Tax Reform

State tax reform resources

The Kentucky General Assembly passed a significant tax reform bill (HB 487) on April 14, 2018, and it officially became law on April 27. KyCPA is working with the Kentucky Department of Revenue on guidance and will continue to provide more information on the law as it becomes available. 

Most of the income tax changes are effective January 1, 2018, while most of the sales tax changes, including the expansion of the tax to certain services, are effective July 1, 2018.

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Federal tax reform resources

Congress made significant changes to the federal tax code with passage of the Tax Cuts and Jobs Act of 2017. See links below for the most up-to-date information.

News Release from IRS: Jan. 18, 2019 - Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction