Current Hot Topics for the Kentucky Department of Revenue.
Common errors on Corporation Income and Pass Through Entity Income and Limited Liability Entity tax due returns which may result in a delay of processing the return and/or result in the issuance of a tax bill.
• Not including payment with return;
• Not submitting 740NP-WH and PTE-WH separately from tax returns;
• Payment submitted with incorrect account number;
• One payment submitted for multiple liabilities, tax types or different year ending period;
• Omitting Form 41A720SL when paying with an extension;
• Omitting Form 41A720ES when paying an estimated payment; and/or
• Sending just a check with no documentation as to how or where it is to be posted.
FEIN# & Type of Tax being paid on the check would be great to have!!
1099/W2G Reporting Information
The Kentucky Department of Revenue (DOR) is now accepting 1099G’s, 1099M’s, 1099R’s and W2G’s electronically. Electronic submissions can only be made via CD and are required to be in the federal format found in Pub. 1220 Rev. Proc. 2010-26. View detailed specifications on the state defined fields.
1099 Forms are only required to be submitted to Kentucky DOR when Kentucky tax is withheld.
Utility Gross Receipts License Tax for Jackson County School District
The Jackson County Board of Education recently passed Order #14586 to implement the Utility Gross Receipts License Tax (UGRLT) on both utility services (KRS 160.613) and cable services (KRS 160.614) provided within the county at 3% for all taxable services. This imposition has a liability date of August 1, 2011. If you provide these types of services in Jackson County, you will be required to remit this tax on receipts derived from the furnishing of these services in the Jackson County School District beginning on August 1, 2011. More information.
Letters of Good Standing
Information regarding Letters of Good Standing.
Individual Income Taxpayer Assistance
This link provides detailed information regarding taxpayer assistance in filing individual income tax. Click here for additional information.
Rebate for a Governmental Public Facility
This link provides detailed information regarding the Rebate for a Governmental Public Facility. Click here for additional information.
Kentucky Honors Federal Tax Relief for May 2010 Storm Victims
The Kentucky Department of Revenue (DOR) will honor recently announced IRS special tax relief for taxpayers in the Presidential Disaster Areas who were victims of severe storms, flooding, mudslides and tornados beginning May 1, 2010. For additional information and a list of counties affected, click here.
Employer Health Insurance Notification
Employer Health Insurance Notification [PDF - 67KB] (updated 03-21-11)
2012 Tax Interest Rate
Annual adjustment of tax interest rate set for 2012
Pursuant to KRS 131.183, the 2012 tax interest rate has been set at 4 percent .The rate charged by the Kentucky Department of Revenue on unpaid taxes is 6 percent . When interest is due on a refund, the rate shall be 2 percent.
This rate, effective Jan. 1, 2012, is based on the prime interest rate charged by Kentucky banks during the month of October 2011. A recent survey of Kentucky banks revealed that the average prime interest rate in October was 3.69 percent. Pursuant to KRS 131.183(1)(c), the average prime rate is rounded to the nearest whole percent which is 4 percent.
Additional Hot Topics
Additional Hot Topics include:
- Military Spouses Residency Relief Act (MSRRA)
- Military Pay Income Tax Exemption
- Nexus Consolidated Return Guidelines
Click here for more details.