Rising Interest Rates

November 17, 2023 | Blogs

The Tax Cuts and Jobs Act of 2017 (TCJA) introduced significant changes to the deduction of business...

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Kentucky Tax Talk: Clash Over Industrial Supplies Exemption

November 14, 2023 | Blogs

This article was originally published in Law360 Tax Authority. On Dec. 15, 2022, the Kentucky Supre...

Machine digging coal in industrial area
U.S. Supreme Court Passes on Dormant Commerce Clause Challenge

November 6, 2023 | Blogs

While some were speculating that a recent Kentucky severance tax case may lead to a new Dormant Comm...

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Conversions, Reorganizations, Recapitalizations, Exchanges and Stock Splits Involving Qualified Smal...

October 26, 2023 | Tax Law Defined™ Blog

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholder...

File Stack and Magnifying Glass
IRS Establishes Withdrawal Procedures for Questionable ERC Claims

October 24, 2023 | Blogs

On October 19, the Internal Revenue Service (IRS) announced the process for concerned employers to w...

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Application Portal for the Low-Income Communities Energy Investment Bonus Program Opens Oct. 19

October 12, 2023 | Blogs

Applications for the low-income communities bonus credit program (the “Bonus Program”) under Int...

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Introducing the QSBS Guidebook for Family Offices and Private Equity Firms

October 12, 2023 | Blogs

The combination of the 21% corporate income tax rate and the possibility of qualifying for Section 1...

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Kentucky Tax Talk: Taking Up the Dormant Commerce Clause

September 20, 2023 | Blogs

This article was originally published in Law360 Expert Analysis. The commerce clause of the U.S. Con...

Papers about tax amnesty and gavel in a court.
Tax Amnesty in Kentucky Jeopardized by State’s ‘Punt’ on Funding

September 18, 2023 | Blogs

This article was originally published in Bloomberg Law Daily Tax Report.  Many taxpayers, tax pract...

The front facade of a building displays a sign reading "Internal Revenue Service."
IRS Presses Pause on Processing New ERC Claims

September 15, 2023 | Blogs

On September 14,  the IRS announced that it would stop processing new claims for the Employee Reten...

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Navigating the Blockchain Landscape: Recent IRS Guidance on Convertible Virtual Currency and the Tre...

August 29, 2023 | Blogs

This article explores recent developments in the U.S. federal taxation of virtual currencies by the ...

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ESOPs Encouraged but Do It Right! SECURE 2.0 ESOP Provisions and Expanded IRS Focus

August 17, 2023 | Publications

The SECURE 2.0 Act of 2022 (SECURE 2.0), which was passed as 2022 wound down, expands on the Setting...

A judge's gavel is positioned in front of an Ohio state flag.
Major Tax Changes in Ohio – H.B. 33 Biennial Budget Bill Tax Update

August 15, 2023 | Blogs

Signed by Governor Mike DeWine on July 3, 2023, Ohio’s Fiscal Year (FY) 2024-2025 biennial ope...

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New Rules Require Plans to ‘Chase Time’ – Coverage for Long-Term Part-Time Employees

August 15, 2023 | Publications

Certain 401(k) and 403(b) plans must be amended to allow part-time employees to participate under ne...

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Federal & State Tax Implications of Kentucky’s New Employee Child Care Assistance Partnership...

August 3, 2023 | Blogs

Governor Andy Beshear signed House Bill 499 into law in April 2022, thereby creating a new program c...

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Indiana’s New Successor Tax Liability Statute – How to Comply and Avoid Pitfalls

July 28, 2023 | Blogs

*Kenny Schwalbert, a J.D. candidate at the University of Louisville Brandeis School of Law, contribu...

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Sale or Redemption of a Partnership Interest – Is There a Difference?

July 27, 2023 | Blogs

Partners in a partnership and members of a limited liability company that is taxed as a partnership ...

concept image of business strategy.
Two Years ‘til Sunset: It’s Time for Sunshine State Residents to Consider the Implementation of ...

July 14, 2023 | Blogs

One year ago, the Florida Legislature amended Florida Statute Section 736.0505, which made the tax-s...

Wood house model on computer laptop
Ohio Tax Talk: Building On Federal Affordable Housing Credit

July 7, 2023 | Blogs

This article was originally published by Law360 Expert Authority.  The Ohio Senate issued its versi...

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Advanced Section 1202 (QSBS) Planning for S Corporations

July 3, 2023 | Blogs

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholder...

Renewable Energy - Solar Subsidy & Incentives
Powering Progress: IRS Releases Proposed Rules for Low-Income Community Bonus Credit Program

June 29, 2023 | Blogs

*James Hardman contributed to this article while working as a summer associate at FBT. James is not ...

Money inside blue envelope
Courts Water Down Stringent IRS Penalties at the Water’s Edge

June 8, 2023 | Blogs

As the United States has steadily increased enforcement against U.S. citizens and residents with for...

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Kentucky Department of Revenue Reclassifies All Transmission Pipelines

June 2, 2023 | Blogs

In a recent email notification to taxpayers filing Kentucky Public Service Company (“PSC”) tax r...

A wooden gavel is poised above a sounding block against a backdrop featuring a seal emblem.
The Kentucky Court of Appeals Tackles Religious Property Tax Exemptions

May 30, 2023 | Blogs

Religious institutions received a victory this month regarding property tax exemptions under Section...

cargo ship mooring in lock
Pollution Control Exemption Now Included on Kentucky Watercraft Tax Forms

May 23, 2023 | Blogs

This article was originally published by The Waterways Journal in April 2023.  As this time of ye...

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Watt’s Up, Manufacturers? How to Maximize Tax Savings with Critical Minerals and Battery Compo...

May 17, 2023 | Blogs

The Inflation Reduction Act (Pub. L. No. 117-169 (the “IRA” or the “Act”)) has brought signi...

Business papers on the table
Kentucky Tax Talk: Pros, Cons of the SALT Cap Workaround

May 10, 2023 | Blogs

This article was originally published in Law360 Expert Analysis.  Kentucky H.B. 360 went through qu...

Stacks of coins are overlaid with the image of a clock.
Important Alert for 401(k) and 403(b) Plans that Do Not Allow Participants to Make Roth Contribution...

May 1, 2023 | Blogs

The recent comprehensive retirement plan legislation, often called SECURE 2.0, made an important cha...

Magnifying glass and documents with analytics data lying on table,selective focusMagnifying glass and documents with analytics data lying on table,selective focus
SECURE 2.0 Changes to Retirement Plan Corrections

April 20, 2023 | Publications

Our overview of Division T of the Consolidated Appropriations Act, titled “The SECURE 2.0 Act of 2...

Tax documents on the table
Ohio Tax Talk: Tax Amendments in Operating Budget Proposal

April 6, 2023 | Blogs

This article was originally published in Law360 Expert Analysis. H.B. 33 establishes the state of Oh...

The business of betting on sports
Sports Betting in Kentucky – Now What?

April 5, 2023 | Publications

The Kentucky Legislature recently enacted, after many years on the table, limited sports betting. 20...

Construction tower cranes on a building site
Kentucky Legislation Creates New Property Tax Valuation Method for Affordable Multifamily Properties

March 24, 2023 | Blogs

Kentucky Governor Andy Beshear recently signed a bill that will provide more certainty for annual pr...

Little Pink Piggy Bank Pulling His Savings on a Skateboard
Want to Use the Money in Your IRA for Loans or Certain Related Investments? Think Again

March 22, 2023 | Blogs

Many individuals have accumulated significant funds in their individual retirement accounts (IRAs), ...

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IRS Proposes 401(k) Forfeiture Rules

March 21, 2023 | Publications

On February 27, the Internal Revenue Service (IRS) issued proposed regulations on when and how forfe...

Close up shot barrel
Kentucky’s Bourbon Barrel Tax May Be Headed Toward Bitter Ending

March 16, 2023 | Blogs

*This article was originally published in Bloomberg Tax.  There were reportedly more than 11.5 mill...

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Relief for Reporting RMDs for IRAs in 2023

March 16, 2023 | Blogs

On March 7, 2023, the Internal Revenue Service (IRS) released Notice 2023-23, which provides guidanc...

A close-up of the West Virginia state flag featuring its seal with a red ribbon and its motto, amidst folds of wavy fabric.
Tax Bills Passed During 2023 West Virginia Legislative Session

March 13, 2023 | Blogs

The most discussed issue during West Virginia 2023 Legislative Session was Governor Jim Justice’s ...

