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  • Making partnership more appealing to younger generations    

    March 20, 2019

    Making partner isn’t what it used to be. CPAs no longer go door to door to sell commodities like tax returns and audits. Accountants are no longer interested in one career or staying with just one firm. Staff don’t want to put in the hours, equity or sweat. They don’t want to hear “Let’s talk when you start bringing in business.” Fewer staff are stepping up and willing to do “what it takes” to make partner. They are not like us. Sound familiar? 

  • How are our yellow book engagements

    March 20, 2019

    The 2018 Revision to Government Auditing Standards (GAGAS) was released in July 2018 and is effective for periods ending on or after June 30, 2020, and for performance audits beginning on or after July 1, 2019. Because the Revision addresses requirements for the entire period under audit, we will want to understand what these changes are before July 1, 2019.

  • HB 354

    February 18, 2019

    The Kentucky General Assembly continued its work in the 2019 regular session on a number of legislative fronts last week, with no bill more important to the Kentucky Society of Certified Public Accountants than House Bill 354, a legislative measure introduced to address several unintended consequences of the tax reform package passed during the final hours of the 2018 session.

  • IRS KICKS OFF 2019 TAX-FILING SEASON

    February 5, 2019

    Use IRS.gov to avoid phone delays. The IRS expects the first refunds to go out in the first week of February and many refunds to be paid by mid- to late February like previous years. The IRS reminds taxpayers to check “Where’s My Refund?" (http://bit.ly/My2018TaxRefund) for updates. Demand on IRS phones during the early weeks of tax season is traditionally heavy, so taxpayers are encouraged to use IRS.gov to find answers before they call.

  • Awareness critical to understanding cybersecurity risks

    February 4, 2019

    The cyber crooks are getting smarter, and we need to be ready to protect our systems and our clients’ data. In its simplest form, a cyber threat is defined as “the possibility of a malicious attempt to damage or disrupt a computer network or system.” Our goal is to prevent those attempts from being successful. Threats are broken up into three primary categories--remote exploits, social engineering and insider threats.

  • IRS update on shutdown impact on tax court cases; important information for taxpayers, tax professionals with pending cases

    January 25, 2019

    The United States Tax Court’s website announced that the Tax Court shut down operations on Friday, December 28, 2018, at 11:59 p.m. and will remain closed until further notice. The IRS reminds taxpayers and tax professionals the Tax Court website is the best place to get information about a pending case.

  • Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction

    January 18, 2019

    WASHINGTON — Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).

  • IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

    January 16, 2019

    WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

  • IRS operations during the appropriations lapse

    January 15, 2019

    Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying tax laws remain in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making payments and deposits with the IRS, as they are required to do by law.

  • General Assembly ends special session in less than 24 hours

    December 19, 2018

    On Tuesday evening, the Kentucky General Assembly adjourned the special legislative session that began less than 24 hours earlier. Gov. Matt Bevin announced the session at a press conference at 3:45 p.m. on Monday, asking legislators to report to Frankfort that night by 8 p.m.