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The business and occupation tax (often abbreviated as B&O tax or B/O tax) is a type of tax levied by the U.S. states of Washington, West Virginia, and, as of 2010, Ohio, [1] and by municipal governments in West Virginia and Kentucky. [2] It is a type of gross receipts tax because it is levied on gross income, rather than net income.
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The official start date for electronic filing of tax year 2023 Kentucky returns began Jan. 23, according to the state's tax office. The Internal Revenue Service will begin accepting and processing ...
Various state and local taxing authorities in the US require an employer or the employee to withhold and remit a tax on the wages paid to an employee. Some states require both the employer and employee to remit a portion of the total occupational privilege tax (OPT), while others only require one or the other to do so. [1]
This tax applies to a "dividend equivalent amount," which is the corporation's effectively connected earnings and profits for the year, less investments the corporation makes in its U.S. assets (money and adjusted bases of property connected with the conduct of a U.S. trade or business). The tax is imposed even if there is no distribution.
On May 23, 2014, the Kentucky Court of Appeals ruled that the "Stivers amendment", passed as part of KY HB 499 "Tax Amnesty" legislation in 2012, did not violate the state's constitution. The measure essentially canceled the effect of court rulings that would have enabled Corbin to keep all the revenue from the tax generated inside the city limits.
The change is the result of Kentucky Republicans’ support of House Bill 8, itself a vehicle for eventually doing away with the state’s 5% income tax, the Herald-Leader previously reported.
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