CPA Now Blog Archive

Business acquisitions can take different forms, and the work is complex and highly time sensitive. Many tax issues concerning the transaction structure and due diligence can arise in M&A transactions.

The AICPA's new Statements on Standards for Tax Services (SSTS) will become effective Jan. 1, 2024. The prior version of the SSTS had seven standards; the revision going into effect boils those seven standards down to four. It is a significant component of the ethics guiding CPA practitioners of taxation.

Over the next three weeks, the PICPA will bring keynote speakers and educational panels to universities across the state designed to support high school students interested in pursuing a degree in accounting.

For smaller CPA firms with limited budgets, getting started with video marketing is not always easy. Learn the six keys to getting started with a video content marketing campaign.

Accountants have the unfortunate stereotype of being the opposite of creatives. Many think creativity is considered the exclusive realm of artists. But we act creatively whenever we design processes, ask questions, build financial models, derive insights from information, or translate financial results for nonfinancial people.

The CPA Exam is undergoing a significant shift in format that is set to take effect in 2024. This blog explores the changes and outlines what candidates and educators need to know to navigate this change successfully.

The Illinois CPA Society and the CPA Endowment Fund of Illinois set out to research what minorities are encountering when entering and advancing through the accounting profession. Find out what their award-winning report has uncovered.

The Corporate Transparency Act (CTA) was enacted Jan. 1, 2021, as part of the National Defense Authorization Act to combat money laundering, terrorism financing, and other forms of illegal financing. This blog provides an overview of some of the key CTA provisions and addresses potential risks for accounting firms.

The Pennsylvania General Assembly’s fall session is in full swing. Lawmakers have an array of tax measures potentially still in play as final bills for the year are being considered. Several have all been developed in coordination with the PICPA State Tax Thought Leadership Committee and subcommittees.

Bank implosions may not be predictable, but there are usually warning signs that can help regulators and investors plan for stress situations. Held-to-maturity accounting only serves to delay the recognition of stressed realities because of the inability to discern the real economics and financial health of a company.

Often, digital transformation efforts in the finance function focus on core processes, including procure-to-pay, order-to-cash, and record-to-report. As technology evolves and becomes further integrated, however, opportunities will exist to extend digital transformation to other business functions, including human resources.

When it comes to providing top-notch services to clients, how can smaller firms level the playing field and better compete with the larger firms? One answer lies in outsourced accounting.

The Jumpstart Our Business Startups Act (JOBS Act) of 2012 Title III (Regulation Crowdfunding) and Title IV (Regulation A+) represented significant changes to U.S. securities laws. This blog looks at the crowdfunding environment after the JOBS Act implementation, and highlights its implications for CPAs, financial planners, and managers.

Return on investment is the equalizer between the value of the client's problem and the fee you can charge for solving it. If you know the value of the client's problem and their propensity for risk, you can triangulate on a mutually acceptable fee quote without the need for discounting.

Reconnecting with old colleagues and old clients can be a gift and a joy. It is never too late to reconnect with someone with whom you shared the tyranny of your first busy season, formed a bond by staying up all night for days to get a deal closed, or established a relationship that was stronger than simply CPA-client.

The impact of artificial intelligence (AI) on the accounting industry and the clients they serve will have far-reaching consequences. This changing landscape is calling for a new kind of finance leader, one who leverages the power of AI while keeping a pulse on the human workforce and the clients they serve.

A foreign trust is generally treated as a nonresident noncitizen holding for U.S. income tax purposes, and is subject to U.S. income tax only on U.S. source income. Trust distributions to U.S. citizens and income tax residents carry taxable “distributable net income” to the U.S. beneficiary. Grantor trusts, however, are generally controlled by the founder and are ignored for income tax purposes.

Workplace incivility can often be relatively small acts by coworkers or supervisors that are perceived as demeaning or which cause an individual to feel undervalued or unimportant. Unchecked uncivil acts can affect your business in significantly negative ways and have major consequences.

Leading an organization in today’s business environment can be an adventure. The complex state of our economy is a time when strong leaders are needed to make bold decisions and rally teams to act with clear direction, a sense of urgency, and attention to detail. We must act with agility and excellence.

For many practices, as soon as one tax season is over, an immediate triage takes place and preparation for the next one starts in the fall. These firms can better position themselves if they take certain actions aimed at reaping the rewards from a tax practice.