CPA Now Blog

In January 2021, a state constitutional amendment legalized marijuana in New Jersey. The next step is for New Jersey to release regulations on sales, including licensing and taxation. With the legalization of recreational marijuana in New Jersey, there is increased pressure on both Pennsylvania and New York to move toward legalization. If they don’t, New Jersey will corner the regional market.

After 42 years with the PICPA, 10 as CEO and executive director, Michael D. Colgan has announced his retirement at the end of 2021.

It’s easy to become overwhelmed with work during the busy tax season. Many fitness devotees just can’t find the time for energy-consuming workouts at the gym. This simple, Chinese health exercise requires no equipment, tools, props, or space. You can practice it anywhere, anytime.

As employers seek to reopen their workplaces, many wonder whether they can require employees to be vaccinated as a condition of returning to the office. Considering the Americans with Disabilities Act and numerous state and local laws, this is not a simple yes or no answer.

Branding is an investment that will pay off, whether you want to attract new clients or have current clients take your advice more often. At its best, branding is a bridge between the value you offer and those willing to invest in it. When it comes to cooperating or collaborating, branding can give your voice greater credibility.

Numerous federal, state, and local relief programs have been enacted to help the economy recover from the impact of the COVID-19 pandemic, including grants to small businesses. Generally, COVID-19-related government grants to businesses are taxable income for federal tax purposes. What about for Philadelphia taxes?

Imagine having inspiring conversations and vigorous debates that will help you become a more well-rounded leader, creative thinker, and problem solver. Not in a large, anonymous online group or a collection of like-minded coworkers or industry leaders. Think small, close-knit discussion groups that enlist diverse members of various ages from completely different professions.

As COVID-19 vaccinations roll out, many employers are pondering their return to the physical office. But it seems remote work will likely continue at higher levels than before the pandemic. This could be a challenge to the accounting industry with its unique remote work issues.

If you are a business with customers in multiple states, your tax obligations grow exponentially with the number of states and the sales tax complexities in those states. But nexus determination and upkeep is just one part of the difficult sales tax compliance process.

The American Rescue Plan (ARP) provides an additional $1.9 trillion of economic relief related to the coronavirus pandemic in addition to the prior $4 trillion authorized for such purpose in 2020. Almost all American families will benefit. But much of the ARP is being administered through the federal tax code in the form of direct payments and credits to individuals and families.

Most successful entrepreneurs have built their lives and businesses upon well thought-out processes to avoid making mistakes. Then why do only 20% of entrepreneurs have a written succession plan? The transition planning decisions that an owner makes now, or elects not to make, will be a major factor in deciding the future of the business.

On March 3, 2021, the Small Business Administration changed the PPP loan calculation methodology for Form 1040, Schedule C, taxpayers. The change allows qualifying taxpayers to calculate the maximum loan amount using gross income. Previously, borrowers were required to use 2019 or 2020 net profit as the basis for computing the maximum PPP loan.

Tax season is a time when organization is key. With this in mind, PICPA premier sponsor Jetpack offers three tips to help you streamline your processes at a time when efficiency is vital.

Working from home, 15 feet from the kitchen. An unrelenting tax season that makes eating right a challenge. When combined, unwanted weight gain can be a real danger for some CPAs. This blog contains the literal formula to help you shed pounds.

If nothing else, 2020 has provided CPAs with something that we often struggle with: a new go-to icebreaker. But, you may say, "What do I need an icebreaker for? I'm still working from home." No! Networking has become more important than ever. It is vital that CPAs not lose the social aspect of their careers or profession.

Advocates of blockchain and cryptocurrency often use familiar concepts, such as “bank-like” or “dividend-like.” Many, however, fail to consider the appropriate compliance issues. For those struggling with blockchain concepts, sometimes it helps to remove the technology aspects and discuss the underlying transaction.

CPAs have extensive experience helping clients meet their fiscal challenges head-on and directing them toward success. Pennsylvania, too, faces fiscal challenge, and the PICPA's Fiscal Responsibility Task Force has developed a report to assist those in governance find a sound financial footing for the state's financial health.

Strategic and financial buyers continue to get mergers and acquisitions (M&A) done despite the unprecedented operating environment during a pandemic. CPAs are often called upon to assist with their accounting and financial diligence. The diligence process has become more important than ever given the increased uncertainty of a business’s future financial performance, both during and after the pandemic.

Many CPAs may think achieving the chief financial officer (CFO) position will be the pinnacle of their career, but that shouldn't be the case. The strongest CEOs are those who are the most fiscally responsible, so the move from CFO to CEO should be thought of as a natural progression.

The IRS recently published Notice 2021-10 to provide additional relief for Qualified Opportunity Funds (QOFs) and their investors, extending the relief previously granted under Notice 2020-39 due to the pandemic. The Opportunity Zone program was designed to encourage investment in designated distressed areas through tax incentives.