Several changes to Kentucky’s tax code would enhance Kentucky taxpayers’ rights and increase fairness to Kentucky taxpayers. What is fairness anyway? Fairness is described as “lack of favoritism toward one side or another” by Merriam-Webster Dictionary, “evenhandedness” by Dictionary.com, and “the quality of being reasonable, right, and just” by Collins Dictionary. Following are some such enhancements, all of which are supported and suggested by the Kentucky Society of CPAs.
On Monday, April 15, the Kentucky General Assembly adjourned sine die, ending the 2024 60-day Legislative Session. With the passage of the Commonwealth’s two-year budget serving as the legislature’s top priority, tax policy updates, CPA educational modifications, and business legislation were enacted into law. Following Governor Andy Beshear’s re-election to a second term in November, an initial Executive Branch budget proposal was revealed in late December. Although the Governor can provide recommendations for funding the Executive Branch, the General Assembly has sole power over the state’s appropriations process. Kentucky operates on a two-year, biennial budget for all parts of its government. The 60-day Sessions are designed specifically to address the biennial budget and revenue matters.
Each issue in 2024 of The Kentucky CPA Journal will contain historical content in celebration of our 100-Year anniversary. In this issue the focus is the history of the Kentucky Society of CPAs and the CPA profession in Kentucky during 1950-1974.
KyCPA members benefits are continually evaluated to make sure the Society is meeting the needs of members. In the fall of 2023, more than 500 KyCPA members completed the latest member survey. Results of this survey help to reveal opportunities to better serve members and to grow as an organization. One opportunity is to combat some myths that some members may have regarding member benefits and services.
We celebrate our leaders all year-round but for March in honor of Women's History Month, we pay tribute to the remarkable women who have led the Kentucky Society of CPAs as Board Presidents and Chairs.
Each Issue in 2024 of The Kentucky CPA Journal will contain historical content in celebration of our 100-Year anniversary. In this issue the focus is the first 25 years of the Kentucky Society of CPAs and the CPA profession in Kentucky during that time. On June 19, 1924, W.A. Hifner, Jr., J. W. R. Bradford, and J. H. Youtsey, as the incorporators, obtained a corporate charter from the Secretary of State.
The KyCPA publishes an annual outline of legislative priorities. For 2024, the issues are: Guiding principles of sound tax policy Accounting pipeline Tax simplification Some federal priorities, including: Fiscal state of the nation Federatl tax extension "safe harbor" Beneficial Ownership Information (BOI) reporting
So, your company or client got audited by the Kentucky Department of Revenue (DOR), and it will not be a no-change audit. Instead, the DOR has informed the taxpayer that they will receive an assessment. What do you do?
KyCPA members from across the Commonwealth attended CPA Day at the Kentucky Capitol in Frankfort on January 31, 2024. Key policymakers in state government provided updates on the Legislative Session including Senate Majority Leader Damon Thayer, House Majority Caucus Chair Suzanne Miles, Department of Revenue Commissioner Tom Miller, and Executive Director of State Audits Matt Frey with Auditor of Public Accounts Allison Ball’s office.
The federal income tax has changed radically since its inception in 1861 during the Civil War. The tax rate was a flat 3 percent on income over $800, later repealed in 1872; then, the 16th Amendment took effect on February 25, 1913, which established Congress’ right to impose a federal income tax, which is still in effect today. Ironically, the Titanic sank not even a year prior, on April 15, 1912. Even though the first tax return under the 16th Amendment was due March 1, I have always believed that the Titanic sinking on the ultimate IRS deadline may have foreshadowed how many taxpayers feel about this recognizable date each year. Looking back over the last hundred years of the Accounting Profession in Kentucky, we want to highlight a few interesting facts in federal tax history, starting with the 1924–1949 era, compared to where we are now.
