taxes

Kentucky 9/12 Project Cries Foul on IRS Inquiry

by Kenny Colston on February 28, 2012

Kentucky Tea Party groups are joining others around the country in complaining about inquiries from the Internal Revenue Service.

Many of the groups are not-for-profit 501(c)(4)s. Such organizations may engage in elections and political campaigns, but the activities must primarily promote social welfare. The IRS has sent several groups questionnaires about their activities. The surveys ask about the groups’ fundraising activities, political rallies and candidate endorsements.

The questions are aimed at determining whether the groups fit the criteria to be 501(c)(4)s. But several Tea Party groups are suspicious. The Kentucky 9/12 project is the latest organization to call the survey and the two-week time period to fill it out an example of government overreach. Failing to fill out the questionnaire could cost the group its not-for-profit status.

Many other Tea Party groups in Kentucky sent messages to their membership to support the 9/12 project in light of the IRS inquiry.

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What’s Next for North Korea, Economist Says Higher Taxes Will Create Jobs, Comments on the End of the Iraq War: Today on Here and Now

by Laura Ellis December 19, 2011

1:06pm: North Koreans are mourning the death of Kim Jong Il, who died of a heart attack this weekend. The late Kim’s son, Kim Jong Un, is the heir apparent and experts say this transition period will be a challenge for the young man, who has had little time to develop a power base and […]

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Town Promises 75 Percent Property Tax Break for Ark Encounter Park

by Gabe Bullard August 9, 2011

Williamstown, Kentucky has agreed to give the Ark Encounter theme park a 75 percent property tax discount for 30 years. The park will present a literal interpretation of the Book of Genesis and feature a replica of Noah’s Ark that will contain dinosaurs. The mayor of Williamstown says even with the tax breaks, the park […]

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Local High School Booster Club Audited

by Kyle Durbin August 3, 2011

IRS officials are investigating the Fern Creek High School Booster Club. About $500,000 previously recorded in the club’s books is unaccounted for. It’s unclear whether the missing money was embezzled or if a bookkeeping error is to blame. Attorney Charles Adkins says it will be difficult to determine where the money could have gone because […]

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Merger 2.0 Task Force Requests More Data

by Devin Katayama July 27, 2011

The Louisville Merger 2.0 Task Force subcommittee on data and communications met on Wednesday and has asked for more information about Metro Government’s Urban Services District. The task force was formed in January to review the 2003 merger between county and city governments. But because most cities still have separate taxes and separate services, this […]

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Kentucky Revenues Exceed Estimates By $166 Million

by Rick Howlett July 12, 2011

From Stu Johnson, Kentucky Public Radio State officials hope higher than expected tax receipts translate into more jobs across Kentucky. The end of the fiscal year report shows general fund tax receipts came in $6.5-percent higher than anticipated. State Budget Director Mary Lassiter says receipts exceeded estimates by $166 million. She says the numbers signal […]

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New York City Seeks Taxes on Cigarettes Sold by Louisville Company

by Dalton Main April 21, 2011

New York City has filed a lawsuit accusing 32 people of tax evasion on cigarette purchases.  The cigarettes were purchased through a Louisville based company called Chavez Inc., which was raided by federal agents in late 2009. The suit aims to recover $6.5 million in unpaid taxes, plus $13 million in penalties.  The defendants include […]

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Budget Committee to Discuss Change to Business Tax Policy

by Gabe Bullard March 30, 2011

The meeting will focus on whether businesses that lose money in a given year should be allowed to deduct the loss from the next year’s profits. For example, if a business loses $1 million one year, then makes $1 million the next year, the business would not pay tax on any income in the profitable year.

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In Depth: Tax Code Changes Again Unlikely to Pass in Frankfort

by Tony McVeigh March 2, 2011

A Kentucky lawmaker determined to update the state’s antiquated tax code has made his annual pitch for reform. But the bill is generating little excitement as time runs out on the 2011 session.

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Economist Discusses Tax Code Changes

by Gabe Bullard January 31, 2011

For several years, lawmakers and activists in Kentucky have called for changes to the state tax code. This year, the Republican-led state Senate passed a bill calling for an independent council to be formed to recommend changes.

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