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.
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.
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.
Non-fungible tokens (NFTs) really came to the forefront in 2021 as another way to utilize blockchain technology as well as digital currencies. The marketplace for NFTs continues to grow as more and more individuals create digital content to be sold. Additionally, the emergence of celebrities and influencers in the NFT community has helped garner more attention from the everyday individual who otherwise may not be interested in these items.
For all Society members and Kentuckians impacted by the devastating storms and tornadoes, we are here to provide resources as they become available.
You are looking at the devastation and aftermath of the recent storms and tornadoes and wonder how we are ever going to recover. Take a deep breath and pace yourself! This has happened before and the communities have recovered. I know it is easier said than done. Everyone’s comfort zone has disappeared.
Changes to the nation’s tax system are on the horizon, and one of the biggest impacts will likely be a reinvigorated, well-funded IRS. And a well-funded IRS certainly means an increase in IRS audits. Businesses and high-income individuals would be well-advised to get their houses in order ahead of a potential wave of aggressive IRS reviews of tax returns and the consequent audits.
On February 16, 2022, KyCPA's Day at the Capitol wrapped up with a successful turnout of Society members, key legislators, and policy staff. Approximately 50 legislators and staff attended the grab-and-go breakfast in the Kentucky Capitol Annex Building with visits from House Republican Leadership, House Appropriations & Revenue (A&R) Committee legislators and staff and over 20 members of KyCPA.
Firms established by pioneering Black CPAs decades ago created an indelible legacy within the accounting profession. Built by Black CPAs who succeeded despite adversity, the firms continue to play an important role in the profession’s recruitment and advancement initiatives, and with the clients they serve. Here are a few examples.
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.
