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Apr 22, 2021
It is rare when the stars align in Harrisburg, but when they do it is an impressive process to watch unfold. The PICPA was a key contributor to just such an occurrence when the state House and Senate lawmakers agreed to expedite legislation championed by the PICPA that addresses three problematic tax issues. A victory for the public, a victory for CPAs, and a victory for PICPA!
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Apr 21, 2021
The AICPA is working with the National Association of State Boards of Accountancy to enhance CPA licensure through the joint CPA Evolution project that aims to transform the licensure model by recognizing the changing skills and competencies accounting requires today and into the future. This new licensure model will continue to place the CPA profession in the best position to meet the needs of firms, organizations, clients, and the public. It is also flexible enough to evolve as market needs and roles change.
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Apr 19, 2021
As the U.S. vaccination effort makes headway, perhaps you are wondering what the “new normal” will look like or which changes you’ve implemented during the crisis will become permanent. Some observers think that, even as things normalize, there will continue to be significant risks to the accounting industry.
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Apr 16, 2021
For many CPA firms across the country, the coronavirus lockdown put the brakes on their respective succession planning strategies in addition to potential mergers. Several schools of thought have emerged regarding M&A and succession planning within the current accounting landscape.
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Apr 15, 2021
As tax season comes to a close, it is important to not lose sight of those issues tied to cryptoassets. With the price of bitcoin (among others) experiencing a substantial run-up during the last few months of 2020, and with more individuals gaining exposure to cryptoassets via apps like Robinhood, potential tax issues are substantial.
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Apr 14, 2021
KPMG titled a blockchain technology survey for retailers, Blockchain-Enabled Digital Tokenization Is Poised to Transform Commerce. But what, exactly, is being transformed? This can be a tricky area because the misapplication of this technology can lead to irreversible results.
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Apr 12, 2021
Buy-Sell LLCs preserve the best traits of traditional buy-sell agreements while offering a new way forward for business owners seeking more tailored strategies. They avoid the seemingly unavoidable limits of traditional buy-sell arrangements while accentuating their best attributes.
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Apr 9, 2021
The deregulation of certain licensing requirements has been a concern for the CPA profession. While the main focus of these efforts has not been on licensees such as CPAs, engineers, doctors, and lawyers, there is always a risk of collateral damage with the legislative process.
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Apr 8, 2021
Remote work is here to stay for many businesses, but so too are other technologies such as data analytics, automation, and business intelligence. These strategies will be more critical as we move forward, and it’s well past time to embrace technology if you haven't done do.
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Apr 7, 2021
In January 2021, a state constitutional amendment legalized marijuana in New Jersey. The next step is for New Jersey to release regulations on sales, including licensing and taxation. With the legalization of recreational marijuana in New Jersey, there is increased pressure on both Pennsylvania and New York to move toward legalization. If they don’t, New Jersey will corner the regional market.
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Apr 5, 2021
After 42 years with the PICPA, 10 as CEO and executive director, Michael D. Colgan has announced his retirement at the end of 2021.
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Apr 2, 2021
It’s easy to become overwhelmed with work during the busy tax season. Many fitness devotees just can’t find the time for energy-consuming workouts at the gym. This simple, Chinese health exercise requires no equipment, tools, props, or space. You can practice it anywhere, anytime.
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Apr 1, 2021
As employers seek to reopen their workplaces, many wonder whether they can require employees to be vaccinated as a condition of returning to the office. Considering the Americans with Disabilities Act and numerous state and local laws, this is not a simple yes or no answer.
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Mar 31, 2021
Branding is an investment that will pay off, whether you want to attract new clients or have current clients take your advice more often. At its best, branding is a bridge between the value you offer and those willing to invest in it. When it comes to cooperating or collaborating, branding can give your voice greater credibility.
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Mar 30, 2021
Numerous federal, state, and local relief programs have been enacted to help the economy recover from the impact of the COVID-19 pandemic, including grants to small businesses. Generally, COVID-19-related government grants to businesses are taxable income for federal tax purposes. What about for Philadelphia taxes?
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Mar 29, 2021
Imagine having inspiring conversations and vigorous debates that will help you become a more well-rounded leader, creative thinker, and problem solver. Not in a large, anonymous online group or a collection of like-minded coworkers or industry leaders. Think small, close-knit discussion groups that enlist diverse members of various ages from completely different professions.
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Mar 26, 2021
As COVID-19 vaccinations roll out, many employers are pondering their return to the physical office. But it seems remote work will likely continue at higher levels than before the pandemic. This could be a challenge to the accounting industry with its unique remote work issues.
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Mar 25, 2021
If you are a business with customers in multiple states, your tax obligations grow exponentially with the number of states and the sales tax complexities in those states. But nexus determination and upkeep is just one part of the difficult sales tax compliance process.
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Mar 23, 2021
The American Rescue Plan (ARP) provides an additional $1.9 trillion of economic relief related to the coronavirus pandemic in addition to the prior $4 trillion authorized for such purpose in 2020. Almost all American families will benefit. But much of the ARP is being administered through the federal tax code in the form of direct payments and credits to individuals and families.
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Mar 22, 2021
Most successful entrepreneurs have built their lives and businesses upon well thought-out processes to avoid making mistakes. Then why do only 20% of entrepreneurs have a written succession plan? The transition planning decisions that an owner makes now, or elects not to make, will be a major factor in deciding the future of the business.
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