2024 was another eventful year for the Kentucky General Assembly during the spring Legislative Session, with the passing of various policy reforms. Policymakers made significant modifications to Kentucky’s tax code with major impacts on the state’s business community.
The AICPA and NASBA have proposed changes to the Uniform Accountancy Act (UAA), a key document that sets national professional standards for CPAs. The proposed updates aim to maintain consistency while providing flexibility in response to market changes.
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.
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
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.
As the New Year approaches, the CPA profession continues to serve a substantial leadership role in business, tax, and advisory services across the Commonwealth. The 2024 Legislative Session will focus on Kentucky’s next biennial budget with accompanied tax reform discussions. At a national level CPAs continue to discuss multiple pathways to the education, licensure, and experience needed to address the declining number of students entering the profession while balancing the ability of CPAs to practice across state lines. As federal issues like beneficial ownership information reporting and PCAOB oversight intensify, the profession will need to meet a variety of challenges.
On Wednesday, February 8, KyCPA held its annual CPA Day at the Capitol with approximately 30 CPA members traveling from across the Commonwealth to participate in the event.
