Mark Loyd and Bailey Roese Featured On Lexology Newsfeed
Mark Loyd and Bailey Roese were recently featured on Lexology Newsfeed discussing State and Local Taxes in Kentucky, which may also be found in Lexology Navigator Q&A.
In the Lexology piece, the tax attorneys cover a wide range of Kentucky tax topics, such as recent developments including Kentucky Tax Reform, the general framework of the Kentucky tax system, corporate income and franchise taxes, sales and use taxes, other taxes, and planning considerations.
Of particular importance in Mark and Bailey’s interview is their discussion on compliance. When it comes to best practices for businesses operating in Kentucky, they suggest that “Taxpayers should determine whether they have nexus with Kentucky prior to engaging in business in the Commonwealth…. If a taxpayer believes that it is engaged in business in the Commonwealth and may not have been filing required tax returns and making required payments, the taxpayer should consider whether it actually must file and pay such taxes and, if so, whether a voluntary disclosure may be appropriate to limit back year tax exposure and likely penalties for non-filing and non-payment.”
They note that, “Seeking the advice of tax advisers with experience in Kentucky can help taxpayers who have received a notice of audit or a notice of tax due (i.e., an assessment) navigate the audit, protest, and appeal procedures.” They also talk about strategic planning, “A review of a company’s operations by an adviser with experience in Kentucky can also often assist in finding exemptions, deductions, and credits or potential liabilities of which the company may not be aware. For example, sales tax exemptions and personal property tax classifications for manufacturers are particularly complex. The limited liability entity tax has some unique features. And, of course, deciding between filing income tax returns as unitary or electing consolidated filing is anticipated to be an area with opportunities and traps.”
To read Mark and Bailey’s full Q&A on Lexology Newsfeed, click here.