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Supreme Court ruling on sales tax

The Supreme Court ruled today that states can compel retailers to collect sales taxes even if they don’t have a physical presence in the state. This will have consumers paying more for the online purchases from retailers that currently do not collect sales taxes. This is a major change. We’ll see how Kentucky handles this; some states have a sales threshold amount that is reached before they will subject a …Read More

It’s not over until it’s over…

“It’s not over until it’s over?” – Comments by Paul Ryan last week indicate that Congress will probably delay fixing the glitches in the December 2017 Tax Act until much later in the year. They have identified a number of ambiguities in the law, and have asked the business community for input. There is also a proposal by Senate Democrats to roll back certain portions of the law, but that …Read More

Giving a gift to a relative?

There is a common misconception that there is a limit. There is no dollar limit on the amount that one person is allowed to give to another. Gift tax rules do not prohibit a donor from making gifts in excess of the annual exclusion ($15,000 for 2018). However, if more than the annual exclusion is given to any one recipient, there is a form that must be sent into the …Read More