Menu

Legislative Updates

 

 

Important Update for 2025 Tax Filers:

The Kentucky Department of Revenue (KY DOR) recently announced that beginning March 14, 2025, MyTaxes will replace OneStop for business tax filers. Starting February 26, there will be a two-week operations pause at KY DOR to prepare for this transition.

Timing
February 26 until March 14, KY DOR operations will temporarily halt. It was decided to be one of the best time frames to shift to a new business tax system based on the business tax deadline schedule. This time period will allow KY tax filers a full month to file both before and after the operations pause.

Implementation details
The first phase of this transition will not affect individual income tax returns, though there will be a delay in acknowledgements until after the February 26 – March 14 break. For Corporate, LLET and NRWH returns, direct filing with the state will not be possible. However, these returns can still be filed through a vendor or other software. Like individual income tax returns, acknowledgments for these submissions will not be issued until after March 14. Withholding K-1 returns, on the other hand, cannot be filed during the break. KY DOR will release more details for phases 2 and 3 soon.

Next Steps
Existing OneStop users will be converted into the new MyTaxes portal and will maintain access to all previously linked businesses. OneStop users will receive an email in early March with their new user ID and instructions for initial login. Each User ID can be linked to multiple businesses, each FEIN or SSN does not require its own login ID. Any fees, penalties or interest incurred due to a system malfunction with not be collected. Historical records will no longer be able to be accessed on the new system after February 26, so it is highly recommended that you prepare the necessary materials by printing or downloading them now.  The records are being archived, and will be accessible, but there will be a lengthier turnaround time to receive those records.

Questions?
KY DOR is creating a phone helpline for those needing assistance in this transition. This helpline will go live on February, 1, 2025 and can be reached at 502-764-5555.

Email: portalhelp@ky.gov

Click here for the KY DOR’s webpage regarding this transition.

Corporate Transparency Act (CTA) Update

In light of a recent federal court order, reporting companies are not currently required to file beneficial ownership information (BOI) with FinCEN and are not subject to liability if they fail to do so while the order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.
On January 23, 2025, the Supreme Court granted the government’s motion to stay a nationwide injunction issued by a federal judge in Texas (Texas Top Cop Shop, Inc. v. McHenry—formerly, Texas Top Cop Shop v. Garland). As a separate nationwide order issued by a different federal judge in Texas (Smith v. U.S. Department of the Treasury) still remains in place, reporting companies are not currently required to file beneficial ownership information with FinCEN despite the Supreme Court’s action in Texas Top Cop Shop. Reporting companies also are not subject to liability if they fail to file this information while the Smith order remains in force. However, reporting companies may continue to voluntarily submit beneficial ownership information reports.

FinCEN updated its website on Jan. 24, 2025. 

Guidance
We advise those assisting clients with BOI filings to:
  • Continue gathering the required information from clients.
  • Be prepared to file BOI reports if the injunction is lifted again

2025 Legislative Session

Jan. 27, 2025: Being almost a month into the new year, we are a week away from the legislature coming back from break and beginning to deliberate in earnest on hundreds of bills and issues that were brought up during last year’s interim. The November election did not change the party seat ratio in the House and Senate, we still have a republican supermajority with 80 of the 100 seats in the House and 31 of the 38 in the Senate.  However, there will be some new faces this year, and we are excited to work with them to navigate some of the many issues facing the CPA profession.

  • KyCPA 2025 Policy Priorities Booklet coming soon.
 

Weekly Legislative Updates begin Jan. 27, 2025. Watch your email, members will receive these each Monday throughout the 2025 Session.

  • KyCPA-PAC 101: Kentucky counts on CPAs

    November 25, 2024

    2024 was another eventful year for the Kentucky General Assembly during the spring Legislative Session, with the passing of various policy reforms. Policymakers made significant modifications to Kentucky’s tax code with major impacts on the state’s business community.

  • Proposed Uniform Accountancy Act changes: Comments due Dec. 30, 2024

    November 25, 2024

    The AICPA and NASBA have proposed changes to the Uniform Accountancy Act (UAA), a key document that sets national professional standards for CPAs. The proposed updates aim to maintain consistency while providing flexibility in response to market changes. 

  • 2024 legislative review

    May 31, 2024

    On Monday, April 15, the Kentucky General Assembly adjourned sine die, ending the 2024 60-day Legislative Session. With the passage of the Commonwealth’s two-year budget serving as the legislature’s top priority, tax policy updates, CPA educational modifications, and business legislation were enacted into law. Following Governor Andy Beshear’s re-election to a second term in November, an initial Executive Branch budget proposal was revealed in late December. Although the Governor can provide recommendations for funding the Executive Branch, the General Assembly has sole power over the state’s appropriations process. Kentucky operates on a two-year, biennial budget for all parts of its government. The 60-day Sessions are designed specifically to address the biennial budget and revenue matters.

  • Policy Priority's Booklet

    March 6, 2024

    The KyCPA publishes an annual outline of legislative priorities. For 2024, the issues are: Guiding principles of sound tax policy Accounting pipeline Tax simplification Some federal priorities, including: Fiscal state of the nation Federatl tax extension "safe harbor" Beneficial Ownership Information (BOI) reporting

  • CPA Day at the Capitol recap

    March 6, 2024

    KyCPA members from across the Commonwealth attended CPA Day at the Kentucky Capitol in Frankfort on January 31, 2024. Key policymakers in state government provided updates on the Legislative Session including Senate Majority Leader Damon Thayer, House Majority Caucus Chair Suzanne Miles, Department of Revenue Commissioner Tom Miller, and Executive Director of State Audits Matt Frey with Auditor of Public Accounts Allison Ball’s office.

  • 2024 Policy Preview

    January 5, 2024

    As the New Year approaches, the CPA profession continues to serve a substantial leadership role in business, tax, and advisory services across the Commonwealth. The 2024 Legislative Session will focus on Kentucky’s next biennial budget with accompanied tax reform discussions. At a national level CPAs continue to discuss multiple pathways to the education, licensure, and experience needed to address the declining number of students entering the profession while balancing the ability of CPAs to practice across state lines. As federal issues like beneficial ownership information reporting and PCAOB oversight intensify, the profession will need to meet a variety of challenges.

  • CPA Day at the Capitol recap

    February 27, 2023

    On Wednesday, February 8, KyCPA held its annual CPA Day at the Capitol with approximately 30 CPA members traveling from across the Commonwealth to participate in the event.

© 2025 Kentucky Society of Certified Public Accountants. All Rights Reserved. Contact Us