By Mark A. Loyd, JD, CPA Equal protection in real property tax matters – a lot to all Kentucky taxpayers. Imagine that property you lease and on which you are required to pay the property taxes is assessed at double or triple the assessment value of nearby similar properties. Imagine that in assessing the value of your property, the Property Valuation Administrator used an assessment methodology that is different from the methodology used to assess other properties in the county. What if the PVA purposefully singled you out for increased assessments? What if the PVA identified no rational basis for computing your assessment value differently from other real property taxpayers? Should that violate equal protection? Is this issue of statewide importance?
By Greta Gudmundsson, CPA On July 3, Congress passed the “One Big Beautiful Bill Act” (OBBBA), marking a significant overhaul to federal tax policy and the President signed it into law on July 4.
The following is select recent federal and Kentucky developments that you may find interesting.
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 The tax rate was a flat 3 percent on income over $800, later repealed in 1872; then, the 16th Amendment took effect on February 25, 1913, which established Congress’ right to impose a federal income tax, which is still in effect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.