Clean, renewable energy or electricity production tax credits and incentives, financial concept : Green energy symbols atop coin stack e.g solar panel, wind turbine, fuel cell battery and the word TAX
Inflation Reduction Act – Clean Energy Tax Credits

March 13, 2023 | Publications

The Inflation Reduction Act of 2022 (the “IRA” or “Act”) presents an opportunity to signific...

Growth in Income tax collection, tax payer increasing concept : Tax bags, rising bar graph on a basic balance scale, depicting fiscal tax revenue gain and meet target after economic policy and stimulus plan
Kentucky Tax Talk: Trouble With the Incentive Oversight Bill

March 10, 2023 | Blogs

This article was originally published in Law360’s Tax Authority Expert Analysis.  In 2022, Ke...

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Navigating Section 1202’s Redemption (Anti-churning) Rules

March 10, 2023 | Blogs

Section 1202 provides for a substantial exclusion of gain from federal income taxes when stockholder...

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Initial IRS Guidance on Two Energy Investment Tax Bonus Credits

March 8, 2023 | Blogs

On February 13, 2023, the U.S. Treasury Department, together with the U.S. Department of Energy (DOE...

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Tax Avoidance vs. Tax Evasion

March 8, 2023 | Blogs

Many CPAs and lawyers do not know the difference between conduct that is tax avoidance versus conduc...

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Indiana Enacts SALT Deduction Cap Workaround

March 7, 2023 | Blogs

The Indiana General Assembly unanimously passed its first enacted law of the 2023 legislative sessio...

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Think Twice Before Agreeing to Contribute to a Multiemployer Pension Plan, Especially if It Is Not a...

March 1, 2023 | Blogs

This article was republished in the Employee Relations Law Journal. Many union employers agree to co...

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Ohio Tax Talk: Amnesty Or Voluntary Disclosure?

February 28, 2023 | Blogs

This article was originally published in Law360’s Expert Analysis. On Jan. 6, Ohio Gov. Mike D...

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Proposed Phase Out of Kentucky’s Bourbon Barrel Tax

February 24, 2023 | Blogs

As discussed at length in our prior article, Kentucky has been toying with the idea of eliminating o...

Coins and a piggy bank
Important Proposed Changes in IRA Distribution Rules for “10-Year Payout” Beneficiaries

February 24, 2023 | Blogs

This article was republished in the Employee Relations Law Journal. If tax regulations proposed by t...

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SECURE 2.0 for 401(k) and 403(b) Plans – What’s New and When’s it Effective?

February 7, 2023 | Publications

While some of us were busy with holiday celebrations and planning for the new year, Congress passed ...

oil steel pipe in group
Kentucky Reclassification of Pipelines for PSC Tax?

January 30, 2023 | Blogs

It’s property tax time again, and in the Commonwealth, the Kentucky Department of Revenue (the “...

Kentucky Statehouse
Kentucky Tax Bills Kicking Off the 2023 Legislative Session

January 23, 2023 | Blogs

Kentucky saw significant movement towards tax reform during the 2022 regular legislative session. Wh...

Blue plastic pail
Opening a Distillery: Formula and Label Approval

January 4, 2023 | Blogs

In the first article of our Distillery Start-Up and Compliance series, we focused on giving distille...

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More Revenue in Kentucky Means Individual Income Tax Cut For Kentuckians

December 29, 2022 | Blogs

The Kentucky General Assembly took its first big steps in eliminating the Kentucky individual income...

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Finally, Some Clarity and a Big Win for Kentucky Manufacturers on Taxability of Supplies v. Repair, ...

December 16, 2022 | Blogs

On December 15, 2022, the Kentucky Supreme Court handed a major win to Kentucky manufacturing taxpay...

Quote board on top of cash bills
Kentucky Tax Talk: Where Art Thou Kentucky Amnesty?

December 16, 2022 | Blogs

This article originally ran in Law360’s Tax Authority.  As the year winds down, many taxpayer...

Barrels on trailers
Opening a Distillery: The Federal Application Process

December 16, 2022 | Blogs

One effect of the COVID-19 lockdown was a shift in consumer appetites. The more time consumers spent...

Tax documents on the table
Ohio Tax Talk: One Step Closer To Telework Income Tax Clarity

December 6, 2022 | Blogs

This article was originally published in Law360 Tax Authority. On Sept. 26, Ohio’s Cuyahoga Co...

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401(k) Limits Increased for 2023

November 18, 2022 | Publications

On October 21, 2022, the Internal Revenue Service issued the cost-of-living adjustments for contribu...

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Employee Benefit Plan Year-End Deadlines

November 14, 2022 | Blogs

Individuals in the employee benefits space are used to dealing with year-end benefit plan amendments...

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Expected Increase to Lifetime Federal Estate Tax Exemption Amount in 2023

October 14, 2022 | Blogs

A Brief Recent History of Federal Estate Taxes Prior to the effective date of the Tax Cuts and Jobs ...

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Considerations for Employer Group Health Plans in the Aftermath of Dobbs

October 7, 2022 | Blogs

On June 24, 2022, the U.S. Supreme Court decided in Dobbs v. Jackson Women’s Health Organization t...

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The Intersection Between Equity Compensation Planning and Section 1202

October 6, 2022 | Blogs

There are numerous tax and business issues associated with equity compensation planning for employee...

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Tax Planning Strategies Post-Inflation Reduction Act of 2022

September 30, 2022 | Blogs

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Act...

A blue-tinted map highlighting the state of Kentucky.
What’s Next? The Individual Income Tax. Part Three – On Tax Policy, Is the Kentucky Governor Out...

September 28, 2022 | Blogs

We continue with our review of executive power and tax changes in part three of this series (check o...

A flag with "Commonwealth of Kentucky" and "United We Stand, Divided We Fall" surrounding a seal depicting two men shaking hands.
The Governor’s Impact on Motor Vehicle and Fuel Taxes. Part Two – On Tax Policy, Is the Kentucky...

September 16, 2022 | Blogs

With the separation of power principle in mind, which we explained in part one of this series, let...

Brown wooden barrel lot
Kentucky Tax Talk: What’s Next For Bourbon Barrel Revenue

September 13, 2022 | Blogs

This article was originally published in Law360’s Tax Authority.  There is no greater beast f...

One golden seat in an empty auditorium surrounded by rows of black seats - QSBS Section 1202 Small Business Tax Exclusion
A Section 1202 Walkthrough: The Qualified Small Business Stock Gain Exclusion

September 12, 2022 | Blogs

Section 1202 allows stockholders to claim a minimum $10 million federal income tax gain exclusion in...

A map of Kentucky is displayed with a red pushpin marking a specific location.
What are the Governor’s Powers? Part One – On Tax Policy, Is the Kentucky Governor Out Ahead of ...

September 9, 2022 | Blogs

The three branches of government—executive, legislative, and judicial—at both the state and fede...

concept image of business strategy.
Is a Tennessee Domestic Asset Protection Trust (aka a Tennessee Investment Services Trust) Right for...

September 8, 2022 | Blogs

A domestic asset protection trust (a “DAPT”) is a type of irrevocable trust, allowable under sta...

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Ohio Tax Talk: Telework Case Shows Tax Grounds Eroding

August 25, 2022 | Blogs

*This article was original published by Law360 Tax Authority. Over two years after the onset of the ...

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IRS Notice 2022-33 Extends Deadline for Retirement Plan Amendments

August 19, 2022 | Blogs

The Internal Revenue Service (IRS) recently published Notice 2022-33, extending the deadlines for am...

Modern power lines against bright setting sun
Kentucky Tax Talk: Speeding Up Public Service Co. Protests

July 19, 2022 | Blogs

This article was published in Law360 Tax Authority. In a legislative session in which the Kentucky G...

A calculator with a prominent red "TAX" button is lying next to a pen on top of financial documents.
Ohio Bill Modifies Tax Treatment for Sale of Equity or Ownership Interests

June 3, 2022 | Blogs

On June 1, 2022, the Ohio Senate unanimously passed House Bill (HB) 515, which specifies two situati...

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Ohio Tax Talk: Unpacking The New Property Tax Procedures

May 27, 2022 | Blogs

This article was originally published in Law360 Tax Authority. On April 21, Ohio Gov. Mike DeWine s...

A legislative assembly hall with empty desks and a large chandelier overhead.
Kentucky Tax Talk: Unpacking The 2022 Legislative Session

May 18, 2022 | Blogs

This article was originally published in Law360 Tax Authority. Prior to the 2022 Kentucky legislati...

