• PICPA’s 2024 Legislative Priorities in Harrisburg

    Mar 12, 2024, 15:56 PM by Peter N. Calcara, PICPA Vice President – Government Relations
    This year, two points will dominate lawmakers' agendas in Harrisburg: the budget for the upcoming fiscal year and the fall elections. That doesn’t mean the PICPA will stop its advocacy efforts on matters important to Pennsylvania’s CPAs.
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  • Don’t Overlook the Value of State Tax Credits and Incentives

    Mar 12, 2024, 00:00 AM by Matthew Melinson, CPA, Mike Eickhoff, CCIP, Drew VandenBrul, CPA, Narj Bhogal, CPA, Benjamin Tamber, CPA
    Incentives are a powerful tool to urge companies to invest in a particular state that can result in a win-win for all parties involved. This issue's State & Local Tax column provides an overview of Pennsylvania’s incentives and credits landscape.
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  • PICPA and Outlier Bring College Accounting to High Schools

    Mar 12, 2024, 00:00 AM by Matt Greene and Kristen Wilbert
    The PICPA’s Pennsylvania CPA Foundation connected with Outlier.com last year to support high school students in their journey to becoming a CPA. Two teachers taking part in the pilot program discuss how their students are doing and how this effort is helping young people get interested in accounting.
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  • IRC Section 1202: Why Qualified Small-Business Stock Should Be on Your Radar

    Mar 12, 2024, 00:00 AM by Danielle Friedman and Herbert R. Fineburg
    The Small Business Stock Gains Exclusion is an often-missed and material tax-savings benefit available to noncorporate shareholders of C corporations. Given the relatively recent adoption of these qualified small-business stock rules, many advisers and their clients are still unfamiliar with this section of the Internal Revenue Code.
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  • Winning Continuity Plans for Owners, Clients, and Successors

    Mar 12, 2024, 00:00 AM by Ira S. Rosenbloom, CPA (inactive)
    Successful practice continuity is dependent on making three parties happy: clients, firm owners, and the next set of owners, successors, or protectors. Here are a few pathways to establish a framework for a succession that is a win for all three parties.
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  • Tips for Being the Best Mentee

    Mar 12, 2024, 00:00 AM by Ashley Stampone, CPA, PhD
    The mentor-mentee dynamic cannot be one-sided. The mentee must work at the connection, too, to get the most out of the mentorship. This column offers tips to emerging CPAs that they can take as mentees to get the most out of their mentor-mentee relationships.
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  • Accounting for Leasehold Improvements for Discretely Presented Component Units

    Mar 12, 2024, 00:00 AM by Khaled Abdel Ghany, CPA, PhD
    The Financial Accounting Standards Board Accounting Standards Update 2023-01, Leases, Common Control Arrangements, requires leasehold improvements related to a lease agreement between entities under common control to be amortized over the useful life of the leasehold improvement. While the relationship between a primary government and its component units is similar to that among companies within common control, could the new accounting rule for amortizing leasehold improvements be applicable to leases between a primary government and its component units?
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  • Complexities Abound for Pass-Through Entities and SALT Deduction Work-Arounds

    Mar 12, 2024, 00:00 AM by Gregory M. Rineberg, CPA, and James J. Newhard, CPA
    The Tax Cuts and Jobs Act of 2017 (TCJA) reformed many aspects of the Internal Revenue Code of 1986, but the $10,000 state and local tax deduction limitation (SALT cap) has remained one of its more controversial aspects. The SALT cap prevents many individuals from being able to fully deduct their state and local income and property taxes on their federal individual income tax returns. This is further exacerbated for individuals filing in multiple states through their ownership interests in partnerships, S corporations, and certain limited liability companies.
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  • Moving to the Beat of ESG Can Be Good for Business

    Mar 12, 2024, 00:00 AM by J. Stephen McNally, CPA, CMA
    The call for the corporate world to enlist environmental, social, and governance (ESG) metrics and reporting is growing. In this feature, J. Stephen McNally, CPA, CMA, proposes that – whether your organization is subject to mandatory reporting requirements or not – sustainability decisions are good business decisions.
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  • Pa. Office Set Up to Help with IRA Renewable Energy Tax Credits

