Kentucky Chapter

Chapter President

Penny Wade Smith, EA
P.O. Box 413
Mayfield, KY 42066
Phone: 270.247.1229

Chapter Announcements

December Lunch & Learn - Kentucky Tax Update!Yes11/8/2019 1:50 PM
Picture Placeholder: Megan Sonicksen
  • Megan Sonicksen
19/27/2013 11:54 AM

​Please use this discussion board for discussions specifically relating to the Chapter, state or local tax discussions.

For general discussion items relating to business management, federal tax or education, please use the discussion board located under Member Center>Community.

Darwin Foley, EA12/18/2017 2:45 PMNo
Picture Placeholder: Sharon Ramona Cullop
  • Sharon Ramona Cullop
012/7/2015 11:38 AM

​You bought 28 acres of land back in 1997 for $371,450.  Then built a house and moved in 1998.  

Then you sell 14.26 acres in October 2014 for $243,000 to a neighbor.  You maintaint he 13.75 acres with house and barn.

You had closing cost of $3,433 and land survey for $1.700.

Do you report a gain or is it considered sale of primary residence and avoid the gain since it is under $500,000?

12/7/2015 11:38 AMNo
Picture Placeholder: Brian A Guilliom, EA,CFP(R)
  • Brian A Guilliom, EA,CFP(R)
011/21/2015 9:13 AM

We're a fee only Financial Planning firm, with almost $100 million under management. We do comprehensive work, including extensive tax planning and preparation for about 100 clients. We have more work than staff, and need help.

We are a referral firm, and lucky to only have clients that we enjoy serving. If an initial relationship isn't comfortable for the client and the planner, we do not renew the agreement.

Partners work at our office about half the time, and spend several hours each quarter with each client.

We're looking for an Enrolled Agent interested in expanding his or her skill set, and income, to include financial planning, and become an integral part of our succession plan.

If you might be interested, please end a resume to



11/21/2015 9:13 AMNo
Picture Placeholder: Joe White, EA
  • Joe White, EA
01/12/2015 2:25 PM

Just got into a client's return and he had no health insurance.  His 3 dependents do (wellcare).

With his income he is hit with the "Shared responsibility payment of $136.00, yet on the Tax Policy's webpage

it says he owes no tax and Proseries did the calculation. 

Any body got a suggestion?

1/12/2015 2:25 PMNo
Picture Placeholder: Janet Charlene Sipila, AFSP
  • Janet Charlene Sipila, AFSP
16/19/2014 4:45 PM

​In the Lawrenceburg, KY and Lexington, KY area, just wondering what y'all are charging for accounting and or bookkeeping serivces.

Martha A Nest, EA6/29/2014 9:30 PMNo
Picture Placeholder: James M Kronenberg, MBA,CPA,EA
  • James M Kronenberg, MBA,CPA,EA
06/28/2014 7:01 PM

​Just wondering if anyone with extensive KY tax preparation experience knows whether KY (form 740) Schedule A pg. 2 Part II (Itemized Deductions Limitation Schedule) allows the EXCLUSION of gambling income for determining whether taxpayer has exceeded threshold amount (generally $178,150) that requires a reduction to KY Itemized Deductions ?  Only reason asking this is that given that gambling losses (EXCLUDED from limitation rules for Itemized Deductions - both Federal and KY) are limited to extent of gambling winnings, then are gambling income to extent of gambling losses deducted under Federal and KY tax law is a "non-factor" since they net to zero for taxable income purposes.  In essence, wondering if there has been an KY Dept Revenue ruling on this specific concept or possibly the matter was litigated in KY state court. Thanks for any feedback you might have ! Happy 4th of July to everyone in NATP !  

6/28/2014 7:01 PMNo
Picture: Megan Sonicksen, PFS
  • Megan Sonicksen, PFS
012/6/2013 10:28 AM

​With tax season fast approaching, remember your Chapter discussion board can be a great resource for state and local tax issues as well as utilizing the state tax volunteers.

Megan Sonicksen, NATP Tax Communications​
12/6/2013 10:28 AMNo
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