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  • 2018’s top 10 biggest tax developments in Kentucky

    December 17, 2018

    2018 has seen quite a few significant tax developments. Following are the ten biggest.

  • CPA Exam advice: By Michael Kimble

    December 17, 2018

    Perfect score on Audit. Passed all sections on the first try with an average score of 96.5. Eligible for the Elijah Watt Sells Award. When I started studying in January 2018, I didn’t expect these statements to describe me. I planned to give it my best effort, but also planned on needing to retake a section or two. I’ve had a few people ask me about my strategy so I wanted to write this to share with anyone interested. There are many good strategies to pass the CPA exam. This is what worked for me. Find what works for you, stick with it, and you can pass this exam.

  • KyCPA testifies in favor of updated rate schedule for government audits

    November 14, 2018

    Before the Government Contract Review Committee in Frankfort on Tuesday, KyCPA representatives testified in favor of updating the maximum rate schedule for government auditing services, which hasn’t been changed since 1999. The legislative committee comprised of House and Senate members reviews personal service contracts by state agencies and establishes rate schedule policies.

  • Republicans maintain firm control of Kentucky legislature

    November 14, 2018

    n the end, it wasn’t a November to remember for Kentucky Democrats. The party had high hopes of pouncing on the public pension controversy and making a significant dent in the GOP’s supermajorities in both chambers of the General Assembly. However, Election Day on November 6 ended with results similar to the so-called red wave two years ago – Republicans only lost one net seat in the House and gained one seat in the Senate.

  • The new 20 percent QBI deduction

    November 14, 2018

    The computation of the QBI deduction may actually be made easy by our software programs. However, putting in the proper information into the system, the definitions of each item in computing the deduction, the determination of which trades or businesses qualify for the deduction, and planning to maximize the deduction will make the computation more complex than our clients may believe it should be.

  • New depreciation rules: Tax planning opportunities

    November 6, 2018

    The Tax Cuts and Jobs Act (TCJA) has reformed business taxation with many changes to depreciation and the expensing rules for business assets. Little attention has been drawn to depreciation changes, but the new rules offer new opportunities for additional tax savings especially when applied with cost segregation.

  • KyCPA applauds Supreme Court decision to require publishing of final rulings

    November 2, 2018

    On November 1, the Kentucky Supreme Court affirmed the appellate court’s decision that the Department of Revenue must publish redacted final rulings, which will enhance transparency in the administration of our tax laws.

  • The importance of delegating responsibility

    August 23, 2018

    Delegation may be one of the best time-management tools and is key to a successful organization. As you’ve probably noticed by now, YOU can’t do everything. Your goal should be to delegate projects down into your organization and profit from the staffers underneath you.

  • State tax reform is law

    April 13, 2018

    The Kentucky General Assembly passed a significant a tax reform bill (HB 487) on April 14, 2018, and it officially became law on April 27. KyCPA is working with the Kentucky Department of Revenue on guidance and will provide more information on the law as it becomes available.