Note: For all past announcements/updates check out our Update Archives page.
Implementation of LMRC Regulations Circular Updated
This notice announces that the Occupational License net profit filings for tax year 2023 will be regarded as a transition period for purposes of the Louisville Metro Revenue Commission’s (LMRC) enforcement and administration with respect to the implementation of the amendments made to the LMRC regulations effective Jan. 1, 2022 regarding the registration and filing of net profit returns for single member limited liability companies (SMLLC) where the member is an individual, under section §1.04 and §1.07 of the LMRC regulations.
The updated circular can be found on our Forms and Publications page.
Form 1099-K filing requirement, Sports Wagering outlined in updated Regulations; TID Information and FAQs added; Tax Calendar Updated
Louisville Metro Revenue Commission Regulations
In November 2023, the Commissioners of the Louisville Metro Revenue Commission (LMRC) voted to adopt changes to the Occupational License Tax Regulations as part of the LMRC’s annual review.
The Regulations explain and clarify the rules and procedures used by the LMRC in its collection of the occupational license tax on net profits and wages.
Here are highlights of some of the changes made for the 2024 tax year:
- §1.03(A)(15) Sports Wagering: This exemption was added to confirm that net profits from sports wagering by persons licensed to do so under Kentucky Revised Statutes (KRS) 230.811 and 230.814 will not be assessed an Occupational Licenses tax on net profits.
- §1.07(M) Filing requirement for form 1099-K: All entities that conduct business as a payment settlement entity, facilitator, or intermediary, for customers (payees) conducting business in Louisville Metro are required to file the 1099-K form(s).
- Businesses which are required under the Internal Revenue Code to issue form 1099-K are required to submit form(s) 1099-K to the LMRC on or before February 28th of each year for every business entity or individual (payee) doing business in Louisville Metro whose annual transaction totals meet or exceed the exception threshold as defined under Internal Revenue Code §6050W(e), which is currently $600.
- The LMRC filing requirements for form 1099-K mirror those of the IRS.
- For additional information regarding the businesses required to file, the filing threshold, and information required, please see Internal Revenue Code §6050W.
- §1.01 Definitions: Minor explanations and changes were made to the definitions section, including clarifications on the definitions of Residential Real Property and Other Undefined Terms.
For in-depth information please visit our LMRC Regulations page.
Tourism Improvement District Assessment (TID)
The Louisville Metro Revenue Commission (LMRC) now collects a Tourism Improvement District (TID) Assessment on behalf of the Greater Louisville Lodging Management District (GLLMD). The TID Assessment is imposed on 1.5% of gross short term room sales at hotels throughout Louisville Metro with 51 or more rooms.
For more information and FAQs check out the TID Assessment page.
2024 Tax Calendar
The LMRC’s tax calendar has been updated to reflect the 2024 tax season. Note: Per the Louisville Metro Code of Ordinances (LMCO) §110.11, the due dates for all 1099, W-2, and W-3 forms for the 2023 tax year will remain February 28, 2024, despite 2024 being a Leap Year.
Head to our Tax Calendar for all upcoming tax filing dates.
New page added to eMINTS 101 Section
Individuals or businesses that are registered with the Louisville Metro Revenue Commission (LMRC) can now check to see if they are in good standing and compliant with all filing and payment requirements. As a result of this recent change, we have added the following page to our eMINTS 101 section: Compliance Certification.
The new page gives step-by-step instructions for individuals or businesses to check their own compliance with the Louisville Metro Revenue Commission, how to print a compliance certificate, and what to do if they are non-compliant.
New page added to eMINTS 101 Section; Electronic Filing Requirements page updated; Online Booking Platform info added
Client Account ID Lookup
Individuals or businesses that have a third-party logon to eMINTS now have the ability to look up client account IDs through our online tax portal. As a result of this recent change, we have added the following page to our eMINTS 101 section: Looking Up Client Account IDs.
The new page walks individuals or businesses that have a third-party logon through the process of checking account IDs on eMINTS and what kind of messaging to expect.
Electronic Filing Requirements
*Effective January 2024
For Taxpayers: Any employer, employee, business entity, and third-party payroll reporting agent, natural person, or other taxpayer who files more than 25 returns, forms, or reports per year must file the following forms electronically.
For Tax Preparers: Any tax return preparer that files, or reasonably expects to file, 10 or more returns, forms, or reports per year must file the following forms electronically.
- Withholding Forms - W-1, W-2, W-3
- Federal Form 1099 and LMRC Form 1099-SF
- OL-3 Forms
- Family Limited Partnership Exemption
- Venture Capital Exemption
Online Booking Platforms
The following has been added to our Transient Room Tax page:
Online Booking Platforms: Any registered Online Booking Platform (Airbnb, Evolve Vacation Rental Network Inc, Homeaway.com Inc, Travelscape LLC, Rocket Travel Inc.) will use the 'Online Booking Platform' account type to file and pay monthly returns.
Check out our Transient Room Tax page for more information, Transient Room Tax forms, and FAQs.
LMRC adopts Transient Room Tax Regulations; FAQs posted to website
The Louisville Metro Revenue Commission (LMRC) has adopted Transient Tax Regulations pertaining to the implementation and enforcement of the taxes imposed by the Louisville Metro Code of Ordinances (LMCO) §121.01 effective July 1, 2023.
Electronic Filing Requirement: Effective July 1, 2023 all business entities, booking platforms, or persons which are subject to the filing requirements of LMCO §121.01 shall electronically file all returns, forms, reports, statements, and/or reconciliations. In order to file online, taxpayers must have an eMINTS account.
Note: Hosts that book exclusively through an online booking platform are no longer required to file a transient return with the LMRC and should close their transient account.
Transient Room Tax page Updated
The LMRC's page focused on transient tax has been updated to include all transient room tax information and forms, the new Transient Room Tax Regulations, FAQs, and examples of transient tax scenarios.