A group of individuals are standing close together, clasping each other's hands in a show of unity or agreement.
How Section 1202’s $50 Million Aggregate Gross Assets Limitation Works

May 17, 2022 | Blogs

During the past several years, there has been a marked increase across the country in the use of C c...

business man Hand change wood cube block with percentage to UP and Down arrow symbol icon. Interest rate, stocks, financial, ranking, mortgage rates and Cut loss concept
Determining the Applicable Section 1202 Exclusion Percentage When Selling Qualified Small Business S...

May 13, 2022 | Blogs

When Section 1202 was enacted in 1993, a 50% gain exclusion applicable to the sale of qualified smal...

State Capitol Building Charleston, West Virginia, USA
Recent West Virginia Tax Legislation

April 25, 2022 | Blogs

This article was originally published in Tax Notes. The West Virginia Legislature’s 2022 regular s...

Beginning of construction project in industrial zone
Opportunity Zone Reform: The Opportunity Zones Transparency, Extension, and Improvement Act

April 20, 2022 | Blogs

The federal Opportunity Zone tax incentive program has facilitated substantial new investment in des...

Helping hand
Part 1 – Reinvesting QSBS Sales Proceeds on a Pre-tax Basis Under Section 1045

April 19, 2022 | Blogs

Section 1045 allows stockholders to reinvest on a pre-tax basis, proceeds from the sale of qualified...

Helping hand
Part 2 – Reinvesting QSBS Sales Proceeds on a Pre-tax Basis Under Section 1045

April 19, 2022 | Blogs

Section 1045 allows stockholders to reinvest on a pre-tax basis, proceeds from the sale of qualified...

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Selling QSBS Before Satisfying Section 1202’s Five-Year Holding Period Requirement?

April 19, 2022 | Blogs

A stockholder must hold qualified small business stock (QSBS) for more than five years in order to c...

A pushpin is placed on a map marking Columbus, Ohio, with surrounding states and cities labeled.
Ohio Tax Talk: How Small Business Relief Would Work

April 1, 2022 | Blogs

This article was originally published in Law360 Tax Authority. After making its way through the Ohi...

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Dealing with IRS Tax Disputes: An Underfunded, Overwhelmed, Yet Formidable Adversary

March 31, 2022 | Blogs

The Taxpayer Advocate Service recently released the National Taxpayer Advocate’s 2021 Annual Repor...

Whiskey barrels in cellar
Kentucky Enacts New Laws to Further Promote the Distilled Spirits Industry

March 30, 2022 | Blogs

Last week, the Kentucky General Assembly passed 2022 House Bill (HB) 500, which will boost Kentucky...

Wood house model on computer laptop
New Indiana Low-Income Housing Tax Credit

March 29, 2022 | Blogs

Indiana recently enacted a state Affordable and Workforce Housing Tax Credit (the “Affordable Hous...

Map: "Louisville"
Kentucky Tax Talk: Inside Louisville’s New Tax Regulations

March 9, 2022 | Blogs

This article was originally published in Law360 Tax Authority. When the Louisville Metro Revenue Com...

A busy factory floor with machinery and conveyor belts, suggesting a highly industrialized setting with automation.
Major Moment for Kentucky Manufacturers as Supreme Court Determines the Taxability of Machinery, Equ...

March 8, 2022 | Blogs

While the Kentucky General Assembly debates passing significant tax reform legislation during the 20...

Aerial photography of blue solar panels
Industrial Revenue Bonds and the Impact on Local Communities and Solar Developers

March 3, 2022 | Publications

Kentucky is in the midst of a potential solar boom with over 30 projects filed with the Electric Gen...

A pen and a calculator are placed on top of several tax forms.
Income Tax to Be Eliminated in Kentucky?

February 25, 2022 | Blogs

Following the Tax Foundation and Kentucky Chamber of Commerce’s report published this winter detai...

Growth in Income tax collection, tax payer increasing concept : Tax bags, rising bar graph on a basic balance scale, depicting fiscal tax revenue gain and meet target after economic policy and stimulus plan
How Corporations May Run Afoul of the Accumulated Earnings Tax – A Section 1202 Planning Brief

February 16, 2022 | Blogs

We have discussed in previous articles the potential benefits of operating a start-up as a C corpora...

A calculator with a prominent red "TAX" button is lying next to a pen on top of financial documents.
Expansion of Local Tax Legislation Introduced

February 11, 2022 | Blogs

While Kentucky local tax reform has been on the legislative agenda for decades in the Commonwealth, ...

US dollars in a white envelope on a wooden table. The concept of income, bonuses or bribes. Corruption, salary, bonus.
Section 1202 Planning: When Might the Assignment of Income Doctrine Apply to a Gift of QSBS?

January 26, 2022 | Blogs

Section 1202 allows taxpayers to exclude gain on the sale of QSBS if all eligibility requirements ar...

A person is signing a document next to another individual gesturing with their hand, with paperwork and electronic devices on the table in a brightly lit office setting.
Planning to File a Refund Claim for Kentucky Property Taxes? Take Note of These Administrative Posit...

January 24, 2022 | Blogs

The Kentucky Department of Revenue (the “Department”) administers the central assessment of all ...

An open notebook with graphs is lying next to a calculator and a pen on a desk, indicative of an office or study environment.
DOL Refines Its Position Regarding Private Equity in 401(k) Plans | Fiduciary Focus Series

January 20, 2022 | Publications

On December 21, 2021, the Department of Labor (DOL) issued a Supplemental Statement clarifying earli...

A red "TAX" is surrounded by multiple white cards with black question marks on them.
Revisions to Statute Governing Centralized Municipal Business Tax Collections to Take Effect for Tax...

January 7, 2022 | Blogs

The Ohio General Assembly passed House Bill 228, which will change the way municipal net profits tax...

Papers about tax amnesty and gavel in a court.
Kentucky Tax Amnesty on the Horizon in 2022

January 6, 2022 | Blogs

House Bill 176, introduced by Rep. Ken Fleming (R) on the first day of the 2022 Kentucky Legislative...

A jigsaw puzzle featuring a partially completed image of a hundred-dollar bill.
Evolution of Tax Increment Financing: Indiana, Kentucky, Ohio, and West Virginia

December 18, 2021 | Publications

Tax increment finance (TIF) legislation continues to evolve in many states within the Frost Brown To...

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Barrel of SALT Benefits & Incentives for the Bourbon, Beer and Other Alcoholic Beverages Indust...

December 14, 2021 | Blogs

Being from Kentucky, there are few things we know (or do) better than bourbon. Virtually from birth,...

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Ohio Tax Talk: Property Tax Bill May Affect School Revenues

December 1, 2021 | Blogs

This article was originally published in Law360 Tax Authority. Ohio H.B. 126, which proposes to mod...

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Planning for the Potential Reduction in Section 1202’s Gain Exclusion

November 3, 2021 | Blogs

On September 13, 2021, legislation emerged from the House Ways and Means Committee that included an ...

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The Long and Winding Road: The DOL’s Proposed Rule on ESG Factors and the Exercise of Shareholder ...

October 27, 2021 | Publications

On October 13, 2021, the Department of Labor (DOL) released its proposed “Prudence and Loyalty in ...

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What to Consider When a Nonprofit Enters the Cryptocurrency Arena

October 26, 2021 | Blogs

In our previous articles, we have considered various reporting and tax implications associated with ...

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ACED Out of the Parking Lot? Proposed Limits to Use of DAFs

October 21, 2021 | Blogs

In June, Senators Charles Grassley and Angus King introduced the Accelerating Charitable Efforts Act...

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Tax Distributions for Pass-Through Entity Owners

October 14, 2021 | Blogs

Tax distributions provided for in a shareholder agreement of an S Corporation or in an operating agr...

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Ohio Tax Talk: Ohio’s Bite of Apple Turns Out To Be Sour

October 12, 2021 | Blogs

With a market cap of $2.4 trillion and revenue of $275 billion in 2020, Apple, Inc. (“Apple”) is...

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Ohio Tax Talk: Lessons From Apple Commercial Activity Audit

October 7, 2021 | Blogs

This article was originally published in Law360 Tax Authority. With a market cap of $2.4 trillion a...

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A SPAC Merger Primer for Holders of Qualified Small Business Stock

September 30, 2021 | Blogs

The number of private companies electing to go public through a transaction (referred to in this art...

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Transfers “At Death” of Qualified Small Business Stock

September 29, 2021 | Blogs

This article addresses the consequences of “transfers at death” of qualified small business stoc...

