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Tax Relief Act

 

The Changes and Impacts the Kentucky Taxation Laws Will Have on Your Business.

 

A law was passed that could affect your business. The Kentucky Tax Modernization Act effects state taxes due for all C-Corporations and pass-through entities (S-Corporations, LLCs, and LLPs). The stipulations in how all of the above-mentioned entities are taxed are:

1) They will now be taxed as regular corporations by the state of Kentucky;
2) Must now pay tax on the entity level, with credits taken by the individuals on their Kentucky individual tax return (if applicable);
3) Will pay estimated taxes if the expected annual Kentucky tax liability is greater than $5000;
4) The corporate income tax in Kentucky will no longer be based solely on taxable income;
5) Every entity now defined as a corporation, even if the entity recognizes a taxable loss, will pay some tax for the privilege of doing business in Kentucky; and
6) The tax will now be based on the greater of the following questions:

  • The regular corporate income tax (with a maximum rate of 7%);
  • The lesser of a gross receipts tax at $.095/$100 of gross receipts, and a gross profits tax at $0.75/$100 of gross profits; and

    $175 minimum tax to be paid.

  • Due to these complicated requirements, we recommend for you to contact us and we will answer any questions you may have. You can reach us with a click or a tap of the 'Close' button to return and use the Main Menu to access the 'Contact' feature. We will help you to review your financial position to minimize the taxes that your company will need to pay.

     

    Also, ask us about the Federal Personal Income Tax as it relates to the Family Tax Relief Act and the Jobs Creation Act.

    Sincerely,

    William Hollister, PSC CPA's

    Our clients

    Are you looking for an aid in building your successful financial future?

    • MAXIMIZE THE SALE PRICE OF A BUSINESS
    • SAVE CAPITAL GAINS TAX ON APPRECIATED REAL ESTATE
    • REDUCE SOCIAL SECURITY TAXES AND THE APPLICATION OF OVERPAID INCOME TAXES

    • ...and much, much more! As a full-service firm, we work with a wide variety of clientèle.  Below are some areas of emphasis of which we have expertise:

    AGRICULTURE

    Farmers
    Equipment Manufacturers and Dealers

    AUTO DEALERS


    CONSTRUCTION

    General Contractors
    Electricians Masons

    ENGINEERING AND DESIGN


    GOVERNMENT AGENCIES:

    Cities
    Counties
    Fire Districts

    HEALTH CARE INDUSTRY:

    Doctors and Dentists Home
    Care Specialists

    LAW FIRMS

    NON-PROFIT ORGANIZATIONS


    REAL ESTATE

    Realtors
    Business Buildings
    Apartment Buildings
    Real Estate Developers

    RETAILERS


    INSURANCE AGENTS AND AGENCIES

    About William Hollister, PSC

     

     

    William W. Hollister PSC's
    personalized services are specifically tailored to meet the needs of our clients. Our staff includes 3 professional persons with experience ranging from 7 to 21 years, and 3 paraprofessional persons, each with over 15 years experience. We use modern and effective techniques available to the accounting profession, including a variety of computer software programs to improve efficiency in various client services.
    _____________________________________________________________

    William W Hollister PSC is a member of the Kentucky Society of CPA's, and the Indiana Society of Public Accountants.

    Practice Philosophy

    We realize that each business is different in its characteristics, personality and operating structure. As a result, we approach each client with such an understanding. This often means the difference between average and exceptional service. We are responsive. This means that telephone calls are returned the same day (whenever possible). It also means that we act promptly on your requests.


    Throughout the year, we work with businesses and individuals to:
    Provide strong financial support in supplementing internal capabilities.
    Act as a sounding board for management.
    Anticipate opportunities in business and tax planning.
    Focus on the need for a changing organizational structure as the business grows.
    Help with areas that impact our client's profitability and growth.


       William W Hollister PSC was founded in 1978 as a successor to Walter Hollister, Public Accountant serving the Louisville, KY area from 1959 to 1987. We are an assertive firm providing our clients a full range of services.     

    (tap or click this map to get driving directions).

    Map of the Area 

      Our office is located in Louisville, Kentucky, home to the world famous Churchill Downs. However, we serve a wide variety of clients located throughout Kentucky and Indiana. Because our firm is smaller than many CPA firms, we maintain close and open relationships with each of our clients. Our commitment is to provide the highest quality services while retaining a small-town atmosphere. For further information please contact us!  

    Who Are We?

    Our experienced, knowledgeable staff

    Our personalized services are specifically tailored to meet the needs of our clients. Our staff includes 3 professional persons with experience ranging from 7 to 21 years, and 3 paraprofessional persons, each with over 15 years experience. We use modern and effective techniques available to the accounting profession, including a variety of computer software programs to improve efficiency in various client services. Simply Contact Us!  We're here to help.

    Our dedicated staff members are:

    Dennis Comella   |  Pat Bennet   |  Robin Morrison   |  Robert Bennett

    William 'Bill' Hollister graduated from Southern High School in Okolona, a suburb of Louisville, Kentucky, active in music and student government. He attended graduate courses at Florida State University during 1974 and '75 after graduating from the University of Louisville in 1972 with a Bachelor of Science in Commerce (Accounting).

    Bill is a member of the Kentucky Society of CPA's and the Indiana Society of Public Accountants.

    After graduation, Bill worked for Melhiser & Endres CPA's, New Albany, Indiana from 1972 to '77, while managing to work two of those years with his father's business, Walter Hollister, Public Accountant. In 1978, he obtained his Certified Public Accountant License and rejoined Walter Hollister to form the partnership which later became William W Hollister, PSC.

    He has served as an officer in the Okolona Business and Professional Association and in the Louisville Suburban Rotary.

    Bill specializes in business and tax planning of all types with small to medium sized businesses and individuals, and he attends at least 40 hours per year continuing education.

    He has obtained successive unqualified opinions of accounting and auditing services by independent reviewers 3 times in the past 9 years. Bill has owned the firm's present location in Okolona (across from Okolona Elementary School 2 blocks North of Outer Loop) since 1982.

    Bill Hollister and his wife, Stella, live in the Louisville area and are parents of a son, Clay.

    Contact Us

    Information Request

    Our snail-mail address with USPS:

     

    William W. Hollister, PSC

    7607 Preston Hwy

    Okolona, KY 40219

    phone #'s

     

    We at William W Hollister PSC are keenly interested in what you think about our web site, our company, or our services. If you will please provide us with your contact information, we will be able to reach you in case we have any questions.

    You can email us by using our online Contact Us form below.

    Also, below are tips on what kind of information you could start with when you send us your introductory email. We'd love to have your feedback! Please tell us what you think about our site or anything else.

     

    TOPICS: To open your conversation with us, you could choose topics such as Personal Finance or Tax Services, Business Financial or Tax Services, even Finacial PC Software Consultation.

    Contact Us


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