• If I get paid on a 1099-C but actually earn only portion of the money reported there, how do I separate out my actual income so it doesn't look like I earned the full amount on the form?

    Mar 18, 2019
    Answer from the free Ask a CPA service on how the home office internet expense should be calculated for tax deduction purposes.
  • Does Pennsylvania follow the federal tax treatment of interest expenses?

    Mar 18, 2019
    Answer from the free Ask a CPA service on whether Pennsylvania follows the federal tax treatment of interest expenses.
  • Week Ending March 15, 2019

    Mar 15, 2019
    In this issue: PICPA, PA Department of Revenue Provide Taxpayer Guidance; Continuing Education Carryover Bill Gets PA Committee Approval; Pennsylvania House Committee Approves Commerce Court; and more.
  • Welcome New and Reinstating Members - Feb. 2019

    Mar 11, 2019
    PICPA welcomes the following PICPA members who joined or reinstated in Feb. 2019.
  • Week Ending March 8, 2019

    Mar 08, 2019
    In this issue: Bill Simplifies PA Tax Reporting for Estates and Revocable Trusts; PICPA Prepares Issue Brief on Combined Reporting; Pennsylvania DOR to Transform Business Tax Bureaus; and more.
  • Can I claim start-up expenses as a loss for my LLC that generated no revenue last year?

    Mar 05, 2019
    Answer from the free Ask a CPA service on claim start-up expenses as a loss for an LLC that generated no revenue in the last year.
  • Does federal law require 501(c)(3) organizations to recognize gifts/donations as restricted and unrestricted?

    Mar 05, 2019
    Answer from the free Ask a CPA service on writing off the purchase price and improvements of a home bought in 2018 that's going to be flipped in 2019.
  • How can I claim alimony payments to my ex-wife who lives in Canada if she doesn’t have a tax identification number?

    Mar 05, 2019
    Answer from the free Ask a CPA service on how to claim alimony payments to an ex-spouse who lives in Canada if he or she does not have a tax identification number.
  • How should home office internet expense be calculated for tax deduction purposes?

    Mar 05, 2019
    Answer from the free Ask a CPA service on how the home office internet expense should be calculated for tax deduction purposes.
  • Should moving expenses for two mobile homes that I rent out be expensed or capitalized on my tax return?

    Mar 05, 2019
    Answer from the free Ask a CPA service on whether moving expenses for two mobile homes that are rented out should be expensed or capitalized on a tax return.
  • Embrace the Technology Revolution

    Mar 04, 2019
    The recliner in my living room is my place of comfort – where I sit and relax to read or watch television. It is where I can feel safe, secure, and at ease. This article is about some other place: the future of work for CPAs. Technologies are merging, redefining, or erasing the lines between the digital and biological spheres. This type of change will affect our profession. The question is, how?
  • Clarifying the TCJA, and Section 263A Regs Finally Official

    Mar 04, 2019
    The Office of Information and Regulatory Affairs operated with reduced staff during the partial government shutdown, but special funding last year ensured that reviews and other activities stemming from the Tax Cuts and Jobs Act would continue. Other tax updates issued in the latter part of 2018 include the recent release of the Joint Committee on Taxation’s General Explanation of Public Law 115-97, commonly referred to as the bluebook, and the long-awaited guidance on Section 263A negative additional costs.
  • Week Ending March 1, 2019

    Mar 01, 2019
    In this issue: PICPA Federal Taxation Committee Comments on IRS Proposal; Pennsylvania IFO Updates Debt Projections on Property Tax Elimination; PA Lawmaker Proposes Tax Reciprocity with New York; and more.
  • A Look at the 2019-2020 General Assembly

    Feb 28, 2019
    The 2019-2020 session of the Pennsylvania General Assembly (its 203rd) is off and running. Newly elected members of the state House and Senate were sworn into office on Jan. 1, 2019, and Gov. Tom Wolf and John Fetterman, his new lieutenant governor, kicked off Wolf’s second term on Jan. 15. Wolf unveiled his $34 billion 2019-2020 fiscal year budget to a joint session on Feb. 5. Now, the business of legislating begins.
  • Embracing Tech to Better Your Membership

    Feb 28, 2019
    Business and management publications continue to address the speed of change and the role technology plays in this arena. Innovation has far-reaching effects on how we work, how we live, and how we interact with others.
  • Elder Financial Abuse Is a Growing Problem: CPAs Can Help Prevent It

    Feb 28, 2019
    Elder fraud has been defined as “an act targeting older adults in which attempts are made to deceive with promises of goods, services, or financial benefits that do not exist, were never intended to be provided, or were misrepresented.”
  • Engage Nonprofit Leaders about Liquidity

    Feb 28, 2019
    As nonprofits are implementing new FASB financial statement disclosure requirements on liquidity, now is a great time to reflect on the concepts associated with liquidity and how they impact a not-for-profit organization. It is also an opportunity to educate leaders on why it is becoming a critical topic for all nonprofits, and what they can do to leverage liquidity to ensure the health and security of the organization.
  • Calculating Future Damages for an Undocumented Plaintiff

    Feb 28, 2019
    According to the Centers for Disease Control and Prevention, about 30.8 million people visited emergency rooms for unintentional injuries in 2015, and death from unintentional injury is the third-leading cause of death in the United States after heart disease and cancer. It is not surprising that personal injury litigation is on the rise, and so too is the need for experts to quantify economic damages.
  • Blockchain in the Accounting Curriculum

    Feb 28, 2019
    Blockchain is considered one of the most significant advances in record keeping since double-entry bookkeeping emerged in Italy in the 15th century. There may be differing opinions on the rate of adoption, but the view is widespread that blockchain has the potential to dramatically change the way business will be conducted.
  • Will Your Client Be Ready to Retire?

    Feb 28, 2019
    People are living longer. At age 65, the chances of living to age 75 are 79 percent for men and 85 percent for women. Most individuals should plan for their retirement funds to last until age 90 or beyond. Statistics related to retirement readiness are plentiful, and they all point to the same staggering conclusion: Americans, generally, are not adequately saving for retirement … if they are saving at all.
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Disclaimer:
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.