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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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.
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.