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Fraud – Continuing to Pull Back the Curtain on Federal Relief Abuses

September 27, 2021 | Blogs

On August 31, 2021, the Pandemic Response Accountability Committee (PRAC) released its report detail...

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Congress Proposes Legislation Limiting Section 1202’s Gain Exclusion

September 16, 2021 | Blogs

When Congress enacted Section 1202, it noted that the gain exclusion was intended to “encourag...

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Between the Hashes: Developments in State Taxation and Incentives for Cryptomining

September 13, 2021 | Blogs

While the boom of cryptocurrency in the United States has led to several developments and changes to...

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Claiming an Ordinary Loss Under Section 1244 for an Investment in a Failed Start-up

September 3, 2021 | Blogs

Congress enacted Section 1202[i] based on the premise that the possibility of a $10 million gain exc...

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The Role of the Business Purpose Doctrine in Transaction Planning Involving Qualified Small Business...

September 3, 2021 | Blogs

This article addresses the importance of having bona fide (non-federal income tax) business and pers...

Golden Parachute Tax Savings
DOL Issues FAQs on Lifetime Income Illustrations | Fiduciary Focus Series

September 2, 2021 | Publications

The Department of Labor (DOL) issued “temporary implementing FAQs” on July 26, 2021. The FAQs cl...

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Kentucky Tax Talk: Confusion Over Manufacturing Exemptions

September 2, 2021 | Blogs

This article was originally published in Law360 Tax Authority. Kentucky’s sales and use tax e...

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Solar and SALT – Sunshine is Making Hay

September 2, 2021 | Blogs

The U.S. solar energy industry has experienced huge growth in recent years. More companies are enter...

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Ohio Launches Special COVID-19 Property Valuation Complaint Process

August 4, 2021 | Blogs

Ohio Senate Bill (SB) 57 was signed into law on April 27, 2021 by Governor Mike DeWine. Among other ...

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Ohio Tax Talk: Adjusting To The Latest Telework Tax Rules

July 30, 2021 | Blogs

As the world transitions out of COVID-19 lockdown, one of the most visible pandemic trends in the pr...

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A Giant Leap Forward for West Virginia Property Tax Appeals

July 26, 2021 | Blogs

This article was originally published in Tax Notes. H.B. 2581, passed during the 2021 regular sessio...

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Five Trends We Are Watching as the TMUD Moves Forward

July 20, 2021 | Blogs

In December 2020, Ohio Governor Mike DeWine signed Senate Bill 39, which created a new insurance pre...

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Update – Fraud Investigations Related to COVID-19 Assistance Programs

July 13, 2021 | Blogs

The Paycheck Protection Program (PPP) was introduced with the CARES Act in 2020 in an effort to assi...

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Kentucky’s Racing Taxes Under Scrutiny

July 2, 2021 | Blogs

In what was a whirlwind of a shorter than normal 2021 regular session, the General Assembly had the ...

Servers Technology
Kentucky Releases Application for New Cryptomining Energy Exemption

June 24, 2021 | Blogs

As discussed at length in my prior article (KY Passes New Tax Breaks for Cryptomining), Kentucky rec...

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You May Look, But You Can’t Pay – Structuring Payment Transactions for Online Marketplaces Under...

June 16, 2021 | Blogs

On June 1, 2021, the Tennessee Department of Revenue published Letter Ruling # 21-05,[1] providing n...

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What’s in the 86 COBRA Subsidy Q&As Released by the IRS?

June 15, 2021 | Publications

On May 18, 2021, the Internal Revenue Service (IRS) released Notice 2021-31 (“Notice”), a set of...

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How State Pollution Control Tax Exemptions Can Help Businesses Transition Under New Biden Environmen...

June 12, 2021 | Blogs

While approximately 100 environmental rules and policies were rolled back or altered during the econ...

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Burning Questions for the Tobacco Product Industry as it Deals with Increased and Evolving Tax, Regu...

June 6, 2021 | Blogs

The tobacco industry has always been complicated from a tax and regulatory standpoint, but recent an...

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Ransomware and Bitcoin – New Proposed Cryptocurrency Reporting Requirements

June 3, 2021 | Blogs

In our previous article, we discussed the increasing problem of cybersecurity breaches resulting in ...

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Kentucky Tax Talk: General Assembly Makes Strides to Assist Businesses During the 2021 Legislative S...

June 1, 2021 | Blogs

In our December and February Kentucky Tax Talk articles, we covered what to watch for going into the...

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Ohio Tax Talk: One Company’s Trash Is Another’s Tax Exemption

June 1, 2021 | Blogs

This article was originally published in Law360 Tax Authority. One company’s garbage is another c...

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Transfer Planning With Qualified Small Business Stock

May 21, 2021 | Blogs

During the past several years, there has been a marked increase across the country in the use of C c...

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Temporary Relief for Dependent Care Assistance Programs

May 18, 2021 | Blogs

The shutdown of worksites and childcare facilities in 2020 presented many challenges for both employ...

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New DOL Rule Withdraws Trump-era Employee v. Independent Contractor Test in Favor of Historic Seven-...

May 14, 2021 | Blogs

On May 6, 2021, the U.S. Department of Labor (DOL) issued a final rule that withdraws a Trump-era ap...

Privacy and Data Security Weekly Update
“A Long Time Comin’”: The DOL issues Cybersecurity Guidance | Fiduciary Focus Series

May 12, 2021 | Blogs

On April 14, 2021, the U.S. Department of Labor (DOL) issued guidance on cybersecurity for employee ...

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Federal Government to Make Contributions to Union Pension Plans (and other Pension Provisions in the...

May 11, 2021 | Blogs

The American Rescue Plan Act of 2021 (ARPA) was enacted on March 11, 2021. Among its many provisions...

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DOL Issues Model COBRA Notices Related to Premium Subsidies and Extended Election Period Required by...

May 3, 2021 | Blogs

The Department of Labor (DOL) recently issued four model notices that employers can use to provide t...

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Kentucky DOR Provides Guidance for Taxation of Solar Energy Equipment

April 30, 2021 | Blogs

While the development of solar and alternative energy continues to grow in the United States, with i...

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When and Where Can I Sign My Will With “Remote Witnessing”? [Estate Planning Lessons Learned Fro...

April 16, 2021 | Blogs

Beginning in March 2020, pandemic-driven lockdowns, home quarantines, and general isolation made it ...

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New IRS Private Letter Ruling Helps Define the Scope of Proscribed Excluded Activities Under Section...

April 15, 2021 | Blogs

During the past several years, there has been a marked increase across the country in the use of C c...

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Tax Bills Passed During 2021 West Virginia Legislative Session

April 13, 2021 | Blogs

The most discussed issue during West Virginia’s 2021 legislative session was the proposed repeal o...

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Ohio Tax Talk: Ensuring A Nonprofit’s Property Tax Exemption

April 9, 2021 | Blogs

Like the federal government and other states, Ohio grants nonprofit organizations the benefit of cer...

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Change Please: A Tax Practitioner’s Guide to F Reorganizations

April 5, 2021 | Blogs

The choice of entity decision is a critical step in every company’s life cycle. At its onset, a bu...

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IRS Announcement 2021-7: PPE as Qualified Medical Expense

April 1, 2021 | Blogs

In Announcement 2021-7 issued on March 26, 2021, the IRS announced that amounts paid for personal pr...

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Kentucky Poised To Be National Cryptomining Leader With New Tax Legislation

March 29, 2021 | Blogs

Kentucky has long been considered a national leader in the manufacturing industry given its low cost...

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Exploring the Benefits of the Corporate Freeze Transaction

March 24, 2021 | Blogs

Synopsis The distribution of a C corporation’s assets to its shareholders often triggers a hea...

West Virginia State Laws
West Virginia Governor’s Proposed Personal Income Tax Reduction

March 17, 2021 | Blogs

In his 2021 State of the State Address, West Virginia Governor Jim Justice proposed a repeal of the ...

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Kentucky Tax Talk: Important Bills To Watch This Session

March 17, 2021 | Blogs

With a shorter than usual legislative session, an outstanding budget for the 2022 fiscal year, and s...

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IRS Finalizes Its Section 1061 Carried Interest Regulations

March 10, 2021 | Blogs

On January 13, 2021, the IRS posted final Treasury Regulations for Section 1061 of the Internal Reve...

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Dealing With Section 1061’s Three Year Holding Period Requirement for Carried Interests

March 10, 2021 | Blogs

Hedge fund, private equity and real estate professionals are often compensated through the grant of ...

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New Mandatory Electronic Filing in Kentucky – Benefit or Burden?

