Main Menu
  • Posts by Mark Loyd
    Partner

    As a Partner and Chair of the Firm’s Tax and Employee Benefits Department, Mark’s practice focuses on resolving clients’ state, local and federal tax issues through planning, audit management, administrative protest ...

Posted in Tax and Finance

2015 has been a big year for United States Supreme Court state tax cases. It has not been since the early 1990s that the Supreme Court took up so many tax cases.

Posted in Tax and Finance

In the latest Louisville Business First Legal Forum Column, BGD partner Mark A. Loyd discussed potential risks and opportunities associated with a sales and use tax audit. Read his advice below and don’t miss our monthly legal forum column in Louisville Business First.

Topic
My business has been selected for a sales and use tax audit. What are potential tax risks and opportunities I ...

Over the past several years it seems that gross receipts taxes have come into vogue.  Take, for example, Kentucky’s Limited Liability Entity Tax (the “LLET”), a tax based in large part on gross receipts that, absent an exemption, broadly applies to all corporations and limited liability pass-through entities doing business in the Commonwealth.  The LLET is of relatively recent vintage as the General Assembly enacted it in 2006 ostensibly to replace another tax, albeit an alternative one, the Alternative Minimum Calculation (the “AMC”) which was enacted in 2005.  It is quite fitting that these nouveau gross receipts taxes are typically referred to by their acronyms given that one of the Commonwealth’s more aged gross receipts taxes dates back to 1966, the Utility Gross Receipts License Tax, is also referred to by its acronym - UGRLT. 

Posted in Tax and Finance

In Dep’t of Revenue v. Bavarian Trucking Co., Inc., the Kentucky Court of Appeals reversed the decisions of the circuit court and the Kentucky Board of Tax Appeals and held that equipment used in collecting methane gas generated by landfill waste which is later burned to generate electricity is not eligible for the recycling or composting equipment tax credit under the Kentucky Revised Statutes.

In Dep’t of Revenue v. Cox Interior, Inc., the Kentucky Supreme Court affirmed decisions of the lower courts, holding that a taxpayer may seek a tax refund without having protested the original assessment.

Posted in Tax and Finance

Due to lobbying efforts initiated by the Aircraft Owners and Pilots Association (AOPA), Indiana recently enacted new legislation that will save aircraft owners thousands of dollars per year in aviation-related taxes. The legislation is aimed at reviving Indiana’s aircraft industry in order to enhance the state’s competitiveness.

Posted in Tax and Finance

Each owner of real property in Kentucky has the opportunity to reduce their real property tax assessment by challenging the local county Property Valuation Administrator’s tax assessment value of each parcel. This can be done starting on (and sometimes before) May 7th.

Posted in Tax and Finance

Does your company export domestic products or provide services to customers located outside of the United States? If so, how would you like to cut your federal individual income tax rate by nearly 20 percent?

Posted in Tax and Finance

Bingham Greenebaum Doll LLP Partner and State and Local Tax Team Leader Mark Loyd will be part of a live teleconference presentation on Aug. 1, 2012 entitled “Nexus Reviews: Uncovering State Sales or Income Tax Obligations.” The presentation will offer practical advice to tax professionals and advisors on how to design an effective internal process to identify potential tax exposures.

RSS RSS Feed

Subscribe

Recent Posts

Categories

Contributors

Archives

Back to Page