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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:
$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.
$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.
William Hollister, PSC CPA's
William W. Hollister PSC's
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.
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
Simply Contact Us! We're here to help.
Our dedicated staff members are:
Our snail-mail address with USPS:
William W. Hollister, PSC
7607 Preston Hwy
Okolona, KY 40219
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.
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