On Friday, March 28, the Kentucky General Assembly adjourned sine die from the 2025 legislative session. With the final stroke of the gavel, we marked not only the end of the legislative session, but also the last time the Kentucky General Assembly will meet in those chambers, at least for the next few years. While the massive marble and granite structure has dominated the landscape of Frankfort for more than a century, the Capitol closed this summer for extensive renovations, with lawmakers meeting in a temporary structure next door until the work is completed.
By Collin Temple, CPA, CCIFP In the world of construction accounting, the allocation of indirect costs, or overhead, continues to be one of the most consequential and misunderstood areas in both financial reporting and job costing. For CPAs working with contractors, a clear grasp of indirect cost allocation is not just a technical exercise but a strategic opportunity to enhance financial accuracy, improve competitiveness, and support better business decisions.
Lee Ann Watters, CPA, is a Director in the Assurance Services practice at Cherry Bekaert LLP, based in the firm's Lexington office. She specializes in serving government and not-for-profit entities, bringing extensive expertise and a deep commitment to public sector financial excellence. A dedicated KyCPA member for more than 27 years, Watters has contributed significantly to the Society’s mission through various leadership roles. In addition to her service on the KyCPA Board of Directors, she is an active member of the Nominations and Awards Committee, Finance Committee, and the Accounting and Auditing Committee.
Throughout the 2024–2025 fiscal year, the Kentucky Society of CPAs (KyCPA) made it a top priority to connect with members, students, educators, firms, and businesses across the Commonwealth. With more than 440 touchpoints across more than 50 cities, KyCPA’s presence was felt in communities large and small. These visits served many purposes—from advancing the CPA pipeline to strengthening relationships with current and future members.
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.
