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  • Awareness critical to understanding cybersecurity risks

    February 4, 2019

    The cyber crooks are getting smarter, and we need to be ready to protect our systems and our clients’ data. In its simplest form, a cyber threat is defined as “the possibility of a malicious attempt to damage or disrupt a computer network or system.” Our goal is to prevent those attempts from being successful. Threats are broken up into three primary categories--remote exploits, social engineering and insider threats.

  • IRS update on shutdown impact on tax court cases; important information for taxpayers, tax professionals with pending cases

    January 25, 2019

    The United States Tax Court’s website announced that the Tax Court shut down operations on Friday, December 28, 2018, at 11:59 p.m. and will remain closed until further notice. The IRS reminds taxpayers and tax professionals the Tax Court website is the best place to get information about a pending case.

  • Treasury, IRS issue final regulations, other guidance on new qualified business income deduction; Safe harbor enables many rental real estate owners to claim deduction

    January 18, 2019

    WASHINGTON — Today the Treasury Department and the Internal Revenue Service issued final regulations and three related pieces of guidance, implementing the new qualified business income (QBI) deduction (section 199A deduction).

  • IRS waives penalty for many whose tax withholding and estimated tax payments fell short in 2018

    January 16, 2019

    WASHINGTON — The Internal Revenue Service announced today that it is waiving the estimated tax penalty for many taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year.

  • IRS operations during the appropriations lapse

    January 15, 2019

    Due to the lapse in appropriations, most IRS operations are closed during the shutdown. An IRS-wide furlough began on December 22, 2018, that affects many operations. During this period, the IRS reminds taxpayers that the underlying tax laws remain in effect, and all taxpayers should continue to meet their tax obligations as normal. Individuals and businesses should keep filing their tax returns and making payments and deposits with the IRS, as they are required to do by law.

  • Tax expenditures task force releases report

    December 19, 2018

    The Task Force on Tax Expenditures, a bipartisan group of legislators charged with examining the commonwealth’s tax expenditures, released its report on December 13. Kentucky statute defines a “tax expenditure” as the estimated amount of revenue loss resulting from an exemption, exclusion, or deduction from the base of a tax, a credit against the tax, a deferral of a tax, or a preferential tax rate. The group’s 38-page report mainly consists of the minutes of each of its four meetings, along with six recommendations.

  • General Assembly ends special session in less than 24 hours

    December 19, 2018

    On Tuesday evening, the Kentucky General Assembly adjourned the special legislative session that began less than 24 hours earlier. Gov. Matt Bevin announced the session at a press conference at 3:45 p.m. on Monday, asking legislators to report to Frankfort that night by 8 p.m.

  • Individual federal income tax planning

    December 17, 2018

    It’s beginning to look a lot like….tax time! Looking back at all of the tax law changes, interpretations and developments each month, this has been quite an interesting and eventful year. Between changes to the Federal tax code, Kentucky income and sales taxes, and the Wayfair case, accountants have had their hands full for some time. With all of the changes in mind, what can taxpayers do before year-end to be better prepared and maximize their federal tax savings?

  • 2019 legislative preview

    December 17, 2018

    Expect calmer waters next year in Frankfort. The upcoming 2019 session, a 30-day or “short” session, kicks off on January 8, when the General Assembly will meet for four days to file legislation, formally elect leaders and assign committee chairs before breaking until February 5. The session is slated to end on March 29. Throughout the session, KyCPA will advocate for our members on tax, license and general business issues, and any other issue that affects the CPA profession. Below is a preview of some of the key issues we’ll be closely watching next year. 

  • President's message: Help usher in new CPAs into the profession

    December 17, 2018

    Becky Phillips, CPA shares how the Society and you can help usher in new CPAs into the profession and impress upon your fellow CPAs the importance of keeping the CPA license once they have earned it.