Mark Loyd
Louisville
As seen in:
Law360,
JD Supra,
Lexology,
HospitalityNet,
Hospitality Upgrade,
Law360 UK,
The Kentucky CPA Journal
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Articles by Mark Loyd
Equal Protection for Kentucky Real Property Taxes
Equal protection in real property tax matters – a lot to all Kentucky taxpayers. Imagine that property you lease and on which you are required to pay the property taxes is assessed at double or triple the assessment value of nearby similar properties. Imagine that in assessing the value of your property, the Property Valuation Administrator used an assessment methodology that is different from the methodology used to assess other properties in the county.
Kentucky’s Local Restaurant Taxes
Kentucky cities derive their taxing authority from the General Assembly, which can classify cities and treat them differently. The City of Hazard challenged KRS 91A.400, which authorizes a limited number of smaller cities to impose restaurant taxes, because the City wants to levy a restaurant tax but falls in a class of cities that cannot do so.
IRS AOD 2024 01: Relief for Taxpayers Facing § 6707A Penalties
The IRS’s recent Acquiescence Action on Decision (“AOD”) 2024‑01 1 marks a significant policy shift for taxpayers penalized under I.R.C. § 6707A, which targets failures to disclose reportable transactions. This new stance specifically affects those penalized because of guidance (such as a listing notice) that was issued without the required notice-and-comment procedures.
New Revenue Ruling Clarifies Relief for Reclassifications of Independent Contractors
Whether to classify a worker as an employee or an independent contractor is an eternal question for businesses of all sizes. Generally, the IRS favors classification of workers as employees. In contrast to the treatment of an independent contractor, for employees employers are liable for withholding state, federal and social security taxes from wages, and for paying the employer’s portion of social security taxes, as well as federal and state unemployment taxes.
Hot Topics in Property Tax: A Nationwide Survey
Join Breann Robowski on March 13, along with co-panelists Mark Loyd (Dentons) and Lynn Linné (Fredrikson & Byron P.A.), for a discussion on “Hot Topics in Property Tax: A Nationwide Survey.” This session is designed to bring attendees up to date on important property tax developments, especially in key states, and their potential impact across the nation, including valuation and exemption issues and constitutional challenges, as well as legislative, administrative and practice developments,...
Tax Meets AI
When you think about technology, what’s hotter than AI? Can AI be used to help provide tax advice? Given the subject matter, why not ask Google’s Gemini, available at gemini.google.com, and OpenAI’s ChatGPT, available at ChatGPT.com? Let’s start with the basics. What Is AI?
IRS Begins Processing ERC Claims, Reopens the Voluntary Disclosure Program: Taxpayers Can Expect Refunds and Disallowance Letters
The summer of 2024 could be dubbed the summer of the IRS Employee Retention Credit (ERC) News Release.
Protecting and Enhancing Taxpayer Rights
Several changes to Kentucky’s tax code would enhance Kentucky taxpayers’ rights and increase fairness to Kentucky taxpayers. What is fairness anyway? Fairness is described as “lack of favoritism toward one side or another” by Merriam-Webster Dictionary, “evenhandedness” by Dictionary.com, and “the quality of being reasonable, right, and just” by Collins Dictionary.
Act Now to Reduce Your 2024 Kentucky Real Estate Taxes!
Businesses and individuals owning real estate in Kentucky valued at $1,000,000 or more for tax purposes should act now to reduce their Kentucky real estate tax bill. Long-term lessees obligated to pay property taxes should also take action. It’s Now or Never! Request a conference with the Property Valuation Administrator (PVA) for the county in which your property is located before the “open inspection” period ends on May 20, 2024.
What To Know About Employee Retention Credit Disclosures
ADVERTISEMENT Don't want ads? Subscribe or login now. By Mark Loyd, Gregory Rhodes and Helen Cooper (March 13, 2024, 5:32 PM EDT) -- Eligible taxpayers hoping to address potentially erroneous employee retention credit claims have until midnight on March 22 to apply for the voluntary disclosure program.... A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
What To Know About Employee Retention Credit Disclosures
ADVERTISEMENT Don't want ads? Subscribe or login now. By Mark Loyd, Gregory Rhodes and Helen Cooper (March 13, 2024, 5:32 PM EDT) -- Eligible taxpayers hoping to address potentially erroneous employee retention credit claims have until midnight on March 22 to apply for the voluntary disclosure program.... A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence.
Protesting a Kentucky Tax Audit
So, your company or your client got audited by the Kentucky Department of Revenue and you find out that it is not going to be a “no change” audit, and instead, the Department has informed the taxpayer that they are going to receive an assessment. What do you do? The Tax Audit First, be on the lookout for one or more Notices of Tax Due in the mail.
