CPA Now Blog

To address the crisis of unfunded long-term health care expenses, Pennsylvania House Bill 2779 proposes funding long-term care through an additional payroll tax of 0.58% per $100 of gross wages. It is modeled after a Washington State program that surprised many in that state who were unaware of the mandatory tax and the short amount of time given to opt out. Long-term care is a serious issue that should surprise nobody.

With remote work becoming the norm, CPAs should know the nuances of working remotely and the importance of their designated principal place of business (PPB). CPAs must use their best judgement to make the PPB determination, but, in some cases, the PPB selection may not prevent the need for a second license.

If you are on your CPA Exam journey and were worried that you would need to pass all four sections of the current exam before the CPA Evolution goes into effect, you can breathe easy. Even though the content is changing, previously passed sections will count under the new model.

A great wave of CPA retirements is underway. Combine this with the fact that the rate of new CPAs joining the profession is falling, and this means a dangerous shortage is looming. Some firms that are facing recruiting difficulties have been advocating for chartered accountants to join the ranks of their staff.

Those with strong time management skills tend to have less stress and get more meaningful work accomplished. The key is to focus on what is important to you and how you can realistically prioritize your day.

Staffing issues have become more complicated than ever. To survive and thrive, several firms are looking at big, bold solutions to ease the pressures on their practices. Here are several bold steps some are enlisting to relieve pressure and strengthen their practices before the next tax season kicks into gear.

As you advance in your accounting career, establishing your personal brand and building a strong network become increasingly important. Joining professional organizations can be extremely beneficial in helping to accomplish career goals, expand your network, and make good and dependable friends.

Keeping your business primed for growth requires strong relationships with your staff. Facilitating successful relationships requires maintenance, and continuity interviews (as opposed to exit interviews) have become a powerful tool in the employee retention process.

The new Inflation Reduction Act is a large and complex piece of legislation that contains numerous tax components. This blog takes a deep look at the 15% Corporate Alternate Minimum Tax (CAMT) and several elements that deserve close scrutiny.

Did you ever hear "The best investment I ever made" said by someone referring to their home - or a vacation home in particular? Maybe the person was feeling giddy because of the sale price they received, but was it really a good investment? Often, it was not.

Sales and use tax can be a complicated area of taxation. One of the challenges tax practitioners often confront is determining the taxability of a transaction when the sale includes both a product and a service. This is where the “true object” test comes into play.

Adapting to change is an integral part of being a CPA, and the PICPA, as your professional organization, is committed to doing no less. In watching the professional landscape and responding with the resources you need to succeed, we are proud to announce two new conferences this fall: the Accounting Workforce Conference and Evolve, a conference focused on services for future-focused firms

Accounting firms are facing heavy competition to attract talent as the profession faces the kinds of hiring challenges confronting other industries in the current state of low levels of unemployment. Michael Cohn, the online editor-in-chief of Accounting Today, provides a preview in this blog of his presentation at PICPA's Accounting Workforce Conference.

Environmental, social, and governance (ESG) reporting offers CPAs unique challenges and opportunities. But a PICPA study finds many CPAs have been slow to seize the advantages this area may offer. The PICPA will discuss the opportunities ESG presents to CPAs at a Sept. 30 Zoom workshop.

There are only a handful of session days in the Pennsylvania legislature before November’s election recess, so lawmakers will be using this narrow window to add to their list of 2021-2022 accomplishments. The PICPA will be involved, advocating for several important goals before time runs out on the session.

Lease accounting standard ASC 842 is effective for fiscal years beginning after Dec. 15, 2021, for nonpublic companies. While most attention has been focused on adding operating leases to the balance sheet, you should be aware that the regulation can also adversely affect debt covenants.

Creating a clear picture of your end goal is key to business success. One of the most important steps in this process is communication. The journey to effective communication progresses through the stages of clarity, confidence, and credibility.

"U.S. corporations do not pay their fair share of taxes" is a common sentiment. But what exactly constitutes a “fair share”? Corporations and other business entities are subject to many different taxes.

Curiosity is stimulated not by an absence of knowledge, but by a gap in knowledge. We cannot become engaged in a topic we know nothing about. In fact, curiosity is as important to our professional success as it is to our personal lives. Read this review of “Curious: The Desire to Know and Why Your Future Depends on It” by Ian Leslie.

The asset protection measures of limited liability companies (LLCs) are a big reason LLCs have largely become the business entity of choice. However, the level of protection varies from state to state. Therefore, choosing the appropriate entity in your area for an asset protection structure is essential.