Kintsugi AI

Stay updated on Kentucky's Sales Tax changes in 2024! From new luxury surcharges to expanded online tax compliance, these updates affect businesses and consumers alike. Don't miss out on essential details to stay compliant.

Transcript

1. KEY UPDATES AND INSIGHTS FOR BUSINESSES AND CONSUMERS trykintsugi.com
2. KEY SALES TAX RATE OVERVIEW General Sales Tax in 2024 Kentucky’s statewide sales tax rate remains at 6%, unchanged from 2023. No additional local sales tax—ensures uniformity across the state.
3. WHAT’S NEW IN 2024? Rate Increase: State sales tax increased to 6.5% as of January 2024. NOTABLE CHANGES Services like lawn care, personal training, and digital subscriptions are now taxable. Began in February 2024. EXPANDED TAX BASE: LUXURY TAX: 2% surcharge on luxury items (jewelry, vehicles > $100,000). Effective May 2024.
4. E-COMMERCE AND MARKETPLACE SALES Threshold: $100,000 in sales or 200 transactions triggers tax collection. Marketplace Facilitators: Must collect and remit taxes for third-party sellers. Stronger Enforcement starting March 2024. ONLINE SALES TAX UPDATES
5. OUR TEAM EXCISE TAXES IN KENTUCKY Alcoholic Beverages: $2.50/barrel (beer), $1.92/gallon (spirits). Tobacco Products: $1.10/pack of cigarettes, 15% of wholesale price (others). Fuel: $0.26/gallon (gasoline).
6. USE TAX USE TAX REQUIREMENTS REQUIREMENTS UNDERSTANDING USE TAX Applies to out-of-state purchases used in Kentucky. Rate matches sales tax: 6%. Paid directly by consumers if not collected by the seller.
7. TAX COMPLIANCE TAX COMPLIANCE SIMPLIFIED SIMPLIFIED New digital platform for tax filing (April 2024). Reduces admin burden for businesses Regular filing ensures compliance— avoid penalties and interest. 01 02 03
8. Physical & Economic Nexus Physical Nexus: Stores, employees, property in Kentucky. Economic Nexus: $100,000 in sales OR 200 transactions. Applies to remote sellers and marketplace facilitators.
9. KENTUCKY KENTUCKY TAX BENEFITS TAX BENEFITS Why Kentucky Stands Out Simplified tax system with no local sales taxes. Consistent rates across goods, services, and digital products. Compliance tools for businesses.
10. CONNECT CONNECT WITH US WITH US +1 (415) 840-8847 Phone Mail Website Address trykintsugi.com 156 2nd St, San Francisco, CA 94105, United States growth@trykintsugi.com