CPA Now Blog Archive

Today’s accounting services marketplace presents both obstacles and opportunities in reaching new clients. Understand the challenges facing buyers of accounting and financial services, the tools they use to evaluate providers, and the drivers behind client loyalty and referrals.

Now, that 2021 is here, CPAs must begin to prepare for something we’ve known was coming for some time: implementation of the new lease accounting standard for nonpublic companies.

The Pennsylvania Department of Revenue SUT Bulletin 2021-01 clarifies that nonmedical masks and face coverings are exempt from state and local sales and use tax. Those who have purchased masks and face coverings to use in preventing the spread of COVID-19 may have incorrectly paid tax at the time of purchase, and a petition for refund can be filed for the amount of tax overpaid.

The strength of PICPA's 20,000 members was on display recently in Harrisburg as the PICPA scored a major legislative victory in ensuring that forgiven Paycheck Protection Program loans would be exempt from state personal income tax.

The Pennsylvania Department of Revenue is encouraging tax professionals to take advantage of its new, state-only filing option available at mypath.pa.gov. This new online filing option replaces the department’s PA Direct File system.

What are the most important skills for a newly licensed CPA as they enter the profession? While the CPA Exam verifies foundational competencies, the roles of newly licensed CPA continue to change with the profession. What we need to do is balance the need of what we consider “foundation” knowledge with the changes that must be introduced because of the work required of newly licensed CPAs.

To better connect our members to available job opportunities, the PICPA has launch an upgrade to its online job board. Find enhanced features for job seekers and employers.

The Philadelphia Department of Revenue expects to receive numerous 2020 wage tax refund requests this tax season. To simplify the process, the department has introduced a new employer-request form for income-based refunds for eligible employees.

Ransomware incidents can severely impact business processes and leave organizations without the data they need to operate and deliver mission-critical services. Here are some best practices to help organizations manage the risk posed by ransomware.

Part of preparing for tax season is addressing the potential professional liability risks associated with tax services. There are several steps practitioners can take now while planning for upcoming tax work.

Internal controls are an essential part of protecting assets, but they can only serve their protective purpose when they are effective at doing what they are designed to do. One of the most important aspects of the control environment is monitoring.

As the world raced to create treatments for the worldwide coronavirus pandemic, a spotlight was on the domestic life sciences and pharmaceutical industry like never before. The demand for speed was an additional burden undertaken by an industry that faces an exacting regulatory environment and skyrocketing discovery costs. To help offset the cost of development and promote innovation, the U.S. government offers incentives.

Whether you’re knee-deep in tax season or in the planning, you do not want to grow complacent when it comes to firm productivity and client tax goals. Enhance productivity and efficiency so you can walk through tax season prepared and confident.

Like last year when COVID-19 struck, CPAs are again facing a tax filing season with a very strong likelihood of continued teleworking. Because our practices deal with personal identifying information, we are required to have a written data security plan.

With the arrival of several COVID-19 vaccine options, guarded optimism is rising within the business community as companies choose the best course of action. In fact, sweeping imposition of mandatory vaccines is not prohibited by the U.S. Equal Employment Opportunity Commission. But is that course prudent?

COVID-19 has significantly affected how we conduct business. It has spurred increased demand for CPA-provided client accounting consultative services, and, because of social distancing, it has led to a greater use of electronic signatures. Both come with unique risks that CPAs need to understand and mitigate.

There are serious fiscal issues that both political parties need to face. But not knowing what they will do, if they do anything, should not force a lock down on your financial plans. The proper mindset regarding taxes is not “if” they will go up, but “how” and “when.” Consider proactive steps that can be taken today to navigate a higher tax reality of tomorrow.

Working remotely for nearly a year has taught us many things about virtual interactions. Perhaps one of the most universal truths is that giving virtual presentations can be a challenge. While stillness and calm are great skills for meditation, they don’t win the hearts and minds of your audience on a virtual platform.

Compliance audits are guided by a set of rules that only seems to be getting more and more complex every year. CPAs need to make the single audit process thoughtful, organized, and meaningful for our clients and ourselves.

The COVID-19 pandemic has challenged firm administrators to think of new ways to keep staff engaged and connected as they work from home. In December 2020, a group of administrators and human resources leaders from accounting firms across Pennsylvania met to share best practices on keeping interns and new hires focused on their tasks despite the challenges.