Should You Take Advantage of the IRS’s Employee Retention Credit Voluntary Disclosure Program
Taxpayers and tax professionals wishing to learn more about the IRS’s Employee Retention Credit Voluntary Disclosure Program are invited to attend the Dentons In-House Counsel CLE Webinar Series presentation titled “Employee Retention Credit: Should We Keep It or Give It to the IRS?,” from 1:00-2:00 pm EST on January 17, 2024 presented by Mark Loyd, Greg Rhodes, and Helen Cooper.
New Year, New Successor Liability
Effective January 1, 2024, Indiana began imposing successor liability for past-due taxes in certain transactions involving the transfer of assets. This successor’s liability applies to transactions that close on or after February 14, 2024 in which a business owner transfers over 50 percent of the business’s tangible personal property to another person. Transfers of tangible personal property occur and successor liability may be triggered even if the seller does not receive any consideration.
2023’s Biggest State Tax Issues
Following are some of the biggest state and local tax issues across the country! Alternative Apportionment One size does not fit all. State and local statutory standard apportionment formulas determine the “slice” of the income tax base “pie” on which a particular state or locality may impose its income tax.
The Kentucky CPA Journal
Tax in the Bluegrass 2023's Biggest State tax issues Issue 5 December 18, 2023 By Mark A. Loyd, JD, CPA Following are some of the biggest state and local tax issues across the country! One size does not fit all. State and local statutory standard apportionment formulas determine the “slice” of the income tax base “pie” on which a particular state or locality may impose its income tax.
Employee Retention Credit (ERC) Moratorium and Amnesty Program: What You Need to Know
The employee retention credit, or “ERC,” was introduced in 2020 as a part of the CARES Act to encourage businesses to keep workers on the payroll in 2020 and 2021 during the COVID-19 pandemic. For eligible businesses, the ERC provides payroll tax credits for wages and health insurance paid to employees during those difficult years.
2023’s Biggest Federal Tax issues
There have been a lot of big federal tax issues in the spotlight in 2023, following are some of the biggest! Less is Moore A lot of people have a lot to say about Moore v. United States, which is now pending at the U.S. Supreme Court. Moore is a U.S. shareholder of a controlled foreign corporation who paid the Internal Revenue Code § 965 one-time mandatory repatriation tax (MRT) for the 2017 tax year.
State transfer pricing audits on the rise
What is a State Transfer Pricing Audit Transfer pricing is a growing and contentious issue for states trying to protect their tax revenues. In response, many states have increased their efforts to curb revenue loss through increased transfer pricing audits and examining intercompany transactions. Broadly, transfer pricing focuses on the pricing of intercompany transactions and the allocation of income and expenses between related entities.
Why No Kentucky Tax Amnesty In 2023?
House Bill 8 (HB 8) revised the Kentucky Tax Amnesty Act and established a tax amnesty program for 2023 in the event the Kentucky Department of Revenue (KDOR) could not implement one in 2022. However, with two and a half weeks remaining before the statutorily-mandated tax amnesty program is to begin, legislative critics have argued that KDOR has yet to make preparations for the tax amnesty program and ignored HB 8’s directive.
IRS enforcement news alert: Employee Retention Credit (“ERC”) claims
Businesses and taxpayers should be aware that the IRS has hit the pause button on its Employee Retention Credit (“ERC”) program and is increasing its processing time of claims already received, due to mounting concerns of “unscrupulous” behavior. The moratorium on processing new claims began on September 14, 2023, and will last until December 31, 2023.
The Kentucky CPA Journal
Tax in the Bluegrass 2023's Biggest federal tax issues Issue 4 November 1, 2023 By Mark A. Loyd, JD, CPA There have been a lot of rather substantial federal tax issues in the spotlight in 2023; following, are some of the biggest! Many people have a lot to say about Moore v. United States, which is now pending at the U.S. Supreme Court.
Navigating the latest IRS updates on employee retention credit claims
The IRS continues to alert taxpayers of misinformation regarding the Employee Retention Credit (the “ERC”) and the serious consequences of filing improper ERC claims. On July 25, the IRS hosted a Webinar for Tax Practitioners, which covered an overview of the ERC program, key areas of compliance, how to spot and report ERC fraud, and tips on how to steer your clients away from it.
Indiana Tax Developments: Spring 2023
I. SELECTED NEW LEGISLATION P.L. 1-2023 (Senate Enrolled Act No. 2): Taxation of Pass Through Entities. (signed by Governor Feb. 22, 2023). Authorizes certain pass through entities to elect to pay tax at the entity level based on each owner’s share of adjusted gross income. Senate Enrolled Act No. 325: Homestead Standard Deduction.
