• Legislative Update - Week Ending Feb. 3, 2023

    Feb 03, 2023
    In this issue: Executive Order to Improve Pa. Licensing and Permitting; Pennsylvania Revenue Department 411 Videos; Greiner Named Republican Chair of Pa. House Finance Committee; and more.
  • Legislative Update - Week Ending Jan. 27, 2023

    Jan 27, 2023
    In this issue: Pa. House Speaker's Listening Tour; New Office to Streamline Pennsylvania Business Development; DOR Offers myPATH, PA-100 Guidance; and more.
  • Legislative Update - Week Ending Jan. 20, 2023

    Jan 20, 2023
    In this issue: Shapiro Takes Oath as 48th Governor of Pennsylvania; Order Eliminates College Requirement for State Jobs; Special Pa. House Elections Set for Feb. 7; and more.
  • Legislative Update - Week Ending Jan. 13, 2023

    Jan 13, 2023
    In this issue: Shapiro Taps CPA for Revenue Secretary; Pa. Senate Approves Constitutional Amendments; e-TIDES to Shut Down in February; and more.
  • Legislative Update - Week Ending Jan. 6, 2023

    Jan 06, 2023
    In this issue: Pa. CPA Law Amendments, Tax Changes Take Effect; Shapiro Continues to Build Staff; Civil Justice System Costs Pennsylvanians Billions; and more.
  • The Microsoft Wrinkle to Third-Party Risk Management

    Dec 20, 2022
    Third-party risk management – or the minimization of risks introduced by third-party organizations – is a critical component of all cybersecurity programs. CPAs are service providers, and many of your clients are service providers, so you may be familiar with requests to fulfill a third-party risk management program.
  • IRS Plans for 2023 and Beyond

    Dec 20, 2022
    The $430 billion Inflation Reduction Act of 2022 appropriates about $80 billion over the next decade for IRS activities, including the hiring and training of new auditors, technology systems modernization, and taxpayer services.
  • R&D Tax Credits and M&A Transactions

    Dec 20, 2022
    When considering a merger or acquisition, tax attributes are often not a due diligence priority. Incorrect assumptions are often made about the value and utility of these attributes. An acquiring company can be surprised to find out it cannot use any of the target’s R&D tax credits following the acquisition.
  • Decrease Your Liability Risk Before Tax Season

    Dec 20, 2022
    Tax season is quickly approaching, and CPAs are actively preparing to meet the impending needs of their clients. This also is a time when CPAs should be especially diligent in reducing their liability risks.
  • With Several SASs Put to Bed, Seven More Standards Await

    Dec 20, 2022
    A common topic on everyone’s mind this employee benefit plan audit season was implementation of Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, in addition to SAS Nos. 134, 135, and 137-141. In short, SAS No. 136 contains a new reporting model for audits of plans subject to the Employee Retirement Income Security Act (ERISA), as well as incremental performance requirements for those audits.
  • Legislative Update - Week Ending Dec. 16, 2022

    Dec 16, 2022
    In this issue: Republicans Install Cutler as Pennsylvania Majority Leader; Study Suggests Improving Pa.’s Local Tax System; PICPA Federal Tax Webinars; and more.
  • Rewirement: Changing the Mindset before Retirement

    Dec 15, 2022
    Rampant retirements and career conversions are profoundly impacting many industries. While career converters are keen for reinvention, those closing in on retirement commonly have little appetite for a career makeover. So, many who can afford to exit comfortably are choosing to do so. In addition, some firms strongly encourage early retirement of high-level executives. These policies add exigency to future retirement plans. CPAs who provide succession planning services continually remind clients to prepare for “life after career.” Practitioners must personally embrace what they preach.
  • Corruption Policy Changes Highlight Compliance Programs

    Dec 15, 2022
    The Biden administration has called for a collaborative, multiagency task force to develop strategies to mitigate the global corruption threat. The DOJ expects companies to review their compliance programs to ensure they have implemented programs that are well-designed, are adequately resourced and empowered to function effectively, and work in practice.
  • Mitigate the Tax Impact of the Death of an Owner/Shareholder

    Dec 15, 2022
    For many owners of closely held businesses, their largest asset – and the one that is perhaps most difficult to value – is their interest in their business. With the current estate tax exemption levels set to sunset at the end of 2025 (if not before), business owners and their CPAs may need to take appropriate steps in the tax and legacy planning process.
  • Acquisition Entrepreneurs: A Solution to Succession Dilemmas

    Dec 15, 2022
    The next generation of aspiring small-business owners is playing a major role in facilitating the generational wealth and business transition wave currently underway. This group of entrepreneurs, it seems, may be the perfect fit for business owners and their advisers who care not only about the financial prospects of a business exit, but the emotional ones as well.
  • What Today’s Employers Need to Know about Compensation Trends

    Dec 15, 2022
    With all the current disruption in the workforce, it is important to be aware of the latest trends so your firm or organization can stay at the forefront of change. While managers and executives know what is happening day-to-day in their businesses, many are unaware of the larger forces at play in the labor market.
  • Legislative Update - Week Ending Dec. 9, 2022

    Dec 09, 2022
    In this issue: PICPA Appointed to Shapiro-Davis Transition Committee; Resignations Add to Pennsylvania House Majority Confusion; Pa.’s Boyle Named Democratic Leader on Budget Committee; and more.
  • The Inflation Reduction Act of 2022 and the Corporate Alternative Minimum Tax

    Dec 09, 2022
    The new corporate alternative minimum tax (CAMT) is a significant feature of the Inflation Reduction Act of 2022, which became law this past August. Estimates are that the CAMT will bring in just over $200 billion over the next 10 years.
  • Ethics and Independence Amid the Great Resignation

    Dec 09, 2022
    According to one of the largest surveys of the global workforce, one in five workers planned to quit their jobs in 2022. In public accounting, turnover had already been high for several years, with upward of 20% of accounting talent lost per year by firms. Accounting professionals at all stages of their careers have been moving on.
  • Historic CNIT Reductions and Small-Business Tax Reform

    Dec 09, 2022
    On July 8, 2022, Pennsylvania Gov. Tom Wolf signed House Bill 1342 into law as Act 53 of 2022, culminating month’s-long bipartisan negotiations. The law marks the first change in Pennsylvania’s corporate net income tax (CNIT) rate since 1995, reducing it by more than 50% over the next nine years: from 9.99% in 2022 down to 4.99% in 2031.
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