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?
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
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 The tax rate was a flat 3 percent on income over $800, later repealed in 1872; then, the 16th Amendment took effect on February 25, 1913, which established Congress’ right to impose a federal income tax, which is still in effect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.
Each Issue in 2024 of The Kentucky CPA Journal will contain historical content in celebration of our 100-Year anniversary.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.
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.
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.
Abby Rich, CPA, shares advice for those working towards a career as a CPA.
KyCPA's 100-Year Anniversary Celebration has begun! At the Holiday Luncheon on December 8, 2023 we officially kicked off our celebration. Throughout the upcoming year, we invite you to join us on a journey through the rich history of CPAs in Kentucky and toward the promising future of your noble profession. Visit kycpa.org/100 and explore the many ways we are commemorating this milestone. On June 14, we'll be hosting a dazzling party with a Roaring 20s theme at the Olmsted, in Louisville starting at 6 p.m. Embrace the Roaring 20s theme and come dressed to impress! It promises to be an unforgettable evening featuring dinner, music and dancing. Tickets are $50 per person, you may reserve a table or be a Table Sponsor. For those looking to contribute more to this momentous occasion, we have additional sponsorship opportunities.
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.
There were many big state tax issues for 2023. This article looks at the following: Alternative apportinment PTET entities Remote workers PL 86-272 Unequal and non-uniform property tax assessments
