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Kentucky cuts income tax rate to 3.5%
Kentucky lawmakers have finalized a reduction in the state’s individual income tax rate from 4% to 3.5%, effective in 2026. This decision, supported by Republican Gov. Andy Beshear, reflects a continued effort by the GOP to lower taxes since gaining legislative control in 2017. Republican Sen. Chris McDaniel stated: “We’ve added another thing that’s fairly…
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Deloitte pays $5m to Rhode Island over data breach
Deloitte has agreed to pay $5m to cover two months of state-paid health-care coverage by Blue Cross & Blue Shield and Neighborhood Health for about 2,000 people unable to enroll through the shuttered HealthSourceRI website. The situation arose from the December data breach of the public benefits and health insurance system.
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Tax Court rules against electrical worker’s deduction claims
In a recent ruling, the United States Tax Court upheld the IRS’s determination of a $27,820 deficiency and a $5,564 accuracy-related penalty against Thomas W. Langlois for the 2015 tax year. The court found that Langlois was not entitled to deduct unreimbursed employee business expenses or partnership losses from his companies, Forbearance Power Line Construction,…
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What to know about qualifying for the Earned Income Tax Credit
The IRS is urging tax filers to take advantage of the Earned Income Tax Credit (EITC), which can provide up to $7,830 for eligible low to moderate-income workers. The IRS noted that “one in five eligible taxpayers” often overlook this credit, resulting in missed financial benefits. As of December 2024, approximately 23m families received around…
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New shareholders boost Fredrikson’s expertise
Jonathan Landon and William Daly have joined Fredrikson as shareholders, enhancing the firm’s capabilities in tax planning and corporate law. Landon specializes in federal and state tax matters, advising high-net-worth families and business owners on various issues, including estate planning. Daly focuses on corporate law, particularly in mergers and acquisitions, and provides counsel on business…
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New Jersey simplifies tax relief process
New Jersey is set to streamline its property tax relief programs with a single application for seniors aged 65 and older, disabled homeowners, and mobile homeowners. This new form, known as the PAS-1, will replace previous applications for the senior freeze and ANCHOR programs, making it easier for residents to access benefits. Treasurer Elizabeth Maher…
