Countless retirement provisions will take effect in the coming years because of the act. This article outlines the ones to take note of during your 2023 planning, including: RMD age increase RMD excise tax reduced Qualified charitable distribution rules eased Longevity annuity contract limits lifted Roth treatment allowed for matching or non-elective contributions Credits increased for small-employer retirement plans
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).
This article sets out to provide commentary on the extant body of literature in the stream of behavioral research in accounting. More specifically, the discussion that follows will focus on existing research examining the psychological effects and subsequent job outcomes of the busy season workload in US public accounting firms. Although anecdotal evidence seems to have been around for decades, scientific research exploring this relationship has been scarce in accounting literature until recent years. Based upon important recent research findings, public accounting firms can develop policies to promote an organizational culture that will help mitigate the negative effects of tremendous workloads that accounting professionals encounter during peak seasonal demands.
KyCPA CEO Darlene Zibart shares highlights from 2022 and a look ahead to 2023.
The upcoming 2023 Legislative Session will begin on Tuesday, January 3, 2023, kicking off the 30-day “short” Session that is scheduled to end on March 30, 2023. Kentucky legislators will convene in the first week of January, take a break, and then reconvene at the beginning of February to finish the Session.
The prevalence of occupational license taxes on wages and net profits imposed by local tax districts in Kentucky underscores Kentucky local tax districts’ dependence on these taxes for revenue. The Commonwealth has historically been dependent on taxes based on income as well but has recently moved away from income-based taxes to become more competitive. Local occupational taxes are significant. For Kentucky to become competitive, should not local taxes be addressed as well?
The Inflation Reduction Act of 2022 includes significant climate-related provisions that may impact some of your tax clients. This article covers: Provisions for sustainable energy households Nonbusiness energy property credit Residential energy-efficient property credit Energy-efficient home credit Clean vehicle credits
For this issue of KyCPA’s 2022 Journal, P. Anthony Allen provide a recap of KyCPA’s 2022 policy wins and explain how your investments through membership and via contributions to the Political Action Committee (PAC) impact the laws, rules, and regulations that affect Kentucky CPAs.
The Employee Retention Credit (ERC) is a generous credit of up to $5,000 per employee for the year (March 13 to December 31, 2020) and up to $7,000 per employee per quarter (January 1 to September 30, 2021, though a recovery startup business may claim ERC through December 31, 2021). The potential ERC for any eligible employer could be quite significant.
Meet Olivia Davis, University of Kentucky Professor, who tells us about "catch-ups", a tool she uses to connect to her students in a meaningful way.
