Whether you've moved from public accounting into corporate finance or you started your career as a corporate finance professional, at some point in your career you may find yourself asking a big question: Should I maintain my CPA license?
Put a good idea in the hands of CPAs, and they’ll find innovative ways to make it even better. That’s exactly what’s happening right now with the new .cpa web domain. When .cpa was launched in fall of 2020, there were plenty of good reasons for firms to take notice. For starters, it’s a practical way to enhance client trust – when clients see a firm with a .cpa domain they know it’s a firm they can trust rather than some questionable fly-by-night operation.
Manufacturing supplies matter! Manufacturers across the Commonwealth use manufacturing supplies in their manufacturing operations to produce many kinds of products. The Kentucky Supreme Court recently granted discretionary review in Century Aluminum of Kentucky, GP v. Department of Revenue, 2020-CA-0301-MR (Ky. App. July 9, 2021), discretionary review granted, 2021-SC-0300 (Ky. Feb. 16, 2022). This case involves the manufacturing supplies exemption of KRS 139.470(9)(b)2.b. The Court of Appeals relied upon an exception from the supplies exemption, i.e., “‘Supplies’ does not include repair, replacement, or spare parts of any kind…” and “The exemption … does not include repair, replacement, or spare parts[.]”, Id. at 2-3 (emphasis in original, quoting KRS 139.470(9)(b)2.b & (e)), to hold that the involved items were not tax-exempt. The Court of Appeals, borrowing heavily from the Circuit Court, focused its analysis on whether each item at issue, a repair, replacement, or spare part was because it was (or was not) “tangible personal property used to maintain, restore, mend, or repair machinery or equipment”. Id. at 3-4.
Performance, productivity, and … proximity bias? Leaders navigating hybrid work environments have new risks to watch for when trying to level up their leadership skills. We’re two-plus years into the ever-changing COVID era, and employers and employees alike are wondering what the future of work will look like. “Employees are happier and more productive when they work from home two or three days a week, so very few employers are forcing them back to the office full time,” Nicholas Bloom, a professor at Stanford University, told Forbes in May. Sure, it’s hard to argue that, but what comes next?
Kentucky’s ad valorem real property tax is perhaps the oldest tax on the books in the Commonwealth, adopted in 1792. Real property tax is rooted in the Kentucky Constitution, which requires that all non-exempt property be assessed annually by January 1, at its fair cash value, estimated at the price the property would bring at a fair voluntary sale. Ky. Const. § 172; KRS 132.191(1). Valuation is the heart of real property taxation.
As the pace of change in our world accelerates, businesses rely on public accountants less to know all the rules and more to develop solutions. The upcoming changes in the CPA exam are intended to emphasize this increasing need for critical thinking, professional judgment and problem-solving skills. Although the needs of the profession are changing, are the professionals themselves changing? Personality plays a role in the development of higher-order thinking skills and the personality of accounting students has changed little over time.
What is lean accounting? Lean accounting is the application of lean thinking to all accounting systems and processes to achieve two primary goals – for accounting to serve its customers better and improve the productivity of accounting systems and processes.
Everyone dreams of waking up without alarm clocks, on sunny beaches and no longer having to go to work. People have realized that they can make this a reality without working into their sixties and seventies through the FIRE lifestyle. FIRE stands for Financial Independence, Retire Early.
Thursday, April 14, 2022, marked the end of the 60-day Regular Session of the Kentucky General Assembly with the passage of significant legislative reforms, tax modernization, and the next two-year budget for the Commonwealth. 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. House and Senate Republicans compromised on various budget proposals, tax reform, and re-districting bills. Political differences aside, the General Assembly and the Governor agreed upon non-controversial measures, including tornado aid, unemployment insurance relief, and CPA scholarship opportunities.
By Mark A. Loyd, JD, CPA - A lot is going on with Kentucky taxes of which businesses should be aware, from actual and potential changes to Kentucky’s tax system to changes in tax regulations to tax case developments.
