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  • Qualified Business Income (QBI) and The Rental Real Estate Safe Harbor (Rev. Proc. 2019-38)

    October 19, 2019

    This article takes a closer look at the safe harbor provisions detailed in Revenue Procedure 2019-38.  

  • Proposed changes to CPA Exam testing

    October 16, 2019

    Exam - 201 KAR 1:190. Two changes. The first is to allow for continuous testing. The other change is that the Board will allow a course(s) taken by an exam candidate at a school that is not accredited by one of the 6 regionally accreditation agencies to receive course credit if a KY college or university granted the course credit when the student enrolls in the university.

  • Proposed changes to CPE

    October 16, 2019

    A public hearing on this administrative regulation shall be held on October 21, 2019 at 1 p.m., EST at the office of the Board located at 332 W. Broadway, Suite 310 Louisville, Kentucky 40202.

  • Beyond mandatory repatriation and corporate rate change considerations 

    October 16, 2019

    Despite the possible simplification intentions of the Tax Cuts and Jobs Act (TCJA) of 2017, income taxes for corporations are as complex as ever, and, therefore, so are the accounting for income taxes (AIT) considerations. Whether it be under U.S. GAAP ASC 740 or International Financial Accounting Standards (IFRS) IAS 12, the nuances are many and potential missteps lurk at every corner.  Beyond the mandatory repatriation and corporate rate change, companies of all sizes need to be aware that their AIT process may be much more complicated and that many of the decisions they made in 2017 and 2018 will impact them for years to come.

  • Changes looming for Employee Benefit Plan auditors

    October 16, 2019

    What's changing and how to plan for the transition. Find out more at the Employee Benefit Plans Conference on October 29. 

  • IRS grants relief for U.S. persons who own stock in certain foreign corporations

    October 1, 2019

    The Department of the Treasury and the Internal Revenue Service today issued Revenue Procedure 2019-40 and proposed regulations that provides relief to certain U.S. persons that own stock in certain foreign corporations.

  • IRS relief provides drought-stricken farmers, ranchers more time to replace livestock

    September 30, 2019

    Farmers and ranchers who were forced to sell livestock due to drought may have an additional year to replace the livestock and defer tax on any gains from the forced sales, according to the Internal Revenue Service.

  • IRS releases draft 2019 Forms 1065, 1120-S, and Schedules K-1

    September 30, 2019

    Today the IRS issued a draft of the tax year 2019 Form 1065, U.S. Return of Partnership Income (PDF), and its Schedule K-1, Partner’s Share of Income, Deductions, Credits, etc (PDF). The changes to the form and schedule aim to improve the quality of the information reported by partnerships both to the IRS and the partners of such entities.

  • IRS releases new Tax Gap estimates

    September 26, 2019

    The Internal Revenue Service today released a new set of tax gap estimates on tax years 2011, 2012 and 2013. The results show the nation's tax compliance rate is substantially unchanged from prior years.

  • 5 tips for networking newbies

    September 25, 2019

    Networking: a 10-letter word that many ac­countants don’t necessarily learn the value of until later in their career. The catch here? Networking starts early on in one’s career, similar to planting a seed, watering that seed and watching it flourish into a beau­tiful plant. Making the decision to start networking can feel a little overwhelming — the hardest part is first planting the seed. The rest is easy!