Form 40a727 - Income Tax Forms Requisition (Page 4 of 6) in pdf

Form 40a727 - Income Tax Forms Requisition Page 4

N N N N N o o o o o v v v v v ember 2007

ember 2007

4 4 4 4 4

K K K K K entucky

entucky

entucky T T T T T ax A

ax A

ax Aler ler ler ler lert t t t t

ax A

Estimated Tax Payment Deadlines

Kentucky Tax Alert comments and suggestions should be

Individual income taxpayers are reminded that final 2007

addressed to the Office of Public Information, Finance Secretary’s

quarterly estimated tax payments are due on Jan. 15,

Office, Frankfort, Kentucky, (502) 564-9165, ext. 4500.

2008. Final 2007 estimated corporation income tax

payments of 25 percent are due on Dec. 15, 2007.

, Governor

RNIE

LETCHER

, Secretary

IKE

URNSIDE

Taxpayers who have not yet made their April 15, June

Finance and Administration Cabinet

15 or Sept. 15, 2007 estimated payments should submit

, Commissioner

those payments on or before Jan. 15, 2008 to minimize

OHN

Department of Revenue

underestimation penalties.

Tax Interest Rate for 2008 Remains at 8 percent

Editor ............................................................ Jill Midkiff

Production/Design ............................... Support Services

Publications Coordinator ......................... Sarah Gilkison

The tax interest rate for Jan. 1, 2007 through Dec. 31,

2007 will be 8 percent. KRS 131.183(1) provides, in

part, that “the commissioner of revenue shall adjust the

The Kentucky Department of Revenue does not discriminate on

tax interest rate not later than November 15

of any

the basis of race, color, national origin, sex, religion, age or

disability in employment or the provision of services.

year, … if the adjusted prime rate charged by the banks

during October of that year, rounded to the nearest full

percent, is at least one (1) percentage point more or less

The Department of Revenue can be found at

than the tax interest rate which is then in effect.” Under

KRS 131.010(5), the definition of the adjusted prime rate

charged by banks means “the average predominant prime

rate quoted by commercial banks to large businesses, as

determined by the board of governors of the federal

reserve system.” In compliance with these provisions,

an annual survey is conducted of selected banks in

Kentucky that charge a prime rate to their preferred

customers.

The Wall Street Journal defines prime rate as “the base

rate on corporate loans posted by at least 75 percent of

the nation’s 30 largest banks.”

Form 40a727 - Income Tax Forms Requisition Page 4

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