CPA Now Blog Archive

ASC 842 is a new leasing standard that is more principles-based and eliminates traditional operating lease accounting for all but short-term leases. The new standard requires lessees and lessors to classify all long-term leases on the statement of financial position. Thus, the four bright lines to distinguish between a capital lease and an operating (off balance sheet) lease that existed under ASC 840 are no longer relevant.

Due to an increase in the number of fraudulent tax returns, the U.S. Treasury Department implemented a requirement that paid preparers must register and obtain a Preparer Tax Identification Number, among other requirements. The initiative was struck down by the D.C. Court of Appeals. A voluntary program was introduced, but the initiative has been accompanied by a substantial amount of litigation, particularly by the AICPA. Here is an overview.

At PICPA's 119th Annual Convention, as I was listening to a professional issues update, I wondered what members were talking about at the first convention. I’m sure it was about adapting to change. CPAs and the PICPA have always encountered change, and have evolved over the years to identify new opportunities.

E-mail is an essential element of the PICPA marketing and communications plan, but we’re also keenly aware of how important it is to respect your inbox. Let’s make a deal. I’ll only send you e-mails about the topics you care about, but you need to tell me what you care about.

SSARS No. 21 with its Section 70, Preparation of Financial Statements, creates new opportunities for CPA firms to provide a much needed service to small and not-so-small business clients. CPA firms face increasing competition from cloud-based accounting and tax preparation services. To maintain the role of “trusted advisor” CPAs should discuss with their clients the advantages of having a history of annual financial statements on hand.

Look around. Can you spot the changes we need to incorporate as CPA leaders? All of us must lift up our heads from the everyday challenges of servicing our clients and our companies and be the profession’s visionaries.

Believe it or not, you can make your home work for you when you are away on vacation or traveling. More and more people are signing up to be on the “host” list of services such as Airbnb, HomeAway, or VRBO to earn a little extra money. If you choose this path, however, keep in mind that the tax scenarios can be complex.

You tune up your car, and you tune up your guitar and piano. But a lot of investors ignore their portfolios, and one day discover unpleasant surprises. A periodic portfolio tune-up, however, can improve portfolio returns and reduce risk.

Nexus is a fancy word that means that you have a connection to a state, which gives that state the jurisdiction to subject your company to one or more of its taxes. In recent years, states have begun asserting nexus if a company merely makes sales in the state, even if it doesn't have a physical presence. This is known as “economic nexus.”

To be successful in your career you must find ways to bridge the gap between the generations. Use your knowledge of these challenges to think about what you want in a workplace and where you see yourself happily working for years to come.

One of the newest DIY ideas for raising extra income is to drive people to their destinations through services such as Uber or Lyft. This can be a great option, but you need to be aware of the tax considerations.

With the growth of student borrowing, policymakers have responded over the years with legislative efforts at the federal and state level to help defray costs, but it only seems to have exacerbated the confusion about paying for college. This is where a CPA adviser can be instrumental.

PICPA’s April 20 Council meeting provided opportunities to discuss the topics that will have a direct impact on your profession. Want to see our short list?

Being part of a network of professionals is a core element of PICPA membership. Are you taking advantage of this valuable member benefit? If not, you could be missing out on vast opportunities.

Each and every tax season takes on its own personality and brings its own challenges. Learning from the pros and cons of each will only benefit your practice.

A CPA firm recently found itself in front of an unemployment compensation referee to determine if a seasonal employee was entitled to unemployment benefits. How could this be? Well, the Pennsylvania Unemployment Compensation Law does not recognize or define “seasonal” employees. What does this mean to your firm?

Whether you have been doing public speaking for many years or you’ve been invited to speak before a group for the first time, it’s important to stay connected with the audience. Reed these 10 tips to help you keep your audience engaged.

The Pennsylvania Institute of Certified Public Accountants (PICPA) recently conducted a survey of its members to gauge satisfaction with the organization’s flagship publication, the Pennsylvania CPA Journal. It is clear that membership finds the magazine to be an important PICPA benefit.

The so-called “Property Tax Independence Act,” or Senate Bill 76, is once again vying for the attention of Pennsylvania lawmakers. To be clear, SB 76 would not eliminate all school property taxes as advocates claim.

In the tax world, having a child is definitely a significant change that could affect your tax status for more than 20 years. Here’s a quick summary of some immediate parenthood tax plans to think about, as well as some long-range strategies to consider.