• 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.
  • The GAAP in Accounting for PTE Taxes

    Dec 09, 2022
    In Pennsylvania, the most used entity formation structure (excluding the sole proprietor schedule C) is the pass-through entity (PTE). Though PTEs also include trusts, the focus in this column is on partnerships and S corporations (which include limited liability companies that elect either partnership or S corporation tax reporting structure). Historically, these entities have not been subject to income tax at the entity level, but rather they pass the reported tax attributes of income, deduction, gains, losses, and credits to the partners, shareholders, or members (owners). Accordingly, U.S. GAAP financial reporting seldom had ASC-740 income tax disclosure matters.
  • Emotional Intelligence: The In-Demand Skill for Great Leaders

    Dec 05, 2022
    Leaders come in many forms, shapes, and sizes, but leadership always boils down to relationships and connections. An effective leader builds trust, inspires, and mobilizes people toward goals. It starts with identifying a compelling vision of a shared future rooted in core values and is followed by creating a path for the success of all.  
  • Rise of Cryptocurrency Means Careful Tax Planning Needed

    Dec 05, 2022
    The phenomenon of cryptocurrency has gained steam over the past few years. The flexibility of this digital, encrypted, and decentralized form of exchange intrigues many, but it is causing consternation on how exactly to tax its use and how to mitigate some of the tax burden derived from its holdings.
  • Navigating Pennsylvania Local Business Privilege Taxes

    Nov 28, 2022
    In addition to federal and state income tax obligations, business taxpayers operating in Pennsylvania also may be responsible for an array of additional local taxes, depending on the localities in which they transact business. These local business privilege or mercantile taxes can be difficult to navigate for the unfamiliar taxpayer.
  • Qualified Opportunity Zones: Huge Tax Breaks for Community Investment

    Nov 28, 2022
    A series of opportunity zones created by the Tax Cuts and Jobs Act of 2017 offers those who invest in projects in these zones a new tax benefit that is unprecedented. The tax benefit could also have a positive impact on targeted communities, but there are risks associated with opportunity zone investments and the regulations involved can be complicated.
  • Legislative Update - Special myPATH Notice - Nov. 22, 2022

    Nov 22, 2022
    In this issue: PICPA's government relations team shares an urgent reminder from the Pennsylvania Department of Revenue regarding myPATH and e-TIDES.
  • Legislative Update - Week Ending Nov. 18, 2022

    Nov 18, 2022
    In this issue: PICPA Joins Gov. Wolf at Two Bill Signing Ceremonies; Kim Ward First Woman Elected Pa. Senate President; Democrats to Control Pennsylvania House; and more.
  • Legislative Update - Week Ending Nov. 11, 2022

    Nov 11, 2022
    In this issue: Control of Pennsylvania House in the Balance; Shapiro, Fetterman Win High-Profile Contests; Pa. Congressional Delegation Results; and more.
  • Legislative Update - Week Ending Nov. 4, 2022

    Nov 04, 2022
    In this issue: Gov. Wolf Signs CPA Law Amendments, Other PICPA-Back Bills; Pennsylvania DOR Outlines Notice of Waived Penalty Process; PICPA Adds Voice to Highlights of Bipartisan Tax Reform; and more.
  • Legislative Update - Week Ending Oct. 28, 2022

    Oct 28, 2022
    In this issue: PICPA-Sponsored CPA Law Changes Are Here; Lawmakers Approve Plan for New Pa. Tax Credit Programs; Pennsylvania Senate Approves Three to Accountancy Board; and more.
  • Legislative Update - Week Ending Oct. 21, 2022

    Oct 21, 2022
    In this issue: Pa. Senate Bill Requires Financial Literacy Classes; Grantor Trust Measure Advances in Pennsylvania Senate; PICPA Election Guide; and more.
  • Legislative Update - Week Ending Oct. 14, 2022

    Oct 14, 2022
    In this issue: Pennsylvania Senate Final Session Days; DOR Will Not Appeal Ruling on Third-Party Sellers; Wolf Nominates Two to State Board of Accountancy; and more.
  • Legislative Update - Week Ending Oct. 7, 2022

    Oct 07, 2022
    In this issue: Pennsylvania Extends Filing for Those Affected by Hurricane Ian; PICPA Advocates Extension of COVID-19 Filing Deadline; Pa. DOR Revises Like-Kind Exchange Bulletin; and more.
  • Reconnecting with Working Mothers in Accounting

    Sep 28, 2022
    I know I speak for a lot of working mothers. We constantly juggle between two worlds, trying to find a happy medium. The COVID-19 pandemic only made the demands on our time worse, and an alarming rate of women have voluntarily left public accounting to be stay-at-home mothers to better provide for their families’ needs.
  • New Employment Model Demands New Fraud-Fighting Efforts

    Sep 28, 2022
    More than an estimated $4.7 trillion is lost annually to occupational fraud worldwide, according to an Association of Certified Fraud Examiners (ACFE) report. Corporate CPAs, like it or not, are on the front lines in the fraud battles our companies constantly face, and we must constantly look for potential red flags. Unfortunately, it only seems to be getting harder.
  • IASB May Offer Guide to Governmental Accounting for Cryptocurrencies 

    Sep 28, 2022
    When derivatives began to appear in the public at large, government accountants believed that the derivative instruments likely would never be transacted by state and local governments because of the complexity and risks associated with these transactions. Much has changed, and the derivative transactions are becoming a part of routine business activities of governments. Cryptocurrencies – even though still risky and ambiguous – will soon be recorded in governments’ accounting books and presented in their financial statements.
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