As the pace of change in our world accelerates, businesses rely on public accountants less to know all the rules and more to develop solutions. The upcoming changes in the CPA exam are intended to emphasize this increasing need for critical thinking, professional judgment and problem-solving skills. Although the needs of the profession are changing, are the professionals themselves changing? Personality plays a role in the development of higher-order thinking skills and the personality of accounting students has changed little over time.
Thursday, April 14, 2022, marked the end of the 60-day Regular Session of the Kentucky General Assembly with the passage of significant legislative reforms, tax modernization, and the next two-year budget for the Commonwealth. With supermajorities in both chambers of the General Assembly, Republicans passed overrides on multiple Gubernatorial vetoes; however, differences were not limited to party affiliation alone. House and Senate Republicans compromised on various budget proposals, tax reform, and re-districting bills. Political differences aside, the General Assembly and the Governor agreed upon non-controversial measures, including tornado aid, unemployment insurance relief, and CPA scholarship opportunities.
Everyone dreams of waking up without alarm clocks, on sunny beaches and no longer having to go to work. People have realized that they can make this a reality without working into their sixties and seventies through the FIRE lifestyle. FIRE stands for Financial Independence, Retire Early.
What is lean accounting? Lean accounting is the application of lean thinking to all accounting systems and processes to achieve two primary goals – for accounting to serve its customers better and improve the productivity of accounting systems and processes.
Kentucky’s ad valorem real property tax is perhaps the oldest tax on the books in the Commonwealth, adopted in 1792. Real property tax is rooted in the Kentucky Constitution, which requires that all non-exempt property be assessed annually by January 1, at its fair cash value, estimated at the price the property would bring at a fair voluntary sale. Ky. Const. § 172; KRS 132.191(1). Valuation is the heart of real property taxation.
You are looking at the devastation and aftermath of the recent storms and tornadoes and wonder how we are ever going to recover. Take a deep breath and pace yourself! This has happened before and the communities have recovered. I know it is easier said than done. Everyone’s comfort zone has disappeared.
Non-fungible tokens (NFTs) really came to the forefront in 2021 as another way to utilize blockchain technology as well as digital currencies. The marketplace for NFTs continues to grow as more and more individuals create digital content to be sold. Additionally, the emergence of celebrities and influencers in the NFT community has helped garner more attention from the everyday individual who otherwise may not be interested in these items.
Changes to the nation’s tax system are on the horizon, and one of the biggest impacts will likely be a reinvigorated, well-funded IRS. And a well-funded IRS certainly means an increase in IRS audits. Businesses and high-income individuals would be well-advised to get their houses in order ahead of a potential wave of aggressive IRS reviews of tax returns and the consequent audits.
By Mark A. Loyd, JD, CPA - A lot is going on with Kentucky taxes of which businesses should be aware, from actual and potential changes to Kentucky’s tax system to changes in tax regulations to tax case developments.
On February 16, 2022, KyCPA's Day at the Capitol wrapped up with a successful turnout of Society members, key legislators, and policy staff. Approximately 50 legislators and staff attended the grab-and-go breakfast in the Kentucky Capitol Annex Building with visits from House Republican Leadership, House Appropriations & Revenue (A&R) Committee legislators and staff and over 20 members of KyCPA.