March 5, 2021 | Blogs

In the wake of the COVID-19 pandemic, many businesses and government agencies have made changes to a...

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Can Convertible Debt or SAFEs Qualify as QSBS for Section 1202’s Gain Exclusion?

February 22, 2021 | Blogs

Only the issuance of “stock” triggers the running of Section 1202’s five-year hold...

Individuals are engaged in a business meeting, with one person pointing at a document on a table scattered with various papers and reports.
Equity Rollovers in M&A Transactions Involving Section 1202 Qualified Small Business Stock (QSB...

February 19, 2021 | Blogs

Many M&A transactions are structured to include a rollover of some percentage of the target comp...

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Employer Receives a Multiemployer (Union) Pension Plan Withdrawal Liability Assessment – What ...

February 12, 2021 | Blogs

This blog post summarizes the steps an employer must take if it wants to appeal an assessment of wit...

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“You’re Gonna Miss Me When I’m Gone:” Missing Participants – Employer Reti...

February 11, 2021 | Blogs

Pension plan and 401(k) plan fiduciaries, including employers who are the plan administrators under ...

A calculator and a pen are placed on top of scattered IRS tax forms, including Form 1120 and 1120-L, with graphs in the background.
Ohio Tax Talk: Don’t Miss the Ohio Business Income Deduction

February 11, 2021 | Blogs

It’s that special time of year again, tax season. When it comes to filing income taxes, many taxpa...

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Ransomware and Bitcoin – Tax Troubles?

February 10, 2021 | Blogs

Published reports suggest that many businesses, including HBO, Xerox, Garmin, ExecuPharm and several...

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Best Practices for Fiduciary Review of ESOP Valuations

February 4, 2021 | Publications

The valuation of a private company’s stock is central to the operation of an employee stock owners...

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New Year, New Rules: A Look at Recent and Critical Tax Changes for Nonprofits and IRS Enforcement Pr...

February 4, 2021 | Blogs

To say that 2020 was a year that brought about many changes would be an understatement, and many pan...

Private Equity
Rollover Equity Transactions 2021

January 28, 2021 | Blogs

During the 21st century, financial buyers such as private equity sponsors (PE firms) have dramatical...

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Advanced Notice – COVID-Related Revenue Losses Further Incentivize States to Roll Out New Transfer...

January 28, 2021 | Blogs

Given the projected loss in tax revenue in 2020, and beyond, due to the COVID-19 pandemic, states ar...

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Dealing With the Rollover of the Management Team’s Equity and Equity Rights in a Sale Transact...

January 27, 2021 | Blogs

A typical part of the sale of a business is the rollover of some equity by the target company’...

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Not COVID Friendly – Kentucky Disallowing Deductions for Expenses Covered by PPP Loans

January 22, 2021 | Blogs

When the federal government released its Paycheck Protection Program (PPP) in March 2020 as a part o...

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Ohio Rolls Out the Transformational Mixed Use Development Insurance Premium Tax Credit

January 19, 2021 | Publications

On December 29, 2020, Ohio Governor Mike DeWine signed Senate Bill 39, creating a new tax credit app...

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Employee Retention Tax Credit Expanded and Extended by New COVID-19 Stimulus: Does Your Business Qua...

January 15, 2021 | Blogs

The Coronavirus Aid, Relief and Economic Security (CARES Act), signed into law on March 27, establis...

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The Ultimate Destination Rule – Keeping Ohio’s CAT in Check

January 15, 2021 | Blogs

Imagine that you are the chief financial officer of an aftermarket automotive parts company named Su...

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What’s in the Longest Bill Congress Has Ever Passed? Employee Benefits Provisions in the Consolid...

January 13, 2021 | Blogs

At 5,593 pages, the Consolidated Appropriations Act, 2021 (“Act”) is the longest bill ever passe...

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An Outlier? Kentucky DOR’s Trust Nexus Positions

January 11, 2021 | Blogs

Recently, Bloomberg Tax & Accounting released its 2020 Trust Nexus Survey gathering states’ va...

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West Virginia’s Malleable Approach to Taxation of Natural Gas

January 11, 2021 | Blogs

This article was originally published in Tax Notes. Since 2015, various natural gas producers have p...

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Transparency Enters A New Stage – Defense Act Anti-Laundering Provisions Now in Place

January 5, 2021 | Blogs

President Trump’s recent veto and the subsequent override aside, the National Defense Authorizatio...

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Tax Considerations for Employee Equity Incentive Compensation

January 4, 2021 | Blogs

For companies seeking to attract and retain key employees, there often comes a time when discussions...

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Kentucky Tax Talk: What’s On Next Year’s Legislative Agenda

December 22, 2020 | Blogs

State legislatures, like the rest of us, could never have predicted how 2020 would unfold. Kentucky ...

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Ohio Tax Talk: Taxpayer Protection Lessons from the Defender Security Decision

December 3, 2020 | Blogs

On Sept. 29, the Supreme Court of Ohio released its decision in Defender Security Co. v. McClain[1] ...

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Supreme Court Hears Oral Arguments on Latest ACA Case

November 30, 2020 | Blogs

On November 10, 2020, the U.S. Supreme Court heard oral arguments (via teleconference) on the latest...

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West Virginia Supreme Court Decision Presents Sales Tax Refund Opportunities for Natural Resources C...

November 19, 2020 | Blogs

In Antero Resources Corporation v. Dale W. Steager, State Tax Commissioner of West Virginia, Case No...

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Sun Capital Won This One, But Pension Plan Withdrawal Liability Still Presents a “Risky Gambit” ...

November 18, 2020 | Blogs

A federal district court recently called investments in private companies that participate in a mult...

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“Tax Attributes” that Protect from Income Taxes as “Property”

November 13, 2020 | Blogs

Many small businesses are structured as pass-through entities for federal income tax purposes.[1] We...

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Section 1202 Tax Planning: Avoid Losing the Gain Exclusion!

October 26, 2020 | Blogs

Beware of Mixing Section 1202’s Version of Oil and Water – S Corporations and QSBS Our Section 1...

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Kentucky Tax Talk: What Appeals Board Reinstatement Means

October 21, 2020 | Blogs

This article was originally published in Law360 Tax Authority. On Aug. 31, Kentucky Gov. Andy Beshe...

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2020: A Year of Uncertainty Resulting in an Ideal Time for Year-End Gifting

October 16, 2020 | Blogs

End of Year Landscape As we approach the end of 2020, several factors in this historic year signal a...

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IRS Provides Guidance on Long-Term, Part-Time Employees in 401(k) Plans, Qualified Birth and Adoptio...

October 2, 2020 | Blogs

In Notice 2020-68 (Notice), the Internal Revenue Service (IRS) provided guidance on several provisio...

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IRS Updates Retirement Plan Tax Notice for Participants

September 25, 2020 | Blogs

The IRS recently updated the tax notice, “Your Rollover Options,” which 401(k) and other qualifi...

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Ohio Tax Talk: Structuring And Defending Drop-Down LLCs

September 21, 2020 | Blogs

This article was originally published in Law360 Tax Authority. The drop-down LLC transaction has be...

An array of blue solar panels is in the foreground with a city skyline under a cloudy sky in the background.
Power Play – Emergence of Solar and Other Advancements in Energy Technologies May Light Up Old...

September 18, 2020 | Blogs

Every state provides several state and local tax exemptions, credits, abatements and incentives for ...

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Section 1202 and S Corporations

September 18, 2020 | Blogs

With the corporate tax rate reduced from 35% to 21%, we have experienced a heightened awareness that...

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What Was Old is New Again: Executive Order Reinstates Kentucky Board of Tax Appeals and Potential Bo...

September 4, 2020 | Blogs

On August 31, 2020, Governor Andy Beshear signed an Executive Order to restructure the Public Protec...

The front facade of a building displays a sign reading "Internal Revenue Service."
IRS Issues Payroll Tax Deferral Guidance to Clarify Employer Obligations

September 2, 2020 | Blogs

The Department of Treasury recently released guidance, Notice 2020-65, to clarify President Trump’...

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Ohio Tax Talk: Rethinking The Work-From-Home Tax

August 31, 2020 | Blogs

Now more than ever, companies and organizations are evolving to allow employees to work from home. S...

A person is filling out an unemployment benefits application form with a pen.
Kentucky Tax Talk: Companies May Have To Foot Unemployment Bill

August 27, 2020 | Blogs

This article was originally published in Law360 Tax Authority. Since Gov. Andy Beshear’s decl...

