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;
• Sending just a check with no documentation as to how or where it is to be posted; and/or
• An LLET schedule does not constitute a complete return and cannot be processed as a return filed.
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.
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.
Employer Health Insurance Notification
Employer Health Insurance Notification [PDF - 67KB] (updated 03-21-11)
2013 Tax Interest Rate
Annual adjustment of tax interest rate set for 2013
Pursuant to KRS 131.183, the 2013 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, 2013, is based on the prime interest rate charged by Kentucky banks during the month of October 2012. A recent survey of Kentucky banks revealed that the average prime interest rate in October was 4 percent.
Official Memo regarding the 2013 Tax Interest Rate [TIF - 40KB]
Additional Hot Topics
NEW
Farmer-Fishermen tax file date extended
Click here for more details.
Additional Hot Topics include:
- Military Spouses Residency Relief Act (MSRRA)
- Military Pay Income Tax Exemption
- Nexus Consolidated Return Guidelines
Click here for more details.