Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.
For decades, Pennsylvania has deviated from federal income tax laws by specifically prohibiting grantor trust tax status for irrevocable trusts. Act 64 of 2023 simplifies the rules for irrevocable trusts to mirror those in other jurisdictions.
The potential for international students to fortify the accounting pipeline cannot be overstated. These students would contribute fresh perspectives, innovative ideas, and diverse viewpoints into the profession.
Act 122 of 2022 introduced significant changes to Title 15 of the Pennsylvania Consolidated Statutes applicable to Pennsylvania businesses. The most notable include requiring all registered Pennsylvania entities to file an annual report , permitting the exculpation of corporate officers for certain breaches of fiduciary duty, and permitting the renunciation of the business opportunity doctrine.