Saving And Pension Planning
Lions, Tigers, Bears and CARES – Retirement Plan Compliance

August 20, 2020 | Blogs

The IRS has now answered many of the new questions raised after the Coronavirus Aid, Relief, and Eco...

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Indiana DOR Stays Active With Guidance and Initiatives During Pandemic

August 14, 2020 | Blogs

Many areas of life have slowed down, and in some cases come to a complete halt, because of the COVID...

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IRS Provides Guidance on 2020 Waiver of Retirement Plan Required Minimum Distributions

August 13, 2020 | Blogs

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a relief package in response to ...

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Need to Change Safe Harbor Contributions in Your Safe Harbor 401(k) Plan During 2020? Timing is Ever...

August 13, 2020 | Blogs

As employers look for ways to reduce expenses or address cash flow issues, many are considering a re...

Business Work Environment
IRS Allows Employees to Donate Paid Leave to Charity in 2020

August 11, 2020 | Blogs

In Notice 2020-46 (the “Notice”), the Internal Revenue Service (IRS) created a new avenue for em...

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Dissecting Section 1202’s “Active Business” and “Qualified Trade or Business...

August 5, 2020 | Blogs

With the corporate federal income tax rate reduced from 35% to 21%, there is a renewed interest in c...

Two individuals are shaking hands over a table with documents and a digital tablet, suggesting a professional agreement or partnership.
DOL Reinstates Five-Part Test for Fiduciary Investment Advice | Fiduciary Focus Series

August 3, 2020 | Blogs

On June 29, 2020, the U.S. Department of Labor (DOL) proposed a new prohibited transaction exemption...

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Department of Labor Guidance Opens New Opportunities for Participant-Directed Investment in Private ...

July 22, 2020 | Blogs

In a recent Information Letter (the “Letter”), the Department of Labor (DOL) clarified that defi...

Uncover the Benefits
Eight Reasons to Have an Investment Policy Statement for Your Retirement Plan | Fiduciary Focus Seri...

July 21, 2020 | Blogs

A plan investment policy statement (IPS) is a written statement intended to provide a plan’s inves...

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New Proposed Rule Provides Flexibility For Grandfathered Group Health Plans

July 20, 2020 | Blogs

The Trump administration has just issued a new proposed rule which, if finalized, will provide great...

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Congress Considers Additional Support for Tax-Exempt Issuers and State and Local Infrastructure Proj...

July 16, 2020 | Blogs

Two bills from the House of Representatives (H.R.2, the Moving Forward Act, and H.R.3967, the Munici...

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Affordable Care Act Tax Refund Claim Looming

July 10, 2020 | Blogs

Since its inception, the Affordable Care Act (ACA), also known as Obamacare, has been challenged for...

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Making the Most on the Sale of Your Business – An Owner’s Tax Considerations on Earnouts

June 29, 2020 | Blogs

As the economy starts to open, sellers of businesses are uniquely positioned to potentially capture ...

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How Turbulent Times Might Impact Executive Contracts and Compensation

June 24, 2020 | Coronavirus Response Team

Executive employment contracts and compensation have been more heavily scrutinized for the last coup...

Technology, Data Privacy Concept
Opportunity Zone Rule Changes Due to COVID-19

June 22, 2020 | Blogs

In response to the ongoing COVID-19 pandemic, the Internal Revenue Service (“IRS”) recently issu...

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Kentucky Tax Talk: Pandemic Raises Telecommuting Issues

June 22, 2020 | Blogs

This article was originally published in Law360 Tax Authority. All employers, whether private corpor...

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Don’t Leave Eligible FFCRA Tax Credits on the Table

June 12, 2020 | Coronavirus Response Team

Proper Calculation of Qualified Health Plan Expenses Eligible for Sick and Family Medical Leave Tax ...

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Not Registered in All States You Operate – What’s the Big Deal? Sometimes it Can Be.

June 2, 2020 | Blogs

This article was originally published in Thomson Reuters Journal of Multistate Taxation and Incentiv...

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Ohio Tax Talk: Unemployment Ruling May Offer M&A Savings

June 2, 2020 | Blogs

As with many things in life and business, timing is important. The same was true with regards to the...

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Tax Implications of COVID-19 Telecommuting in Kentucky and its Border States

June 1, 2020 | Coronavirus Response Team

As states continue to enforce and extend stay-at-home executive orders, and many businesses opt to a...

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IRS Provides 125 Plan and Flexible Spending Account Relief in Response to COVID-19

May 27, 2020 | Blogs

The Internal Revenue Service (IRS) released Notices 2020-29 and 2020-33 (Notices) on May 12, 2020. T...

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Recapitalizations Involving Qualified Small Business Stock

May 19, 2020 | Blogs

Navigating through recapitalizations, reorganizations, stock splits, reverse stock splits, tax free ...

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An Introduction to the Use of Blocker Corporations in M&A Transactions

May 8, 2020 | Blogs

In an earlier article titled “Rollover Equity Transactions 2019,” we discussed the vario...

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DOL and IRS issue COVID-19 Benefit Plan Rules, COBRA Deadline Extensions and Updated Model COBRA For...

May 7, 2020 | Blogs

Employers, insurers and benefit plan vendors are all impacted by new guidance issued by the Departme...

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Can Your Business Deduct Business Expenses Covered by a PPP Loan?

May 1, 2020 | Coronavirus Response Team

While the Paycheck Protection Program (PPP) created by the federal CARES Act in response to the COVI...

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IRS Extends Deadlines for Plan Restatements

April 30, 2020 | Blogs

Due to the coronavirus pandemic, the Internal Revenue Service extended the restatement deadlines for...

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Kentucky Tax Talk: Budget Focuses on Pandemic Relief

April 29, 2020 | Blogs

The commonwealth’s primary concerns have drastically changed since the start of the 2020 General A...

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Strategic Estate Planning Opportunities in a Low Interest Rate Environment

April 21, 2020 | Blogs

“When written in Chinese, the word crisis is composed of two characters – one represents danger ...

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CARES Act for Midsize to Large Businesses | Webinar

April 20, 2020 | Blogs

While the CARES Act offers significant benefits to business owners in hard-hit industries, this comp...

A pen and a calculator are placed on top of several tax forms.
CARES Act for Small Businesses | Webinar

April 20, 2020 | Blogs

While the CARES Act offers significant benefits to business owners in hard-hit industries, this comp...

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Let the Sunshine In: Solar Energy Tax Reduction

April 20, 2020 | Blogs

This article was originally published in Tax Notes. Before 2020, West Virginia provided no tax incen...

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Wait, They Can Do That? The Perils of Policy Changes by Departments of Revenue

April 16, 2020 | Blogs

Authority and Role of Department of Revenue’s Interpretation of the Law One of the basic rules you...

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IRS issues FAQ on Deferring Employment Tax Deposits

April 16, 2020 | Blogs

The Coronavirus Aide, Relief and Economic Security Act (CARES Act) provides businesses with various ...

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The CARES Act and the SECURE Act – Changes to RMDs from Retirement Accounts

April 14, 2020 | Blogs

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief pac...

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IRS Announces Delay of Key Tax Deadlines in Response to COVID-19 Disruption

April 13, 2020 | Blogs

As U.S. taxpayers grapple with impacts of the COVID-19 disruption, Congress continues to offer relie...

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Tennessee Relaxes Formalities of Will Execution

April 10, 2020 | Coronavirus Response Team

Tennessee has joined the ranks of states allowing remote witnessing and notarization of wills and ot...

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Employers Can Provide Tax-Free Assistance to Employees Impacted by COVID-19

April 8, 2020 | Blogs

Code section 139 excludes from taxable income “qualified disaster relief payments” made to reimb...

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Tax Relief to Combat COVID-19: Don’t exclude your business from relief by choosing the wrong progr...

April 8, 2020 | Blogs

The Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief and Economic Securit...

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Kentucky Legislature Suspends In-Person Witnessing and Notarization Requirement for Estate Documents

April 7, 2020 | Blogs

In the wake of the recent global pandemic, many clients have reached out to the Frost Brown Todd tax...

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Don’t Sleep On Your Tax Refund Claims During The Coronavirus Disruption

April 3, 2020 | Blogs

In the wake of the coronavirus disruption, taxing authorities across the United States are adjusting...

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Employee Benefit Plan Changes Under CARES Act

April 1, 2020 | Coronavirus Response Team

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief pac...

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Your Business, Taxes and the Families First Coronavirus Response Act

April 1, 2020 | Blogs

On March 18, 2020, the president signed the Families First Coronavirus Response Act (H.R. 6201, the ...

