CPA Now Blog Archive

We rely on the ability to receive information at a fast pace, and audio is the perfect on-the-go mode to make that happen. To retain clients and gain new ones, make sure your firm is top of mind by embracing new trends and ideas about business development. This blog discusses how and why using audio marketing can increase the brand awareness of your firm.

Corporate stakeholders have shown increased interest in companies’ qualitative and quantitative metrics relative to environmental, social, and governance (ESG) efforts. Many large U.S. public companies do voluntarily provide some sort of sustainability disclosures, but recent market and regulatory trends are pushing companies to include ESG information with their Securities and Exchange Commission submissions.

The PICPA State Tax Steering Committee and their colleagues at the New Jersey Society of Certified Public Accountants recently met to tighten the connections between the two organizations and to work collaboratively to uncover and resolve potential cross-state tax issues.

New skill sets and processes are transforming finance departments. Three areas shaping the role of accounting professionals include automation, forecasting, and a shifting emphasis on advisory responsibilities. CPAs are no longer bookkeepers; they are strategic business partners.

U.S. businesses that develop new or improved products are often eligible to claim the Federal Research and Development (R&D) tax credit. For Pennsylvania businesses, there may be additional opportunity to claim the Pennsylvania R&D state credit specifically aimed to promote business growth and foster development within the state.

Setting up a company-sponsored retirement plan offers some appealing tax benefits. Traditional 401(k) and safe harbor 401(k) plans both help boost tax savings and retain employees, but safe harbor plans have a few unique differences. Because of pending 2021 deadlines, now is the time to explore the potential for safe harbor plans.

The Pennsylvania CPA Journal Editorial Board recently held its annual content meeting to share ideas and come up with a consensus for the feature articles for the 2021-2022 year. The board members’ contributions were thought-provoking and plentiful. You won't want to miss our next four issues. Find out what the Pennsylvania CPA Journal has in store.

Many financial professionals plan a client’s retirement cash flow by using the 4% rule. The guideline, often called the SAFEMAX, basically states that one can confidently withdraw 4% from retirement accounts every year in a 30-year retirement and not run out of money. When the innovator of the SAFEMAX was asked if it was time to lower that number, he actually proposed that perhaps it should go up to 5.3%.

James J. Caruso, CPA, CGMA, has seen several sides of the accounting world, experiencing life in both public accounting and industry. He started his career at Deloitte and served as a partner with Fesnak LLP and RSM US LLP. He is now chief financial officer at J. Knipper and Company | KnippeRx. In this blog, Caruso discusses the differences between the two work environments, including daily routines, required education levels, and advancement opportunities.

Artificial intelligence (AI) is becoming more common in the CPA’s work life. It often shows itself in predictive, suggestive, and consultative tools that can improve your work product. This blog focuses on some of the AI in Microsoft Excel and how it offers opportunities for productivity gains.

Finding and keeping good people is always a top concern for CPA firms, but the last year and a half has taken a toll on many small practices. Consider these three steps firms can take moving forward to tackle staffing issues in a way that will make it easier to recruit and retain talented people.

Clients today have the potential to engage in transactions all over the world, especially via the internet. Because of easy access to the global marketplace, CPAs should be in tune with the realities of the Foreign Corrupt Practices Act when conducting audits, reviews, and even bookkeeping for clients doing business internationally. Insist on an appropriate level of substantiation for transactions and obtain additional documentation for transactions that do not make sense.

Act 116 of 2020 permits boards and commissions under the Bureau of Professional and Occupational Affairs to allow licensees who earn continuing education credits in excess of the amount required for license renewal to carry over excess credits and apply them to the next biennial renewal period. Unfortunately that does not include CPAs.

Sometimes hiring is crazy busy; sometimes the pace is slower and you can work with the team you have. Regardless, your company needs a plan of attack to bring talent into the organization and maintain a reasonable pace of hiring. There are unexpected highs and lows in recruiting, and it is hard to turn the hiring engines back on to full speed at a moment's notice.

Cryptocurrency transactions have become an important IRS priority. For example, it added a question to page 1 of Form 1040: “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?” In addition, through “John Doe” summonses, the IRS is taking significant proactive measures to collect cryptocurrency trading information.

According to an American Institute of Certified Public Accountants’ recent Business and Industry Economic Outlook Survey, 91% of firm leaders are participating in a mix of on-site and off-site operations, and they plan to continue to do so into 2022. But a smart hybrid model is about so much more than simply employees having some flexibility in work location.

Commercial co-ventures, also known as charitable sales promotions, are an increasingly popular form of cause marketing. One common arrangement is when a portion of every retail sale (for a contractually specified time) is donated to a not-for-profit. For many nonprofits, a well-planned promotion such as this can provide substantial income and increased visibility.

Jennifer L. Cryder, PICPA’s executive vice president and chief operating officer, has unanimously been selected as the PICPA’s new CEO and executive director by its Board of Directors. The selection marks the first time in PICPA’s 125-year history that a woman will helm the association.

The uncertain economic environment during the COVID-19 pandemic has called into question many of the inputs historically used by business valuation practitioners. The pandemic has enhanced the focus on risks associated with cash flow realization, factors affecting cost of capital (discount rate), and growth. The legwork for identifying the “known or knowable” as of the valuation date has increased as more sources of information, aggregate views, and sensitivity analysis may be required to arrive at an unbiased conclusion.

When a CPA and financial adviser work together, their mutual client benefits from the expertise of both. Because of the regular interactions CPAs and financial advisers have with their clients, they may be in the best position to recognize estate planning opportunities or other actions that can help clients carry out their wealth transfer intent.