CPA Now Blog Archive

For those of you who may not be familiar with it yet, .cpa is the new restricted domain for the accounting profession. Restricted or protected domains such as .cpa are part of the next, more secure, phase of the internet.

Would you like to become a subject matter expert or a jack of all trades? Do you aspire to be an industry accounting expert or a company expert leveraging your analyses? Internal and external auditing both serve their purpose, but knowing the difference could show you which one suits you best.

As many of us know, the fraud triangle consists of pressure, opportunity, and rationalization. In all likelihood, most of the classes you’ve taken and articles you’ve read focused on how to design internal controls to reduce the opportunity part. How much do you really know about the psychology behind the pressure and rationalization legs?

When it comes to defining the value of PICPA membership, "value" can mean different things to different people. But a member satisfaction survey revealed what members value most among all of the things the PICPA provides.

On Dec. 27, 2020, the Consolidated Appropriations Act, 2021, was signed into law. In addition to important federal government budget appropriations, the act contains new tax provisions and Paycheck Protection Program loan updates.

Blockchain use will grow in areas outside its initial uses connected to cryptocurrencies, so there is a need for clarification connected to the internal control and audit of blockchain. But before attempting to analyze the potential directions connected to blockchain internal controls, it is worth examining the core components of blockchain controls.

While we often think of financial planning and accounting as a defined science hemmed in by numbers and spreadsheets, 2020 highlighted CPAs’ ability to embrace the abstract, empathize with clients, and explain behaviors. This year has proven that advice is our most valuable commodity, relationships are imperative, and trust is paramount.

When COVID-19 pandemic exploded last spring, the federal government had a quick financial response. However, there were many twists and turns in the guidance relative to the utilization of, accounting for, and reporting of such government funding, particularly in the health care sector.

The PICPA partnered with Avenue M back in June to survey members to see how COVID-19 was affecting their firms, clients, and companies. With the pandemic still in full swing, we conducted a second survey in the fall, found what information members are craving, and developed a slate of resources that address these issues.

As you help clients review their charitable giving these last few weeks of the year, it’s wise to also consider their financial planning goals and the tax deductions available from their heart-felt contributions. Here are a few options beyond the simple and easy cash gifts.

Finance teams manage multiple projects, processes, and workstreams. Too often we trust ourselves to remember what’s important, but we are fallible humans. We make mistakes. Things fall through the cracks. To help us manage, consider the lowly checklist.

Section 3608 of the CARES Act provides relief for benefit plan sponsors by extending the due date for minimum required contributions into their defined benefit plans. Cash basis plan sponsors of defined benefit and/or cash balance plans have a unique opportunity to engage in tax planning using the timing of their contribution.

The IRS says “S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made.” So, some salary must be taken ... but how much? And what is considered "reasonable?"

In a competitive landscape where agility, flexibility, and quick decision-making are critical to a CFO and his or her business, timely and accurate data analysis is more important than ever. In other words, business intelligence is no longer negotiable: it’s a must-have for ongoing success.

The Pennsylvania Department of Revenue recently issued temporary guidance regarding telework during the COVID-19 pandemic. But, until recently, no similar guidance had been issued at the local tax level, with the exception of Philadelphia. PICPA’s State Taxation Committee, through its Local Tax Task Force, has been working to obtain definitive guidance.

Legislation on additional pandemic relief, including a new Paycheck Protection Program, is expected to pass the U.S. Congress before the end of 2020. CPAs are strongly encouraged to identify business clients who may qualify for these benefits, and to begin contacting them about the loan application process. This new effort should also address the long-simmering issue of tax deductibility of expenses related to forgiven Paycheck Protection Program loans.

Like all things this year, the 2020 general election season has been chaotic. With the coronavirus pandemic, the long delay in counting millions of mail-in ballots, and the poor showing of pollsters once again, some might think the D in democracy is better suited for dysfunction.

The U.S. Supreme Court's Wayfair decision occurred over two years ago, yet its impact continues to grow, particularly in light of COVID-19. This blog discusses some of the impacts Wayfair continues to have as states seek to address budgets devastated by the health crisis.

The PICPA has been hosting a monthly town hall series featuring top thought leaders from the profession and the business community. If you’re interested in this great content, recordings of each have been posted online.

These are unsettled times for clients. So, expect an increase in traffic as tax planning and tax filing get underway. This blog offers thoughts on remaining focused on outstanding client service while also maintaining proper risk management techniques and processes.