Kentucky’s Evolving Sales Tax on Services
Kentucky’s sales tax is not just a sales tax on tangible personal property. Beginning in 2018 and most recently in 2022, Kentucky has expanded its sales tax to more and more services. Do developments in the 2023 legislative session portend a slowdown or a pull back? SALES TAX EXPANDS TO CERTAIN SERVICES IN 2018 Kentucky expanded its sales tax to services generally for which the place of performance is the same as where the benefit is received.
Kentucky Tax Developments: Spring 2023
Register now for your free, tailored, daily legal newsfeed service. Questions? Please contact Register To view this article you need a PDF viewer such as Adobe Reader. If you can't read this PDF, you can view its text here. Go back to the PDF . USA May 1 2023 Kentucky Tax Developments: Spring 2023 Dentons SALT Insights Grow | Protect | Operate | Finance I. 2023 LEGISLATIVE UPDATE The Kentucky 2023 regular legislative session saw a number of important tax law changes.
Kentucky Enacts Pass-through Entity Tax Election
On March 24, 2023, Kentucky Governor Andy Beshear signed into law House Bill 360 (HB 360), amended by House Bill 5 (HB 5), which created a pass-through entity tax and tax credit, joining its sister states that have enacted SALT parity legislation. What is Kentucky’s pass-through entity tax, and how does it affect your company? With the 2022 tax filing deadline looming, read on to learn more.
The Future of FBAR After Bittner
On February 28th, the U.S. Supreme Court decided that the Bank Secrecy Act’s (the “BSA”) $10,000 penalty for the nonwillful failure to file a Report of Foreign Bank and Financial Accounts (or “FBAR”) applies on a per-report and not per-account basis. The 5-4 decision made a $2,670,000 difference to Alexandru Bittner, a naturalized U.S. citizen who had been living in Romania since the 1990s.
What to Do Now that Kentucky Taxes SaaS
Does anyone remember when the statutory definition of tangible personal property for sales tax did not include prewritten computer software? Prior to July 1, 2004, it did not. That changed in 2003 when Kentucky enacted 2003 H.B. 293 to adopt the streamlined Sales and Use Tax Agreement, effective July 1, 2004.
New Year, New Taxes: Kentucky Sales and Use Tax Expands to More Services
As part of the effort to phase out the Kentucky individual income tax, in April 2022, Kentucky House Bill 8 (“HB 8”) passed – over the Governor’s veto – and expanded the sales and use tax base to include over 30 consumer and business-to-business services, with an emphasis on shortterm services. The new taxes take effect on January 1, 2023. These changes follow the nationwide trends to expand consumer taxes, often by taxing services, and cut income taxes.
The Kentucky CPA Journal
Tax in the Bluegrass Kentucky Local Occupational License Taxes Issue 5 December 20, 2022 By Mark A. Loyd, JD, CPA The prevalence of occupational license taxes on wages and net profits imposed by local tax districts in Kentucky underscores Kentucky local tax districts’ dependence on these taxes for revenue. The Commonwealth has historically been dependent on taxes based on income as well but has recently moved away from income-based taxes to become more competitive.
Dentons SALTS Insights: Kentucky Tax Developments: Fall 2022 | JD Supra
I. 2022 LEGISLATIVE UPDATE - There are several notable tax developments from the Kentucky 2022 regular session, including House Bill 8 (“HB 8”), which passed over the Governor’s veto. HB 8 includes a proposal to reduce the individual income tax. Rather than reducing the individual income tax outright, HB 8 establishes a rate reduction evaluation, with any potential tax rate reduction beginning on January 1, 2023.
Act Fast to Qualify for IRS Penalty Relief | JD Supra
The deadline to qualify for IRS penalty relief for late-filed 2019 and 2020 tax returns is rapidly approaching. Taxpayers who have not yet filed their returns should act fast to obtain this recently-announced penalty abatement. In Notice 2022-36, the IRS announced it will relieve certain taxpayers from failure-to-file penalties and information return penalties incurred on 2019 and 2020 tax returns.
The IRS Triple Threat – What Nearly Doubling the IRS’s Enforcement Budget Could Mean | JD Supra
On August 16, 2022, President Biden signed the Inflation Reduction Act (the “Act”) into law. The IRS and Treasury are now left to issue guidance on the various provisions of the Act, which has historically been a years-long process. However, a key provision of the Inflation Reduction Act allocates an additional $80 billion to IRS funding which will immediately impact the IRS’s operational and enforcement activities. Please see full Publication below for more information. Download PDF
Dentons SALT Insights: Big Kentucky Tax Cases | JD Supra
There is a lot going on with Kentucky tax cases in 2022. Let us dive on in…. MANUFACTURING SUPPLIES MATTER! Manufacturers across the Commonwealth use manufacturing supplies in their manufacturing operations to produce many different kinds of products. Please see full Article below for more information. Download PDF
Dentons SALT Insights: Real Estate Tax Valuation Issues | JD Supra
Kentucky’s ad valorem real property tax is perhaps the oldest tax on the books in the Commonwealth, being first adopted in 1792. Real property tax is rooted in the Kentucky Constitution which requires that all non-exempt property be assessed as of each January 1st, at its fair cash value, estimated at the price the property would bring at a fair voluntary sale. Ky. Const. § 172; KRS 132.191(1). Valuation is the heart of real property taxation. Please see full Publication below for more information.
