The Kentucky Department of Revenue (KYDOR) frequently sends out notices to taxpayers that they owe additional taxes because a particular expense or itemized deduction has been disallowed, for example. This is a frustrating practice for tax professionals and taxpayers alike for many reasons; mainly because it is often more cost effective for our clients to pay the tax than pay our fees to protest or respond to these notices. It is the reality we all know and live by, as does the KYDOR.
Nate Littles, CPA, is a tax manager and shares advice for those working towards a career as a CPA.
Gentiana Shabani, CPA, is an internal auditor and shares advice for those working towards a career as a CPA.
Billy Ranney, CPA, is a client manager and shares advice for those working towards a career as a CPA.
I am a curious person about new technology and how I may utilize it in my personal and professional life. I have heard and read news reports about ChatGPT and decided that I would try it out for the first time. I searched ChatGPT in my Google search and it directed me to openai.com. It asked me to create a login and then under the product tab I selected ChatGPT. I was working on The Kentucky CPA Journal so I decided to ask the question "What is the biggest challenge for CPAs in the United States for 2023?" Read on to see the answer it provided.
A powerful new artificial intelligence (AI) bot, ChatGPT, is causing quite a stir in the business world, including in the accounting profession. Using a wide range of internet data, ChatGPT can help users answer questions, write articles, program code, and engage in in-depth conversations on a substantial range of topics. What makes ChatGPT sensational to some, besides the headlines of it passing the Bar Exam, various medical exams, and MBA exams, is its ability to hold human-like conversations with users. Essentially, AI developers designed neural networks in the technology to function similarly to the human brain. Because language is full of nuances and contextual differences, earlier versions of AI programs had not achieved as much success in this area. This article looks at what the bot does well, and what it does not.
Thursday, March 30, marked the end of the 30-day Legislative Session of the Kentucky General Assembly with the passage of significant policy reforms, technical corrections, and a new pass-through entity tax. With supermajorities in both Chambers of the General Assembly, Republicans passed overrides on multiple Gubernatorial vetoes. However, differences were not limited to party affiliation alone. Kentucky House of Representatives and Senate Republicans differed on various proposals, including sports wagering, medical cannabis, illegal gaming machines, education policies, and the phase out of the distilled spirits property tax. Political party differences aside, many bipartisan legislators and the Governor agreed upon many significant reforms in addition to an unemployment insurance cleanup, technical tax fixes, and a reduction of the individual income tax rate from 4.5 percent to 4 percent, effective January 1, 2024. Read on for a full review
Kentucky’s sales tax is not just a sales tax on tangible personal property. Beginning in 2018 and most recently in 2022, Kentucky has expanded its sales tax to more and more services. Do developments in the 2023 legislative session portend a slowdown or a pull back?
Myra Sheene, CPA, CFP, MBA, is a financial advisor and shares advice for those working towards a career as a CPA.
H.B. 8 recently passed in the state legislature and it has big implications, especially for software. What is the big issue with prewritten computer software now? It is prewritten computer software access services, which is one of the services made subject to sales tax by 2022 H.B. 8. Notably, unlike downloaded prewritten computer software which is taxed as tangible personal property, prewritten computer software access services are taxed as services. KRS 139.200(2)(ay).
