Date and Time
Tuesday Aug 21, 2018
12:00 PM - 1:30 PM EDT
Tuesday, August 21, 2018
Location
Paul Sawyier Public Library
Fees/Admission
This event is FREE and open to Chamber member businesses, however, advance reservations are necessary. Please contact the Chamber office at 502-223-8261 to make your reservation.
Website
Contact Information
Carmen Inman
Send Email
Description
Confused by changes to Kentucky's sales tax laws?
Then you won’t want to miss the next
Frankfort Area Chamber Lunch & Learn
During the 2018 Regular Session of the Kentucky General Assembly, state lawmakers enacted tax reform. The legislation makes important changes to Kentucky’s tax code that impact many businesses and non-profits. Effective July 1, 2018, Kentucky's sales tax laws were extended to apply to new services and admissions. Many questions have arisen regarding the proper application of the new laws.
The Frankfort Area Chamber is hosting a special Lunch & Learn on Tuesday, August 21, 2018. Tax experts Erica Horn, Associate Director of Tax Services, Dean Dorton, and Executive Director Richard Dobson, KY Department of Revenue, Office of Sales & Excise Taxes, will be educating members on the Sales Tax changes, answering implementation questions and provide an overview of the next steps for businesses in this process.
Some of the key changes in Kentucky's 2018 tax reform include:
· Raising Kentucky's cigarette tax by 50 cents to $1.10 per pack
· Extending the existing 6% sales and use tax to certain services
· Reducing the individual and corporate income tax rates to a 5% flat rate
· Adopting a single factor apportionment formula
· Mandating unitary combined reporting beginning January 1, 2019
· Providing a tax credit for the business inventory tax
· Conforming state tax law with the new federal law with a few exceptions.
If you are unable to attend the luncheon and would like more information about Kentucky's tax reform, please visit the Kentucky Department of Revenue's new website:TaxAnswers.ky.gov
