Dec 20, 2019, 11:38 AM by Veronica A. Caputo, CPA, Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, and Patrick K. Skeehan, JD

With the advent of economic nexus, out-of-state businesses may now be subject to a state’s taxing jurisdiction merely by selling a threshold amount of goods or services into a state, with or without a physical presence in that state.

Dec 20, 2019, 11:37 AM by Ibolya Balog, CPA

Every four years, when it is a presidential election year, the nation tends to focus more closely on politics. Of course elections take place every year, and these campaigns involve considerable amounts of money raised and spent by all levels of candidates seeking office.

Dec 20, 2019, 11:26 AM by James J. Newhard, CPA

For years, clients have wanted to get quick and reasonably priced (read “inexpensive”) financial data at interim and year-end from their CPAs. CPAs may have wanted to deliver, but until Statement on Standards for Accounting and Review 21 and the new preparation service, this could not be done without an accountant’s compilation report.

Dec 20, 2019, 11:08 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, and Patrick K. Skeehan, JD

The Tax Uniformity Clause of the Pennsylvania Constitution is central in the tax policy debates in the state. Gov. Tom Wolf’s desire to raise the personal income tax rate from a flat 3.07 percent to a graduated system has generated speculation that the state constitution would first need to be amended.

Dec 2, 2019, 11:33 AM by Drew VandenBrul, CPA, and Dan Giorgio, CPA

The benefits and complexity of KOZs derive from the wide array of state and local taxes on which the program is based. Unlike other economic development and incentive programs based on singular activities such as job creation, capital investment, or geographic location, capitalizing on the benefits of the KOZ program requires an underlying knowledge of each of the taxes to which it applies.

Dec 2, 2019, 11:11 AM by James P. Swanick, CPA, and Michael J. Tighe, CPA

On Sept. 9, 2019, the U.S. Treasury and IRS issued proposed regulations under IRC Section 382(h) pertaining to the interaction between built-in gains or losses with Section 382 limitations. Treasury believes the proposed regulations will simplify the application of Section 382, provide needed clarification to taxpayers in determining built-in gains and losses, and address other issues relating to Section 382 that were created as a result of tax reform (the Tax Cuts and Jobs Act of 2017). Taxpayers are not as optimistic about these recent developments, and for good reason.

Oct 1, 2019, 09:08 AM by Susan C. Borkowski, PhD, and Mary Jeanne Welsh, CPA, PhD

A winter 2016 feature that takes a look at the factors that are turning away both young and established professionals from public accounting careers.

Sep 4, 2019, 15:15 PM by Harrison A. Pereira, CPA

Form 990 is an annual information return required to be filed with the IRS by most organizations that are exempt from income tax under Section 501(a) of the Internal Revenue Code. Although most tax-exempt organizations do not pay federal taxes, the majority must still file annually with the IRS. Form 990 not only includes financial information such as gross income, receipts, and disbursements, but also nonfinancial information such as mission, programs, and key governance information.

Mar 4, 2019, 12:16 PM by Edward R. Jenkins Jr., CPA, CGMA

The recliner in my living room is my place of comfort – where I sit and relax to read or watch television. It is where I can feel safe, secure, and at ease. This article is about some other place: the future of work for CPAs. Technologies are merging, redefining, or erasing the lines between the digital and biological spheres. This type of change will affect our profession. The question is, how?

Mar 4, 2019, 11:43 AM by Brendan P. Cox, CPA

The Office of Information and Regulatory Affairs operated with reduced staff during the partial government shutdown, but special funding last year ensured that reviews and other activities stemming from the Tax Cuts and Jobs Act would continue. Other tax updates issued in the latter part of 2018 include the recent release of the Joint Committee on Taxation’s General Explanation of Public Law 115-97, commonly referred to as the bluebook, and the long-awaited guidance on Section 263A negative additional costs.

Dec 4, 2018, 09:43 AM by Michael D. Colgan, CAE

The Pennsylvania CPA Foundation had an outstanding first year of operations, culminating with the publication of its Annual Futures Report this past summer. The Foundation was created in April 2017 to inspire students to pursue careers in accounting and to provide educational, motivational, and financial support to those working to attain the CPA credential. PICPA leadership created this new entity to direct strategic resources toward the growing issue of recruiting and retaining talent within the profession – a top concern for our members for the foreseeable future, even outpacing technology and regulatory concerns.

Dec 4, 2018, 08:15 AM by Ric Rosario, CPA, CGMA

Regardless of your level of expertise in CPA professional liability, risk management, and insurance, the answer to “What should our policy limit be?” requires the careful consideration of a variety of factors.

Dec 3, 2018, 16:24 PM by Bruce S. Weitzman, CPA, and Leslie Marlo, FCAS, MAAA

The wise CPA expands beyond compliance and adds value by using tools such as net present value, marginal analysis, and cost and revenue analysis. In a data-driven environment, the CPA will grow his or her worth by updating their analytical skill set with tools from the school of probability and statistics.

Jun 4, 2018, 09:16 AM by Corinne Samler Brennan, JD, and Amanda Dougherty, JD

In March 2018, Philadelphia Mayor Jim Kenney announced that he intended to request a 6 percent increase in the real estate tax rate. Later that same month, the mayor revised the request downward to 4.1 percent because the Philadelphia Office of Property Assessment (OPA) had reassessed all properties across the city for tax year 2019, and those revised values increased property values by 11 percent. However, while the “average” assessment increased by 11 percent, some individual property owners saw increases between 30 percent and 300 percent.

May 22, 2018, 10:03 AM by Allison M. Henry, CPA

The “Big GAAP vs. Little GAAP” debate is decades old, but it reached a much higher pitch following the recent issuance of standards on variable interest entities, fair value, goodwill, and uncertain tax positions.

Sep 11, 2017, 10:49 AM by Jeffrey T. McGuire, JD

Since the CPA Law has undergone several revisions, and since both the PICPA staff and I regularly receive questions about what legal entities are appropriate for CPA firms in Pennsylvania, now is a good time to familiarize yourself with your options. If you are forming a new firm, though, please consult an attorney, and if you do not handle taxes then you should also consult with a CPA to find out which structure works best for you from a tax perspective.

May 31, 2016, 11:35 AM by William G. Ruffner, CPA

A buyer of a business quite often will pay a purchase price that represents a premium that exceeds the tax basis of the assets held by the target entity. Often the buyer’s desire for a tax basis step-up is in conflict with the seller’s desire to mitigate double taxation and to optimize the portion of the gain that is taxed at a lower capital gains tax rate.

Nov 23, 2015, 10:57 AM by Alan M. Schapire, CPA, PFS, CFP

The Bipartisan Budget Act of 2015 has changed the planning landscape for Social Security benefits. There now are fewer planning strategies to consider or employ, but significant planning is still required to assist clients in making a decision about claiming Social Security benefits.

Sep 3, 2015, 09:50 AM by Alan M. Schapire, CPA, PFS, CFP

A fall 2015 Pennsylvania CPA Journal feature explaining how CPAs can guide their clients toward the most appropriate time to begin collecting Social Security benefits.