CPA Now Blog Archive

Tax practitioners are familiar with the substantive aspects of tax planning and advice, but considerations regarding the confidentiality of tax analysis and taxpayer communications are sometimes overlooked. Make sure you do not provide an unintended “audit roadmap” on those transactions for which tax planning advice has been provided.

More than 4 million companies will change hands over the next 10 years as baby boomers retire. The U.S. Labor Department estimates that as many as 30% of baby boomers' companies may simply go out of business for lack of a sale or succession strategy. For those ready to think about their exit, know that there are alternatives. One is a transition via employee ownership, or more specifically, employee stock ownership plans (ESOPs).

Although CPA practices commonly handle federal estate and gift tax matters, very few CPAs regularly experience nonresident noncitizens exposed to these taxes. This blog provides an overview of the international side of U.S. estate and gift taxes.

The City of Philadelphia imposes myriad taxes on businesses, but the one levied on all types of business entities is the business income and receipts tax (BIRT). Effective Jan. 1, 2019, Philadelphia started to use an economic nexus standard for the BIRT. Under this standard, even a remote business with no physical presence in Philadelphia may have nexus in the city. Find out more in this BIRT refresher blog.

Most accounting firms in Pennsylvania have fewer than 20 employees. These firms rarely have a dedicated marketing team. However, with the advances in online and digital marketing, even the smallest firms can drive leads and interest from the internet via a sound search engine optimization (SEO) strategy.

Among firms making less than $2 million, 42% of them have partners over the age of 60. The baby boom generation is starting to eye the exit. The good news is the percentage of multipartner firms that expect to make an acquisition in the next three years is up; the bad news is that it is a buyers' market with so many retirements on the horizon. So, what is a firm owner of the baby boom generation to do given the circumstances?

Cryptoassets had a volatile 2022. So, as we embark on 2023, practitioners with clients holding cryptoassets, or considering entering this realm, must understand where the market stands. This blog provides five things practitioners should watch concerning blockchain and cryptoassets moving forward.

Firms are scrambling for qualified staff to fill the vacancies, and one solution some have been considering is the outsourcing of tax preparation and other accounting tasks. This can be tricky if practitioners are not careful. Outsourcing, particularly when enlisting offshore assistance, requires strict adherence to Internal Revenue Code Section 7216.

The cannabis market in Pennsylvania averages about $100 million in sales every month and continues to draw interest. However, Pennsylvania and its local jurisdictions have requirements for prospective license holders that can cost thousands of dollars before a license is granted. Before any entrepreneur considers stepping into this market, it is imperative that they invest in a qualified CPA before going through the process.

The loss of the "El Faro" is more than the tragedy of a sinking ship; it is a cautionary tale for all leaders, whether at sea, on land, or high up in the C-suite. It is exemplary of a failure of leadership and faulty decision-making.

New legislation that addresses several retirement and savings strategies recently passed Congress as part of the federal omnibus budget bills. Get some of the highlights contained in this "SECURE Act 2.0."

The PICPA Education Committee is the policy-setting committee for the PICPA Foundation for Education and Research, which oversees PICPA’s professional education programs. This blog offers a peek into perhaps one of the most vital committees the PICPA has to offer.

CPAs must meet and make connections with potential clients and peers to remain connected, relevant, and valuable. It is a people-driven occupation. With that in mind, the PICPA is proud to introduce its new Cross-Professions Networking Nights, two mega events where you have an opportunity to engage with other professionals.

CPA firms are experiencing an uptick in clients trying to embed indemnification and hold-harmless clauses in various agreements. Before you contractually bind the firm to an arrangement of this significance, take the time to understand all the implications.

The PICPA identifies issues for which CPAs need more information and constantly looks for bumps in the road that we can help level before the accounting profession hits them. As we begin to put 2022 behind us, here are a few of the issues the PICPA is keeping an eye on in 2023.

It’s the season of giving, and PICPA members are, as always, eager to give back to their communities. This year our Local Connection Committees are hard at work attending volunteer events to show their appreciation during this holiday season.

The CPA Exam is one of the most difficult professional exams around. It is challenging for everyone, so a failure to pass a section or two should not discourage you from pursuing your dreams. There are solutions. Consider these four obstacles to passing and the adaptations you can make to overcome them.

The PICPA is proud to introduce our new Insightful podcast series. Each miniseries of episodes dives into a cutting-edge issue affecting the accounting profession that is being studied by PICPA Insights, our research, analysis, and resources development team.

One of the most significant lessons learned in business over the past three years is that if your company is unable to pivot and adapt you will be left behind. But not all businesses are office-based. How do you pivot in manufacturing? How do you adapt?

As CPAs know, the Board of Appeals is the first formal level in adjudication of tax, rebate, and refund appeals in Pennsylvania. This blog from the Board provides a few tips to help you navigate appeal procedures.