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The Cares Act: The Affiliation Rules and How They Impact Eligibility Under the Paycheck Protection P...

March 31, 2020 | Blogs

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief pac...

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Now That I Can Say “I Do,” Do I? Prenuptial Agreements and Marriage Equality

March 27, 2020 | Blogs

When a married individual dies, every state has laws granting certain rights to the decedent’s sur...

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Kentucky General Assembly Passes Emergency COVID-19 Relief Bill

March 27, 2020 | Blogs

Following the U.S. Senate’s approval of the CARES Act granting federal aid in response to the COVI...

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COVID-19 Impacts Open Meetings, Tax Collection, and Limitations Periods in Ohio

March 27, 2020 | Blogs

The sweeping changes brought about by Ohio’s Novel Coronavirus Response Bill will directly affect ...

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CARES Act Aims to Help Health Sector and Stabilize Economy

March 27, 2020 | Blogs

The House gave final passage to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act)....

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The CARES Act: Tax and Financial Relief for Businesses

March 27, 2020 | Blogs

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief pac...

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Expanded Unemployment Assistance Under the CARES Act

March 27, 2020 | Blogs

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a sweeping third-wave relief pac...

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COVID-19 Job Losses – Are Your Incentive Awards at Risk?

March 25, 2020 | Coronavirus Response Team

As businesses continue to grapple with how to best navigate the economic climate following the COVID...

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Beware Risks Of Delaying Tax Payments

March 25, 2020 | Blogs

As the coronavirus or COVID-19 outbreak has impacted almost every part of American business, many ow...

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Safe Harbor 401(k) Plans: Changes in the Face of Financial Uncertainty | Fiduciary Focus Series

March 24, 2020 | Coronavirus Response Team

This alert focuses on whether, in the throes of the COVID-19 pandemic, plan sponsors can amend their...

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Are your Advance Care Directives Up to Date in the Era of COVID-19? Seven Questions to Ask Yourself

March 23, 2020 | Coronavirus Response Team

With the turmoil and uncertainty surrounding the COVID-19 outbreak in the United States, it is impor...

A U.S. dollar bill with a person's portrait is overlaid with stock market data and coronavirus images, all in a blue tint.
Unemployment Insurance Rules Revised to Accommodate Employers and Employees Affected by COVID-19

March 23, 2020 | Coronavirus Response Team

As the COVID-19 pandemic continues, employers of all sizes are making difficult decisions about th...

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States Providing Filing Relief Against COVID-19 Impacts

March 23, 2020 | Coronavirus Response Team

While COVID-19 continues to cause panic across the United States, the federal government is not the ...

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Un-retired: Solutions to Healthcare Worker Shortage

March 18, 2020 | Coronavirus Response Team

While many employers are closing their doors to stem the spread of the COVID-19 virus, other employe...

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Working Remotely: Can It Impact Your State and Local Tax Compliance?

March 18, 2020 | Coronavirus Response Team

As COVID-19 continues on, more and more businesses and employers are either authorizing or requiring...

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COVID-19 Tax Impact Changes

March 17, 2020 | Coronavirus Response Team

As the coronavirus pandemic evolves, the Federal Government is continuing to offer relief that will ...

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Top Compliance Issues Currently Facing Employee Benefit Plans

March 17, 2020 | Coronavirus Response Team

Compliance concerns related to the Health Insurance Portability and Accountability Act (HIPAA), the ...

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Even Taxes Are Hit by COVID-19

March 13, 2020 | Coronavirus Response Team

As the country is hit with a wave of event cancellations, school closures, and work-from-home direct...

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Tax-Exempt Organization Update: Some Headaches Cured, While Others Linger

March 10, 2020 | Blogs

As part of the Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”), Congress created several headache...

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Using Qualified Disaster Relief and Employer-Assisted Charities to Aid Employees Impacted by Financi...

March 2, 2020 | Coronavirus Response Team

Employers are in search of ways to help employees who have been severely and unexpectedly impacted i...

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The Secure Act Makes Trust Planning for Retirement Benefits Less Secure

February 28, 2020 | Blogs

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SEC...

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Will 2020 be the year of clean-up tax legislation, and crack-down enforcement in Kentucky?

February 21, 2020 | Blogs

Following the November Kentucky gubernatorial election, and the start of a new administration, the n...

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Private Equity and Venture Capital Fund Investment in Qualified Small Business Stock (QSBS) – A Gu...

February 17, 2020 | Blogs

This article is a guide for investors and fund sponsors who purchase, own and sell qualified small b...

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SECURE Act Part II: Affordable Care Act, MEPs, and Tax Incentives

February 4, 2020 | Blogs

When the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) became law o...

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Checklist for Non-Cash Property Distributions from a Partnership

January 31, 2020 | Blogs

Should an owner conduct business in an entity taxed as a partnership or a corporation is a frequentl...

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Taking Advantage of Ohio’s Sustainability Incentives

January 22, 2020 | Blogs

Now more than ever, businesses are focused on their environmental impact and sustainability goals. T...

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Advanced Section 1045 Planning

January 17, 2020 | Blogs

This article is one of a series addressing planning issues relating to qualified small business stoc...

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Required and Optional Retirement Plan Changes under the SECURE Act

January 10, 2020 | Blogs

As part of the bill funding the federal government through next September, the Setting Every Communi...

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Sixth Circuit Rules in Chapter 11 Reorganizations

January 6, 2020 | Blogs

A divided Sixth Circuit Court of Appeals panel ruled in the case of In re FirstEnergy Solutions Cor...

IRS Tax forms
Important Equity Compensation Reporting and Compliance Reminders

January 6, 2020 | Publications

Employers are required to annually report to the IRS all Incentive Stock Option (ISO) exercises and ...

Kentucky Statehouse
A New Governor’s New Tax Ideas

December 20, 2019 | Blogs

In our October article, we discussed the 2019 Kentucky gubernatorial candidates’ respective plans ...

"1040 Form, IRS Tax Audit"
Three Tax Exemption Takeaways In Contractor Case

December 19, 2019 | Blogs

A recent Ohio Ninth District Court of Appeals’ decision in Karvo Paving Co. v. Testa[1] addressed ...

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Advanced Planning for Section 1061’s Three-Year Capital Gains Holding Period of Carried Intere...

November 21, 2019 | Blogs

Revisiting Holding the Carried Interest Through an S Corporation Eighteen months ago, we published a...

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In 2020 You Can Contribute More to Your 401(k) Plan

November 12, 2019 | Blogs

401(k) Limits Increased for 2020 On November 6, 2019, the Internal Revenue Service issued the cost o...

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Section 1202 Qualification Checklist and Planning Pointers

November 1, 2019 | Blogs

A basic checklist of qualification requirements to help business owners and tax professionals consid...

Employment Law Concept. Book And Gavel On A Desk.
DOL Attempts to Modernize its Electronic Disclosure Rules with New Proposed Safe Harbor

October 31, 2019 | Blogs

On October 23, 2019, the Department of Labor (DOL) published a proposed rule outlining a new safe ha...

Kentucky Statehouse
Protecting Kentucky Taxpayer Rights Is Trending

October 30, 2019 | Blogs

Introduction Tax legislation enacted this Spring and last in Kentucky is but the latest enhancement ...

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IRS Finalizes Regulations on 401(k) Plan Hardship Withdrawals

October 23, 2019 | Blogs

On September 23, 2019, the IRS issued final regulations regarding hardship withdrawals from 401(k) P...

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Taxes and the Kentucky Gubernatorial Race

October 23, 2019 | Blogs

Last year was the year of significant tax reform in Kentucky, and 2019 is the year of clean-up (with...

Energy Coal Stacker
Unintended Consequences of Recent Coal Severance Tax Legislation

October 7, 2019 | Blogs

This article was originally published in Tax Notes. On March 27 Gov. Jim Justice (R) signed two bill...

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You Down with CBD? Yea You Know Me – States Look to Incentivize and Tax Growing Hemp Industry

October 2, 2019 | Blogs

Planting the Seed – How the Hemp Industry Began to Bloom Few products have ever taken the market b...

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Do Not Pass Go. Do Collect $200 – States Quickly Adding Marketplace Facilitator Collection Require...

October 1, 2019 | Blogs

A lot has changed in the state and local tax world after the 2018 Wayfair[1] decision which finally ...

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I’ve Got Trust Issues – Are Nonresident Trusts the New Nexus Fight?

September 30, 2019 | Blogs

Nexus is nearly an impossible concept to grasp in most state and local tax (SALT) contexts as states...

