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taxes

03.22.2021

Deadlines For Individual Tax Return Filing Pushed Back To May 17

By ELPO Law Partner Nathan Vinson The IRS announced on Wednesday that it will push back the tax return filing and payment deadlines for individuals to May 17 from April 15 partly due to the new $1.9 trillion relief law and its impacts on 2020 individual income taxes. We… Read More

10.26.2020

Simple End of Year Tax Planning and Wealth Transfer Tips

Believe it or not, the end of 2020 is quickly approaching (insert collective sigh of relief). While I think most of us are ready to start looking forward to 2021 and would prefer to not even have to utter the words 2020 anymore, now is the time to finish off the year strong by reviewing simple, yet important, year-end tax planning and wealth transfer tips.  When most people think of tax planning and wealth transfer, they may have in mind complex estate planning documents and an overload of legal and accounting advice.  But that doesn’t have to be the case.  Here are three simple tips that you can implement with relative ease, though you will want to consult your tax advisor first. Read More

12.12.2019

Wayfair the Sales Tax Fanfare

Well here we are.  It has been well over a year since the United States Supreme Court’s decision in South Dakota v. Wayfair, Inc.  As a refresher and not to make your eyes agonizingly glaze over with the down and dirty tax details, Wayfair essentially upheld South Dakota’s tax law… Read More

08.12.2019

Nonprofits and Sales Tax: Is your organization still affected?

Nonprofits are still subjected to the extended sales and use tax laws if they conduct sales outside of admissions and fundraising events sales. Read More

09.12.2018

Buy lots online? Be prepared to pay state taxes

By Nathan Vinson, Partner English, Lucas, Priest and Owsley, LLP If you aren’t paying Kentucky sales tax on items you buy online, you will be soon – and you have the great state of South Dakota to thank for it. Earlier this year, the U.S. Supreme Court ruled on… Read More

06.06.2018

All about probate, part 2

Editor’s note: This is the second of two blog posts exploring probate: what it is, how it works and what Kentucky law has to say about this process. You can read the first in the series here. By Leah Morrison, Attorney English, Lucas, Priest and Owsley, LLP Leah Morrison, attorney Probate is one of those things that people universally dismiss as an unduly burdensome process. In fact, many clients tell me they need a will or estate plan so that they can avoid probate. Outside of the small estate scenario that we explored in the first blog post, Kentucky law provides additional mechanisms for avoiding probate. Not everyone has a Will. Perhaps most often people do not want to write one because they don’t want to think about dying, or they plan to write one and simply put it off. Some purposefully choose intestacy. Even without any planning not all assets owned by the decedent are subject to the probate process. Probate assets include everything the decedent owned in his or her individual name. These can include: bank accounts; brokerage accounts; real estate held in the decedent’s individual name or in a tenancy in common; vehicles; furniture; jewelry; and an interest in a partnership, corporation, or limited liability company. Read More

10.26.2017

Treasury Department announces new limitations for pension and retirement plans, other changes for 2018

Each year, the Treasury Department examines the cost of living in the U.S. and adjusts limitations for retirement plans and many other similar items that affect taxpayers throughout the U.S. As has happened previously, the Treasury raised the limits for contributions to pensions and other retirement plans such as 401(k)s, 403(b)s and most 457 plans.  All of this helps today’s workers save for retirement with pre-tax dollars, which is a tremendous benefit. Our tax code requires the Secretary of the Treasury to make this adjustment. The biggest news is that the contribution limit to employer-sponsored retirement plans, such as the above-mentioned 401(k)s, etc., has gone from $18,000 for calendar 2017 to $18,500 for calendar 2018. If you were bumping up against this limit in 2017, you can now adjust and put in just a little bit more, which is always good news. Read More

08.22.2017

Tax reforms could threaten some popular tax cuts

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP Improvements to tax law and reducing taxes are a very popular item on most politicians’ platforms. You won’t find anyone who openly says people should pay more. At least, not anyone currently serving in office. They’re right, by the way – our tax code is far too cumbersome and it changes constantly. (And no, I’m not running for office.) President Trump has indicated he wants to reform the tax code and change the way people pay taxes. Lawmakers are reportedly discussing how to do that while paying for expensive new initiatives. How can you do it all? Read More

06.01.2017

Dying without a will causes legal disputes for Prince

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP Prince performing in concert in Louisville, Kentucky. Photo by Bob Young. It’s been more than a year since music legend Prince died unexpectedly at his home in Minnesota. He was actively touring and working at the time of his death on April 21, 2016, at the young age of 57. You’re forgiven if you assumed his estate was long settled, since he died more than a year ago. But it’s not done yet – and may not be for quite a while – due to the fact that he died without a will. It’s astounding to think that someone who is as famous, prosperous and with as many assets as Prince would die without this basic legal document. But as it turns out, he’s no different than anyone else – he probably didn’t want to think about death. Whether you die a famous millionaire or with few assets, if you don't have a Will you can leave a large mess. Heirs you would have never wanted to have your property could get it. Your estate will spend more probating your assets as well, and those who you wished to receive items from your estate may never see them. Prince was a very charitable man, yet none of his millions he had nor future royalties will benefit those he likely would have preferred to benefit. Plus, the estate will shell out much more than anyone would want to pay in estate taxes. Your children and family will be far happier if you take care of this before you die – and there’s no doubt it will bring you piece of mind, too. Read More

04.05.2017

Doing good does a business well, too

By Nathan Vinson, Attorney English, Lucas, Priest and Owsley, LLP This is that time of year when we all start thinking about taxes – and how to pay less. We’ve often gotten the news from our accountants that perhaps our refunds won’t be as large as we’d like or that we owe. Ugh to both. This is a good time to consider if your business can be more charitably minded, and perhaps help you pare back the tax burden next year. Read More