Dentons SALT Insights: Kentucky Tax Developments – Spring 2022 | JD Supra
I. 2022 LEGISLATIVE UPDATE - There are several notable tax developments from the Kentucky 2022 regular session, including House Bill 8 (“HB 8”). HB 8 includes a proposal to reduce the individual income tax and continues to expand the sales tax base by imposing sales tax on more than thirty new services. Rather than reducing the individual income tax outright, HB 8 would establish a rate reduction evaluation, with any potential tax rate reduction beginning on January 1, 2023.
The Kentucky CPA Journal
Tax in the Bluegrass Top 5 guiding principles for state tax laws and administration Issue 5 December 13, 2021 By Mark A. Loyd, JD, CPA When states and localities consider tax legislation and regulations and tax administrators administer their state tax laws, the following principles can assist them in bettering the tax climates in their jurisdictions. These tax principles are from best practices within our constitutions, tax cases and other respected sources.
Kentucky Department of Revenue: SaaS Provider’s App Not Subject to Sales Tax | JD Supra
Cloud-based computing has increasingly become the go-to for individuals and businesses looking to securely store their data, files, photos, and more. Given the everevolving nature of this technology, questions often arise as to how the sales and use tax applies to transactions related to cloud-based software and ancillary services.
Snapshot: corporate income and franchise taxes in the USA (Kentucky)
Corporate income and franchise taxes Taxable income How is taxable income determined in your state? To what extent is the state income tax base aligned with the federal income tax base?
HITEC TV: The Future of The Property Management System - Panel #2
It’s not your old PMS anymore. The Hotel Property Management System is now a guest interaction platform as well as the connectivity hub for the many disparate systems that our industry needs in order to deliver the ultimate in guest engagement and experience. We are excited to have some amazing panelists pitch in on this discussion. Our three PMS innovators discuss a myriad of questions that directly affect the global hotel industry at every level and how technology will affect every guest.
US Supreme Court Unanimously Holds IRS Notice Seeking Information Can Be Enjoined | JD Supra
In CIC Services, LLC,v. IRS, 127 AFTR 2d2021-XXXX, (S. Ct.) 05/17/201, the U.S. Supreme Court has unanimously held that the Anti-Injunction Act1 did not prohibit a pre-enforcement challenge to an IRS information reporting requirement, where the failure to comply could result in civil and criminal penalties.
What vape sellers need to know now about PACT Act compliance | JD Supra
Sellers of traditional vapor products as well as hemp oil vapor products need to be aware of new registration, reporting, shipping, packaging, recordkeeping, and other compliance obligations imposed by the Further Consolidated Appropriations Act of 2021 (FCAA), Sellers must take steps now to comply, as the effective date is fast approaching.
What about state tax deductions for PPP expenses? | JD Supra
While the treatment of Paycheck Protection Program (PPP) expenses has been resolved for federal income tax purposes, what do taxpayers need to do to address these expenses for state and local income taxes, especially in light of calculating their estimated state tax payments?
IRS to Begin Hundreds of High-Net-Worth Examinations in July | JD Supra
The Internal Revenue Service’s (IRS) moratorium on various investigations and collection actions is set to expire on July 15, 2020 at which point the IRS will begin aggressively pursuing high-net-worth individuals.
New Guidance on Deducting Settlements, Restitution, Remediation, and Similar Amounts | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Kentucky Extends Real Property Tax Appeal Deadlines and Opportunities for Reductions | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Hotel Technology Blog | Tech Talk on Hospitality Upgrade
Today I’m wrapping up a series of posts on the broad topic of Enterprise System Pitfalls. In this series, my hope was to help shed light on the primary problems that cause us to miss budgets, fall short on capabilities, or completely fail when implementing an enterprise system. Complex enterprise systems have the potential to revolutionize our business, improving topline revenue and reducing operating costs.
A 2020 Wish List for Kentucky Taxpayers | Lexology
With a new governor, Andy Beshear, taking office in December 2019 and the “long” legislative session starting in January 2020, the December holiday season seems like a good time to put together a wish list for Kentucky taxpayers. While all of these may not be on everyone’s list, it might be worth a wager of the usual amount that at least some are.
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