• Can photography income be from both a hobby and a business?

    Jun 03, 2019
    Answer from the free Ask a CPA service on whether photography income can be from both a hobby and a business.
  • Do I have to file an amended return if I forgot to report a small amount of compensation for conducting a funeral?

    Jun 03, 2019
    Answer from the free Ask a CPA service on whether filing an amended tax return is necessary if one forgets to report a small amount of compensation for conducting a funeral.
  • Can capital gains tax on rental real estate be offset by the purchase of other property?

    Jun 03, 2019
    Answer from the free Ask a CPA service on whether capital gains tax on real estate can be offset by the purchase of other property.
  • Can a couple claim a home on their taxes if a parent’s name is on the loan?

    Jun 03, 2019
    Answer from the free Ask a CPA service on whether a couple can claim a home on their taxes if one of their parents' name is on the loan.
  • Additional Member Recognitions for Summer 2019

    Jun 03, 2019
    The following are awards and designations and firms and businesses updates that occurred in summer of 2019.
  • As a sole proprietor in Virginia doing remote contract work for a Pennsylvania nonprofit, am I exempt from 1099-MISC withholding?

    May 31, 2019
    Answer from the free Ask a CPA service on whether a sole proprietor in Virginia doing remote contract work for a Pennsylvania nonprofit would be exempt from 1099-MISC withholding.
  • Should a corrected 1099-MISC be filed if the FATCA box on the form was checked mistakenly?

    May 31, 2019
    Answer from the free Ask a CPA service on whether a correct Form 1099-MISC should be filed if the Foreign Account Tax Compliance Act (FATCA) box on the form was checked mistakenly.
  • Week Ending May 31, 2019

    May 31, 2019
    In this issue: PICPA-Supported Bill Sets Limit on State Tax Collections; Report Provides Optimistic View of PA Finances; Pennsylvania Lawmakers Introduce Occupational Licensure Reform; and more.
  • You Guide Our Strategic Direction

    May 30, 2019
    Technological advances and workforce changes are some of the driving factors behind a rapid pace of change. The PICPA is fortunate to have engaged volunteers who serve in leadership and committee roles and share their perspectives and insight to help the PICPA stay laser-focused on providing value to members.
  • New Tool for Bolstering CPA Exam Candidates

    May 30, 2019
    Nearly every year for the past decade, the number of accounting graduates across the United States has risen. However, the number of candidates sitting for the CPA Exam has either remained flat or declined. This troubling trend has generated a lot of interest and study into probable causes and contributing factors.
  • Legislation in Full Bloom in Harrisburg

    May 30, 2019
    With nearly 50 freshmen joining the 2019-2020 General Assembly in January and several new chairs taking the reins of key committees, legislation had been relatively slow moving through the process in the early part of the session in Harrisburg. Bills finally are starting to fill the calendars of both chambers, and PICPA’s government relations team and volunteer committees are busy at work reviewing dozens of proposals and providing technical assistance where necessary. At the same time, the PICPA is working to position several bills we are championing. Here’s a look at the status of PICPA’s legislative agenda.
  • Disposing of IRC 197 Intangibles: It’s All or Nothing

    May 30, 2019
    In a column published in last summer’s Pennsylvania CPA Journal, we discussed why we anticipated seeing more asset deals among mergers and acquisitions as a result of certain changes brought on by the Tax Cuts and Jobs Act of 2017. This includes deemed asset purchases via an Internal Revenue Code Section 338(h)(10) election. Taxpayers would receive the benefit of getting a stepped-up basis in the assets acquired and resulting depreciation (including immediate expensing via bonus depreciation) and amortization deductions to follow.
  • Cybersecurity for Benefit Plan Sponsors and Auditors

    May 30, 2019
    Employee benefit plans are ripe with information that may be vulnerable to a data breach. Protecting plan information is often overlooked by plan sponsors when devising their cybersecurity strategies. However, Employee Retirement Income Security Act (ERISA) Section 404 requires benefit plan sponsors and other fiduciaries to administer plans with the “care, skill, prudence, and diligence under the circumstances that a prudent person acting in a like capacity and familiar with such matters would use.”
  • Cross Over the Missing Middle to Secure Succession Plan

    May 30, 2019
    In more than 30 years of working with privately owned businesses, I have too often seen what can only be described as an ongoing blind spot regarding succession planning and the requisite good governance that should underlie it. This is an odd outcome for a group of individuals who are generally committed to family, community, and building a legacy.
  • Retirement Readiness: An Employer’s Role

    May 30, 2019
    Retirement readiness was discussed in the spring 2019 Pennsylvania CPA Journal, but it focused on the employee’s responsibilities with regard to savings. Here, we look at a different angle. When it comes to retirement planning, employers also have an important role.
  • Best Practices for Successful Fee Collection

    May 30, 2019
    Ask any lawyer who routinely represents CPAs: “What is the No. 1 mistake CPAs make that gets them into trouble with their clients?” The answer almost invariably will be, “Suing clients for fees.”
  • It’s a Matter of Trust

    May 30, 2019
    CPAs are skeptical. We are trained to question everything and to look for any indication that something may not be right. According to the Public Company Accounting Oversight Board, this professional skepticism arises from a questioning mind and critical assessments. Our training, however, can sometimes affect workplace relationships.
  • Data Privacy in a Data-Driven World

    May 30, 2019
    Organizations must understand what kinds of personal data or other sensitive data are being collected, as well as how they are being managed and protected. With the introduction of data privacy laws such as the European Union’s General Data Protection Regulation and the California Consumer Protection Act, organizations are being told to reduce the risk of misuse of personal data by collecting only the data required for business purposes and then deleting or anonymizing the data when it is no longer needed.
  • Philadelphia Alters Tax Positions Based on Federal Events

    May 30, 2019
    The City of Philadelphia has been busy formulating its tax positions in response to both the South Dakota v. Wayfair Inc. decision and Tax Cuts and Jobs Act of 2017. This column summarizes the changes affecting the city’s Business Income and Receipts Tax and Net Profits Tax.
  • Guidance on Contributions Made and Contributions Received

    May 30, 2019
    On June 21, 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2018-08, Not-for-Profit Entities (Topic 958): Clarifying the Scope and Accounting Guidance for Contributions Received and Contributions Made. While the ASU applies to all types of organizations, it is most applicable to not-for-profit organizations.
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