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Mar 3, 2023, 05:07 AM
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Matthew McCann
At a Feb. 21, 2023, meeting, AICPA's Professional Ethics Executive Committee discussed a recently issued exposure draft from the International Ethics Standards Board for Accountants proposing revisions to the Code of Professional Conduct for Tax Planning. It is important to keep an eye on these discussions because the AICPA is a member of the International Federation of Accountants, so it is required to maintain substantially similar codes of professional conduct.
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Feb 28, 2023, 22:27 PM
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Matthew McCann
The pool of available accounting professionals will continue to tighten. Technology and automation is one of the ways firms can keep growing and meeting client needs without burning out staff.
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Feb 27, 2023, 05:45 AM
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Matthew McCann
For many professionals, networking events bring back unpleasant memories of middle school, feeling vulnerable, alone, and on the outside looking in at others who seemed to know everyone else. How do we make what seems so overwhelming – or just like torture – a successful endeavor?
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Feb 21, 2023, 22:31 PM
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Matthew McCann
Technology has vastly changed since the Gramm-Leach-Bliley Act's Safeguard Rule was first established in 2003, so the Federal Trade Commission amended the rule in 2022 to keep up with the times. Some of the changes took effect in late 2022, with the remaining changes to be effective as of June 9, 2023. Accounting practices of every size need to be aware of the changes.
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Feb 20, 2023, 05:07 AM
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Matthew McCann
Most who suffer from imposter syndrome believe that their achievements are the result of “luck,” living in fear that they will be discovered a “phony” by others. CPAs tend to possess certain personality traits that make them prone to imposter syndrome: they are detail-oriented, possess a strong work ethic, and are focused on integrity and accountability. Luckily, there is a way to keep imposter syndrome at bay.
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Feb 14, 2023, 22:31 PM
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Matthew McCann
Busy season in accounting can be a challenging time for teams facing heavy workloads and tight deadlines. The ability to motivate your team is becoming more critical than ever. But it is not always easy.
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Feb 13, 2023, 08:55 AM
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Matthew McCann
The benefits of a private equity infusion to a firm’s senior partners are almost immediate. Private equity entities often tender a lot of cash upfront to owners nearing the end of their careers, instantly returning a significant portion of the value built over years. No doubt, running through the minds of many younger firm owners who may have as many as 20 or more years of full-time work is a nagging “What’s in it for me?” concern.
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Feb 7, 2023, 22:30 PM
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Matthew McCann
Research shows that the sooner candidates take the CPA Exam after graduation the more likely they are to pass. If you are a recent or soon-to-be college graduate, consider the top four reasons why you should take the CPA Exam as soon as you can.
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Feb 6, 2023, 05:18 AM
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Matthew McCann
Tax practitioners are familiar with the substantive aspects of tax planning and advice, but considerations regarding the confidentiality of tax analysis and taxpayer communications are sometimes overlooked. Make sure you do not provide an unintended “audit roadmap” on those transactions for which tax planning advice has been provided.
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Jan 31, 2023, 22:21 PM
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Matthew McCann
More than 4 million companies will change hands over the next 10 years as baby boomers retire. The U.S. Labor Department estimates that as many as 30% of baby boomers' companies may simply go out of business for lack of a sale or succession strategy. For those ready to think about their exit, know that there are alternatives. One is a transition via employee ownership, or more specifically, employee stock ownership plans (ESOPs).
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Jan 30, 2023, 06:31 AM
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Matthew McCann
Although CPA practices commonly handle federal estate and gift tax matters, very few CPAs regularly experience nonresident noncitizens exposed to these taxes. This blog provides an overview of the international side of U.S. estate and gift taxes.
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Jan 24, 2023, 22:32 PM
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Matthew McCann
The City of Philadelphia imposes myriad taxes on businesses, but the one levied on all types of business entities is the business income and receipts tax (BIRT). Effective Jan. 1, 2019, Philadelphia started to use an economic nexus standard for the BIRT. Under this standard, even a remote business with no physical presence in Philadelphia may have nexus in the city. Find out more in this BIRT refresher blog.
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Jan 23, 2023, 04:39 AM
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Matthew McCann
Most accounting firms in Pennsylvania have fewer than 20 employees. These firms rarely have a dedicated marketing team. However, with the advances in online and digital marketing, even the smallest firms can drive leads and interest from the internet via a sound search engine optimization (SEO) strategy.
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Jan 17, 2023, 22:22 PM
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Matthew McCann
Among firms making less than $2 million, 42% of them have partners over the age of 60. The baby boom generation is starting to eye the exit. The good news is the percentage of multipartner firms that expect to make an acquisition in the next three years is up; the bad news is that it is a buyers' market with so many retirements on the horizon. So, what is a firm owner of the baby boom generation to do given the circumstances?
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Jan 16, 2023, 03:45 AM
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Matthew McCann
Cryptoassets had a volatile 2022. So, as we embark on 2023, practitioners with clients holding cryptoassets, or considering entering this realm, must understand where the market stands. This blog provides five things practitioners should watch concerning blockchain and cryptoassets moving forward.
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Jan 10, 2023, 22:15 PM
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Matthew McCann
Firms are scrambling for qualified staff to fill the vacancies, and one solution some have been considering is the outsourcing of tax preparation and other accounting tasks. This can be tricky if practitioners are not careful. Outsourcing, particularly when enlisting offshore assistance, requires strict adherence to Internal Revenue Code Section 7216.
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Jan 9, 2023, 04:23 AM
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Matthew McCann
The cannabis market in Pennsylvania averages about $100 million in sales every month and continues to draw interest. However, Pennsylvania and its local jurisdictions have requirements for prospective license holders that can cost thousands of dollars before a license is granted. Before any entrepreneur considers stepping into this market, it is imperative that they invest in a qualified CPA before going through the process.
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Jan 3, 2023, 22:14 PM
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Matthew McCann
The loss of the "El Faro" is more than the tragedy of a sinking ship; it is a cautionary tale for all leaders, whether at sea, on land, or high up in the C-suite. It is exemplary of a failure of leadership and faulty decision-making.
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Jan 2, 2023, 05:30 AM
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Matthew McCann
New legislation that addresses several retirement and savings strategies recently passed Congress as part of the federal omnibus budget bills. Get some of the highlights contained in this "SECURE Act 2.0."
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Dec 27, 2022, 22:15 PM
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Matthew McCann
The PICPA Education Committee is the policy-setting committee for the PICPA Foundation for Education and Research, which oversees PICPA’s professional education programs. This blog offers a peek into perhaps one of the most vital committees the PICPA has to offer.
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