• 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.
  • Using Tax Season as a Measure for Possible Firm Transition

    Sep 28, 2022
    Tax season often defines the strength and success of a CPA firm. It also tests and exposes challenges and gaps in services, clients, personnel, processes, and other aspects of managing the practice. Some firm owners hope the next tax season will be their last as an independent firm; others will use the coming tax season to gauge their potential to acquire another firm. Quite a few have already made the leap to merge, and next tax season will be a part of their first transition year.
  • New Regs to Counter Foreign DST Credit May Kill Other Foreign Tax Credits

    Sep 28, 2022
    Prior to the end of 2021, the U.S. Treasury Department issued final foreign tax credit regulations under Treasury Regulation Section 1.901-2,1 dramatically modifying the analysis for determining whether a foreign levy is a creditable foreign tax. The regulations apply to tax years beginning after Dec. 28, 2021, and finalize proposed regulations issued in November 2020.
  • Get Ready Now for the New CPA Exam in 2024

    Sep 28, 2022
    The Uniform CPA Examination is about to change significantly under the CPA Evolution Initiative, a joint effort by the National Association of State Boards of Accountancy (NASBA) and the AICPA. Set to launch in a little over a year (January 2024), it is important for those preparing to become CPAs to understand the new CPA Exam structure and how it might impact their journey. By getting a handle on the new process now, those taking the exam in the 2023-2024 time frame have an opportunity to be strategic in their planning.
  • The 30 Credit Conundrum

    Sep 28, 2022
    What do nutrition, astronomy, and physical education have to do with becoming a CPA? These are the types of courses some accounting majors take to earn the requisite 150 credits needed to obtain a CPA license. When the 150-credit-hour rule was established, the expectation was that CPA candidates would pursue a master’s degree after completing the 120 hours required for most undergraduate degrees. Today, however, many are pursuing lower-cost, less-intensive options to complete the credit-hour requirement.
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