Tax Reform Center

How does the Tax Cuts and Jobs Act affect you?

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Buying Qualifying Business Assets Before Year-End Could Reduce Your Tax Liability

There is still time to reduce your 2018 tax liability by purchasing qualifying business assets, but you need to act soon! The Tax Cuts and Jobs Act (TCJA) has enhanced two depreciation-related breaks that are popular year-end tax planning tools for businesses. To take advantage of these tax-saving measures, you must purchase qualifying assets and […]

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Tax Benefits for Donating Appreciated Stock

Many taxpayers have utilized charitable deductions to help minimize their tax liability.  As long as you itemize and your gift qualifies, you can claim a charitable deduction. But did you know that you can enjoy an additional tax benefit if you donate long-term appreciated stock instead of cash? 2 Benefits from 1 Gift Appreciated publicly […]

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State and Local Resource Center

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Kentucky Sales Tax Hits Nonprofit Organizations

Recently, Kentucky House Bill 487 passed, which contained significant changes to Kentucky tax laws. For purposes of this communication, we would like to highlight one major change regarding Kentucky Sales Tax and its effect on nonprofit organizations. This new bill requires that, as of July 1, 2018, organizations charge and collect 6% sales tax on service […]

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Supreme Court Opens Door To Taxation Of Online Sales And Sales By Out-of-state Companies

The U.S. Supreme Court has given state and local governments the green light to impose sales taxes on out-of-state sellers, including ones that deal in online sales. The 5-4 decision in South Dakota v. Wayfair, Inc. was met by cheers from brick-and-mortar retailers, who have long believed that the high court’s previous rulings on the […]

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