    Mar 12, 2024, 00:00 AM by Louie Krak
    Pennsylvania Gov. Josh Shapiro created the Office of Critical Investments to maximize the federal funding made available in recent years, particularly through the 2022 Inflation Reduction Act. Louie Krak, infrastructure coordinator with the Office of Critical Investments, discusses the major tax credit incentives that are available to a wide swath of Pennsylvania entities interested in investing in diverse sources of renewable energy.
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  • Bolster Your Emotional Intelligence for Personal Success and a Positive Workplace

    Mar 12, 2024, 00:00 AM by Ashley Stampone, CPA, PhD, and Patrick O’Brien, CPA, PhD, CFE
    This feature discusses what emotional intelligence is, several different aspects of the concept, and how certain segments become more important at different times as you progress through your accounting career.
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  • Why and When to Consider Outsourcing Finance Functions

    Mar 12, 2024, 00:00 AM by Victoria N. Pritchard, CPA
    CFOs and vice presidents of finance are entrusted not only with maintaining financial stability but also with contributing strategically to organizational growth. To achieve this, says Victoria N. Pritchard, CPA, the outsourcing of certain accounting functions to third parties has emerged as a strategy worth exploring.
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  • What to Expect on the Federal Tax Front This Election Year

    Mar 12, 2024, 00:00 AM by Robert E. Duquette, CPA
    Although the Tax Cuts and Jobs Act of 2017 has most of its individual provisions expiring after 2025, there are some provisions expiring even earlier. This column explains which sections will be affected unless Congress acts to restore them.
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  • Growing Debts and Deficits Pulling Down Our Future

    Feb 14, 2024, 11:41 AM by Edward R. Jenkins Jr., CPA, CGMA
    What’s the difference between “equity” and “resilience?” In real terms, essentially nothing: equity is resilience. Equity gives you, a company, or a government the ability to take a hit – a hit like a recession or a pandemic. The big question now is whether or not the United States has the equity to return to normal after a crisis. To consider this issue, I explore the growing U.S. debt, the concomitant reduction in equity, and the implications of debt growth on government and the economy as a whole.
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  • Who Owns the Company’s Retirement Plan?

    Dec 18, 2023, 13:28 PM by Nicole Jankowski, SPHR, SHRM-SCP
    Territorialism and claims of project ownership are not uncommon in business. But when it comes to retirement plans, Nicole Jankowski explains that a shared ownership between human resources and finance will be beneficial to all.
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  • Cybersecurity Certification on the Way for Defense Industry Contractors

    Dec 18, 2023, 13:27 PM by Matthew Schiavone, CPA, CISSP, CISA
    CPAs with clients who work for or with defense contractors need to understand the Cybersecurity Maturity Model Certification (CMMC). Matthew Schiavone, CPA, CISSP, CISA, explains the CMMC and offers a word of caution as to how it could affect the costs and resources of the contractor and how CPAs may be called on to be compliance assessors.
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  • Are You Ready for SAS No. 145?

    Dec 18, 2023, 13:25 PM by Nicole K. Cradic, CPA
    Statement on Auditing Standards No. 145, Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement, is effective for periods ending on or after Dec. 15, 2023. Nicole K. Cradic, CPA, shares some the key changes in the standard of which auditors need to be aware.
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  • Overlooking Business Privilege Taxes a Costly Misstep

    Dec 18, 2023, 13:24 PM by Matthew D. Melinson, CPA, Patrick K. Skeehan, JD, and Thomas D. Boyle, JD
    Business privilege and mercantile taxes (BPT) can be overlooked and misunderstood by taxpayers and practitioners alike. Matthew Melinson, CPA, Patrick Skeehan, JD, and Thomas Boyle, JD, look at the mechanics of the BPT and some of the latest trends to help taxpayers meet filing obligations, capture tax savings, and avoid missteps.
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