CPA Now Blog Archive

The Pennsylvania Department of Revenue (DOR) recently issued Sales and Use Tax Bulletin SUT 2021-03 regarding the taxation of help supply services in a remote work environment. One thing the bulletin attempts to clarify is that if the purchaser of help supply services is located in Pennsylvania, the DOR will assume the benefit of the service is received in Pennsylvania, and thus is taxable.

More than 25 states have passed laws that require businesses that handle and store personal information to develop and implement a written information security program (WISP). WISPs document the security policies and procedures for the data and personal information being stored. Any firm that keeps this type of data – which extends not just to computerized data but hard copies as well – is likely required to develop and implement a WISP.

The cost of education is high, and the Pennsylvania CPA Foundation is awarding more than $200,000 to support future CPAs. Don’t let this opportunity for you, or someone you know, to win a scholarship slip through your fingers.

Sales on digital marketplaces pose assorted tax questions for sellers and buyers, but some of the most complex questions arise for nonresident international businesses making sales to U.S. consumers. Historically, countries placed a sizeable weight on a nonresident’s physical ties to a jurisdiction in deciding its tax obligation. This has, to some extent, become antiquated.

There are two parts to a client’s retirement: the financial and the emotional. To properly guide clients through the transition into retirement, the initial conversation should focus on the softer, emotional side. Step one in any good retirement planning effort is to quell anxieties so the conversation can move forward to the next steps.

The widespread growth of remote work is opening new access points and vulnerabilities for hackers to exploit. They have many ways of exploiting CPAs facing tax-filing deadlines, especially when firms have outdated software, vulnerable email systems, and inattentive employees. Data security has become an urgent concern for the accounting profession.

The COVID-19 pandemic is approaching its two-year anniversary, and its impacts on the economy was expected in some regards, and very surprising in others. Interestingly, the data show that employee-owned businesses, in particular employee stock ownership plan (ESOP) businesses, have done significantly better than non-employee-owned companies.

Cybercriminals are becoming more sophisticated, and insurance claims related to their acts are on the rise. This blog will focus on some of the types of claims rising within the CPA profession.

Blockchain is perceived by many to be just the foundation technology behind cryptocurrencies, but it actually is an accounting technology. CPAs need a basic understanding of blockchain’s role in maintaining a ledger of financial information and transferring ownership of assets.

Cross-departmental collaboration has become essential for modern planning, budgeting, and forecasting. Here are seven trends in 2022 that will enhance this interaction and help CPAs in business and industry achieve success.

The IRS is a mess. It has a backlog of 6 million returns, is sending out automated warnings to taxpayers who have already filed, and can only answer 9% of its calls. The PICPA has joined with the AICPA in an attempt to reconcile the issues at the IRS.

Before you are forced to deal with the unenviable position of a ransomware attack, understand that the best way to thwart these attacks are before they happen. Stopping ransomware generally includes three key areas: cybersecurity hygiene of your employees, proper practices by your IT department, and your data backup strategy.

Implementing the new ASC 842 lease accounting standard for nonpublic companies surely requires changes to processes and reporting controls. But this blog provides four reasons why implementing the new lease standard may not be as hard as you or your clients feared it would be.

For CPAs, the outlook for 2022 is not a lot different than what we experienced in 2021: accelerated change and emerging issues that impact how we approach the services we provide. Here are three key areas CPAs must keep in mind as we move into the new year.

CPAs are taking on ever-increasing consultative roles as they are being asked to advise in areas beyond traditional financial reporting. To measure proficiency in some of these expanding duties, the CPA Exam has its Regulation (REG) section to ensure CPA Exam candidates have a basic understanding of basic business law, taxation of property transactions, among other areas.

Accounting and finance firms face a multipronged challenge: find ways to grow in the coming years and take advantage of new opportunities in this rapidly changing environment. It’s time to develop a strategy that invests in and embraces talent, marketing, and technology moving forward.

Engagement letters should be as detailed as possible in describing the nature and extent of the services the firm is being retained to perform. Similarly, engagement letters should be as detailed as possible regarding the client’s responsibilities and obligations for facilitating the engagement.

Did you miss the CPA license renewal deadline on Dec. 31, 2023? The Pennsylvania State Board of Accountancy has made changes to its renewal/reactivation process this year, so here are some key points you need to know.

The multifamily real estate market remains steady and robust. Recent provisions in the CARES Act and 2017’s Tax Cuts and Jobs Act (TCJA) have brought depreciation deductions to an all-time high. The impact of 100% bonus depreciation on tax savings, for example, cannot be overstated, but time is running out on this valuable incentive.

Client onboarding, as many CPAs understand it, is the process of clearly communicating with new clients about the firm’s services and expectations for the relationship. When it comes to certain vital requirements and proper compliance with governmental requests, the client onboarding effort is a risk management must.