Considering buying a business? Do not forget to complete an asset acquisition statement for the IRS

October 09, 2018

When you’re buying an existing business that has assets used in a trade or business, you have to calculate the amount of the purchase cost that is associated with the assets being bought and the amount of goodwill (the amount that is paid over the...

Salvaging Investment Expenses under the Tax Cuts and Jobs Act

September 06, 2018

Investment expenses that have traditionally been deducted on Schedule A as a miscellaneous itemized deduction subject to the 2% limit of adjusted gross income will be lost during the 2018-2025 income tax filing years if a Section 266 Election is not...

HB 487 – Sales Tax Impact on Nonprofits

June 29, 2018

Section 36 of House Bill 487, which goes into effect July 1, contains language that imposes sales and use tax on certain services. Due to a recent ruling by the Kentucky Supreme Court, many nonprofits will now be required to collect and remit sales...