ANNOUNCEMENT FROM THE IRS (Feb.16): IRS provides further details on additional relief for certain partnerships preparing schedules K-2 and K-3 for 2021 Attend webinar on February 22 or February 24, 2022 (1-3 p.m. Eastern) Surgent's Preparing Schedules K-2 and K-3: Critical Tax Season Update for Reporting Foreign-Related Tax Information for Partnerships & S-Corporation (Includes IRS update from Feb. 16) The AICPA’s Tax Practice & Ethics Team has developed IRS Schedules K-2 and K-3 resources.
Eric Scott, Chair of the KyCPA Board of Directors, Taxation Committee Member, and Managing Director of Tax Services at Ernst & Young in Louisville, encourages your participation in our member survey to better understand the Society’s position on broadening the sales tax to professional services.
On Monday, November 15, President Biden signed the Infrastructure Investment and Jobs Act, the bipartisan infrastructure bill, into law. This legislation contains $550 billion in new spending including funding for roads and bridges, railroads, improvements to the power grid, broadband expansion, water infrastructure, public transit, and airports. There were few significant tax implications included in the bill except for a provision that terminates the Employee Retention Credit (ERC) after September 30, 2021.
By Mark A. Loyd, JD, CPA Kentucky’s manufacturing supplies sales tax exemption was recently addressed by the Kentucky Court of Appeals in Century Aluminum of Kentucky, GP v. Department of Revenue, 2020-CA-0301-MR (Ky. App. July 9, 2021), which held in favor of the Department of Revenue in an opinion designated not to be published. The taxpayer has filed a motion for discretionary review with the Kentucky Supreme Court. Should Kentucky’s highest court review Century Aluminum?
Deciding on the best audit approach isn’t a cookie-cutter process. While a long-standing relationship with a client or in-depth industry knowledge can give auditors a leg up, defining an effective audit approach requires careful consideration and planning for every engagement.
The one constant of technology is that it’s always changing. Keeping up with emerging technologies and tech lingo can be an overwhelming task. That’s why we pulled together this glossary to help you better understand 12 of the most common and popular tech terms you’ll hear about in the business and CPA world.
Using empathy, clear communication, and careful planning is key to retaining star employees when reopening the office.
COVID-19 is forcing women out of the workforce in record numbers. What do we lose when women leave the workplace, and how can we make it possible for them to stay?
Remember “grunge”? Did you once sport a look featuring Doc Martens, dark flannel shirts and torn jeans while listening to Pearl Jam and Nirvana? If so, you are right in style for the return of 1990s economics. It really has been almost twenty years since we have had to deal with anything approaching real inflation and now it has once again reared its very ugly head. There are many people in business that have never really encountered an inflation spike but they are learning all about it now. There are three pillars as far as inflation is concerned.
Because of the pandemic, the 2020-21 school year was very difficult for thousands of Kentucky elementary and high school students, but the heaviest burden fell on low-income students and families of color; those who have limited resources for educational choices. In future years, Kentucky’s K-12 students will have choices for educational services thanks to the Education Opportunity Account (“EOA”) Act passed by the Kentucky 2021 General Assembly.
