Any given property contains a multitude of different assets, and each of them can be expected to have a different useful life. In a cost segregation study, engineers identify and quantify building assets and then assign each asset a cost. These costs are then segregated into different categories. By segregating assets into shorter-lived categories, they can be depreciated more quickly, resulting in tax savings and increased cash flow.

Single audits are required when a governmental or nonprofit entity expends more than $750,000 of federally allocated funds in their fiscal year. In recent years, the number of single audits has increased significantly. This blog looks at four areas of focus to conduct an effective single audit.

Many practitioners believe that they can simply accept the validity and appropriateness of a tax client's Employee Retention Credit (ERC) claim prepared by another provider. You may want to reconsider that thought.

The AICPA's new Statements on Standards for Tax Services (SSTS) will become effective Jan. 1, 2024. The prior version of the SSTS had seven standards; the revision going into effect boils those seven standards down to four. It is a significant component of the ethics guiding CPA practitioners of taxation.

In a human-centered, inclusive, and collaborative work environment, successes in business and leadership are defined by relationships, values, and the kindness shown to others. This blog highlights the humanistic leadership characteristics of trust, leading by example, and kindness.

When most people hear the word “feedback” they commonly think of something a manager or supervisor provides. But feedback can encompass more than top-down managerial observation. Peer feedback allows colleagues, who are commonly a group of equals, to provide each other with input to enhance collaboration and improve a project, process, or skill.

Many CPA firms are seeking to leverage the use of generative AI to accelerate innovation and increase productivity. Despite the benefits, from a professional liability perspective, there are critical risks associated with its use that should be vetted and mitigation strategies implemented to minimize exposures.

In a human-centered, inclusive, and collaborative work environment, successes in business and leadership are defined by relationships, values, and the kindness shown to others. This blog highlights the humanistic leadership characteristics of trust, leading by example, and kindness.

Many CPA firms are seeking to leverage the use of generative AI to accelerate innovation and increase productivity. Despite the benefits, from a professional liability perspective, there are critical risks associated with its use that should be vetted and mitigation strategies implemented to minimize exposures.

Most get-on-the-AI-train articles don’t share with readers how to actually incorporate these tools, rarely going beyond broad and generic claims of how AI will improve efficiency, problem-solving, and decision-making. Well, in this blog, the author shares how he actually has been using ChatGPT in his public accounting practice.

The U.S. Supreme Court ruled in 2021 that college and high school athletes should reap the benefits of the marketing of their name, image, and likeness (NIL). But as these young men and women will soon learn, there is no such thing as freebees in the world of sports marketing. They will soon confront a difficult, and often murky, Pennsylvania tax situation.

A case before the Pennsylvania Supreme Court is a threat to the ability of the Commonwealth to limit its exposure to liability through the enactment of damages caps. This is important because uncapped liability verdicts could wipe out funds set aside for critical government services, leading to ever higher taxes.