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Request Annual Estimate of Multiemployer Pension Plan Withdrawal Liability

July 16, 2019 | Blogs

An employer which participates in an underfunded multiemployer pension plan should request an estima...

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Navigating the thorny tax issues triggered by the issuance of restricted stock in a rollover transac...

July 16, 2019 | Publications

It isn’t unusual for shareholders holding vested stock in their target company to roll the sto...

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The SECURE Act – Federal Retirement Enhancement Act May Soon Require Complete Restructuring of Inh...

July 9, 2019 | Blogs

On May 23, 2019, the U.S. House of Representatives passed the “Setting Every Community Up for Reti...

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Kentucky’s 2019 Updates to the Tax Code

July 3, 2019 | Blogs

Kentucky’s 2018 Regular Session of the General Assembly brought sweeping changes to the state’s ...

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New Regulations Provide Clarity About “Specified Service Trade or Business” Categories Under Sec...

June 17, 2019 | Blogs

Under IRC § 199A, some businesses that are not C corporations can claim an income tax deduction equ...

Uncover the Benefits
2019 Update – How to Deal with Section 1061’s Three Year Holding Period Requirement for Carr...

June 14, 2019 | Blogs

Hedge fund, private equity and real estate professionals value the carried interest because it allow...

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IRS Opens Determination Letter Program for Cash Balance Plans, Pension Equity Plans, and Certain Mer...

June 7, 2019 | Blogs

In 2017, the IRS eliminated the ability of sponsors of individually-designed qualified retirement pl...

"$100"
A Break from Tradition: Trust Planning for Wealthy Blended Families

May 30, 2019 | Blogs

Despite being separate and distinct from “family law,” estate planning techniques and strategies...

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A Taxpayer’s Consumer Guide to “Substantial Authority” Tax Opinions

May 24, 2019 | Blogs

Why are tax opinions especially relevant today? Recent changes in the tax laws have left taxpayers a...

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Kentucky Issues New Tax Regulations – Part 2

May 22, 2019 | Blogs

The Importance of Tax Regulations and its Critical Role After Kentucky’s Recent Tax Reform As ...

Kentucky Statehouse
Kentucky Tax Reform – Big Changes for the Business Community

May 22, 2019 | Blogs

Kentucky legislative sessions are always full of twists, turns, and surprises. The 2018 Regular Sess...

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Special Timing Rule

April 29, 2019 | Blogs

Are You Withholding Too Much on Nonqualified Deferred Compensation? If you have a nonqualified defer...

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Kentucky Supreme Court Rules in Favor of Frost Brown Todd Tax Case

April 19, 2019 | Blogs

Kentucky taxpayers now have access to the state’s Department of Revenue (DOR) tax rulings. The cas...

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Unitary is Alive and Kicking in The Commonwealth

April 12, 2019 | Blogs

As a part of the generational legislation on Kentucky tax passed last April via 2018 HB 486, the Gen...

"$100"
COBRA Noncompliance can be Costly

April 12, 2019 | Blogs

Now is a good time for employers to review their COBRA procedures or check with their COBRA vendors ...

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A Brief History of West Virginia Sales and Use Tax Nexus

April 8, 2019 | Blogs

This article was originally published in Tax Notes. Since the U.S. Supreme Court’s Quill[1] decisi...

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The IRS Backtracks (Again!) on Retiree Lump-Sum Windows

April 3, 2019 | Blogs

On March 7, 2019, the IRS issued Notice 2019-18, which walked back its prohibition on offering retir...

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The Choice of Entity Decision for VC Financed Start-ups

April 3, 2019 | Publications

I recently published an article focusing on the choice of entity decision for main street businesses...

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Planning Beyond the Buy-Sell – Ownership Structure Considerations for Closely Held Business Owners

March 29, 2019 | Blogs

Most closely held business owners recognize that a properly drafted and current buy-sell agreement ...

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Anatomy of an Employee Stock Ownership Plan (ESOP)

March 10, 2019 | Publications

What is an employee stock ownership plan (ESOP)?  An ESOP is a means of providing an identity of in...

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The Importance of Regulations in Tax Law, Especially After Kentucky’s Recent Tax Reform – Pa...

February 2, 2019 | Blogs

The importance of regulations in the world of tax is often overlooked, but in many cases, regulation...

Professionals are engaged in a discussion over documents with charts and data, with a laptop and other office materials on the table.
Revisiting the Choice of Entity Decision for the Closely Held Business

January 2, 2019 | Blogs

During the past year, numerous articles have summarized and analyzed the changes made by the Tax Cut...

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SEC Liberalizes Rules for Private Company Equity Compensation

August 30, 2018 | Blogs

Equity compensation (including options to purchase stock or LLC units, restricted stock or units, ...

Pins on a road map
A Roadmap for Obtaining (and not Losing) the Benefits of Section 1202 Stock

August 20, 2018 | Blogs

Under IRC § 1202, 100% of gain on the sale of QSBS acquired after September 27, 2010, is generally ...

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Should Your Estate Plan Be Revised After Tax Reform?

July 31, 2018 | Blogs

Tax reform in 2017 increased the exemption against the federal estate tax from about $5,600,000 to...

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Equity Rollovers in M&A Transactions: Tax and Business Planning Fundamentals

July 26, 2018 | Blogs

During the past decade, private equity investors and other financial buyers (referred to generally...

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Is Kentucky’s Tax Reform Dead On Arrival?

July 19, 2018 | Blogs

This article, authored by Frost Brown Todd's Mark Sommer, was originally published in Law360, and ...

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Department of Labor Issues Final Rule Expanding Access to More Affordable Health Insurance for Small...

July 16, 2018 | Blogs

Department of Labor (DOL) published its Final Rule, adding the new Section 2510.3-5 to CFR Title 2...

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That’s a Wrap on the West Virginia Film Tax Credit

June 11, 2018 | Blogs

This article was originally published in Tax Notes. In 2008 West Virginia began offering tax credits...

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Planning Ideas for Avoiding IRC § 1061’s Three-Year Holding Period Requirement

April 24, 2018 | Blogs

Investment fund managers value compensation in the form of carried interests, which allows them to ...

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17 Ways to Avoid or Reduce Multiemployer Pension Plan Withdrawal Liability

March 28, 2018 | Blogs

A multiemployer/union benefit plan is a plan that two or more employers contribute to under the te...

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Employers: Prepare to Address Disability Claims Under all Types of Benefit Plans Differently, Effect...

March 22, 2018 | Blogs

Beginning April 1, 2018, employers will need to be prepared to address Department of Labor (DOL) f...

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What Service Businesses Qualify for IRC §§ 199A’s or 1202’s Benefits?

March 12, 2018 | Blogs

The 2017 Tax Cuts and Jobs Act (the “2017 Tax Act”) ushered in several benefits for C corporatio...

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How New IRC § 1061 Impacts Carried Interests

February 26, 2018 | Blogs

During the past decade, the White House, Congress and the IRS have threatened on numerous occasions ...

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Make Submissions Now for Ohio’s New Opportunity Zone Program

February 23, 2018 | Blogs

The Tax Cuts and Jobs Act of 2017 created a new community development program that provides capita...

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Impact of Case Regarding Taxes Paid to Localities in Other States

February 5, 2018 | Blogs

This article was originally published in Tax Notes. In the recent case of Matkovich v. CSX Transport...

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Maximizing the IRC § 199A Deduction

February 5, 2018 | Blogs

Taxpayers who qualify for the IRC § 199A deduction (the “Deduction”) will be one of the...

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The 21% Corporate Tax Rate Breathes New Life Into IRC § 1202

January 22, 2018 | Blogs

In the aftermath of the 1986 tax act and the introduction of LLCs, pass-through entities (LLC and S ...

"1040 Form, IRS Tax Audit"
Navigating the New IRS Partnership (LLC) Audit Rules

December 21, 2017 | Publications

New laws governing IRS partnership audits (the “New Audit Rules”) were enacted during 2015 and a...

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Impact on Employers of Presidential Executive Orders Regarding Affordable Care Act

October 18, 2017 | Blogs

October 12, 2017, was an eventful day for the Affordable Care Act (ACA) because of two executive o...

"Employee Benefits"
The Hardship of Administering 401(k) Plan Hardship Withdrawals

August 3, 2017 | Blogs

The administration of hardship distributions can be one of the most significant burdens employers ...

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Supreme Court rules that pension plans of church-related hospitals may be church plans exempt from E...

July 31, 2017 | Blogs

Unanimous decision turns on reading of the language of the statute.