CPA Now Blog Archive

For many small businesses, automation through software is a great way to improve efficiencies and monitor progress. But to ensure the financial information in the system is accurately captured, internal controls are needed too.

The PICPA State Taxation Committee met recently with the Pennsylvania Department of Revenue to get a demonstration of its new e-TIDES feature that will soon be available to all practitioners. The feature allows for a detailed electronic Statement of Account to be requested via the Document Center.

CPAs who are looking for podcasts to stay current on professional and technical trends can now turn to the PICPA podcast series, CPA Conversations. The PICPA continually strives to give its members choices on how to get their information, and podcasts are an option that is growing in popularity.

In order to achieve true change, we must undergo paradigm shifts―to change ourselves fundamentally and not just alter our attitudes and behaviors on the surface level. That's where the seven habits of highly effective people come in.

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?