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Disclaimer
Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
Your Cost Segregation Questions Answered
Apr 15, 2024
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.
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PA 529 – Saving for Education while Saving on Taxes
Apr 9, 2024
When it comes to paying college tuition for your children, the best strategy is to save as much as possible as early as possible. One of the best ways to save for higher education in Pennsylvania is the PA 529 College and Career Savings Program. The Pennsylvania Treasury Department offers two PA 529 plans.
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Protect Your Business from Payment Fraud
Apr 8, 2024
As we increasingly rely on digital transactions in business, the risk of fraudulent activity escalates. This blog offers tips on how you can fortify your defenses against payment fraud.
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Accounting & Auditing
Your Cost Segregation Questions Answered
Apr 15, 2024
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.
Full story
Best Practices in Single Audit Testing
Mar 11, 2024
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.
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Ethics
Tax Preparer Ethics and Client ERC Claims
Dec 11, 2023
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.
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New Standards for Tax Services: Take Effect in January, Applicable to All CPAs
Oct 16, 2023
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.
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Leadership
Leading with Humanity
Apr 1, 2024
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.
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Constructive Conversations and the Power of Peer Feedback
Mar 25, 2024
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.
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Practice Management
Leading with Humanity
Apr 1, 2024
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.
Full story
Constructive Conversations and the Power of Peer Feedback
Mar 25, 2024
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.
Full story
Technology
How I Used AI in My Accounting Firm
Feb 27, 2024
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.
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Digital Products and Services Tax Unclear at Best
Dec 19, 2023
Most states with a sales tax impose it on some forms of digital products or software. But within the past decade, some states have enacted statutes that not only redefine software as tangible personal property, but also broaden their definition of taxable tangible personal property or taxable services. This has left service providers and business consumers wondering whether or not they should subject their individual services to tax.
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Tax
Your Cost Segregation Questions Answered
Apr 15, 2024
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.
Full story
“Moore” Could Mean Less
Mar 19, 2024
On Dec. 5, 2023, the U.S. Supreme Court heard oral arguments in Moore v. United States. At the heart of the case is Internal Revenue Code Section 965, a repatriation tax enacted in 2017 as part of the Tax Cuts and Jobs Act. Tax scholars have been writing extensively on the far-reaching federal tax implications of the potential decision to come.
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