CPA Now Blog Archive

When it comes to diversity, equity, and inclusion initiatives, progress can be slow and difficult to measure. Even the staunchest allies get fatigued and wonder if we are making progress undoing generations of challenges. But when we are most tired, it is good to remember the successes and, yes, the progress underway.

With some of the dust beginning to settle from the pandemic, here are key takeaways from the past year’s disruptions to help you create a risk management plan that will leave your firm more resilient, more productive, and nimbler when faced with future challenges.

During the negotiations phase of most mergers, the buyer and seller firms tend to focus on the terms of the deal. However, the deals that eventually find themselves on shaky ground or fall apart completely are often due to a poor post-merger integration plan.

The U.S. Corporate Transparency Act (CTA) imposes new reporting requirements that may catch domestic and foreign owners of businesses unaware. There are substantial civil and criminal penalties that may be imposed for failure to comply with these reporting requirements or providing false or fraudulent information.

Presidential elections are often important re-evaluation moments for tax advisers. This is particularly true when the presidency shifts from one party to another. This blog includes classic tax planning and fundamental tax-reduction principles, but also some newer strategies.

The vital role CPAs play in governmental internal auditing isn’t always top of mind. But internal auditors are the watchdogs over the funds processed in government departments and are responsible for the proper conduct of audits and for identifying strengths and weaknesses in internal controls.

Many seniors are ill-prepared for retirement or the loss of a spouse, so some may feel a pressure to expand their resource base. This makes them ripe for scams. CPAs can be an early line of defense against elder fraud. This blog contains some ideas of what to look for among elderly clients and what actions to take if fraud is suspected.

Sometimes you will hear mention of tax loss harvesting at year-end or on an annual basis. However, based on how markets move throughout the year, this minimal approach may not be the most beneficial. It does not consider the changes in the stock market that occur throughout the year.

Pennsylvania’s Medical Marijuana Program, authorized by Act 16 of 2016, establishes a program for the use of medical marijuana by patients with serious medical conditions. It may be time to think hard about whether or not to expand your practice into serving this potentially huge market.

As more individuals become vaccinated against COVID-19, questions around return to work could become a more pressing for employers. But issues involving strategy, workplace culture, and human fulfillment could ultimately define how well your company survives and thrives in the months and years ahead.

The COVID-19 pandemic resulted in significant challenges for schools throughout the country, and the federal response had a significant impact on their financial operations. Schools must be aware that any new funding source is potentially federal-originated and should develop processes to affirm from potential grantors whether any funding is partially or fully federally funded.

Traditional business valuation approaches need some tailoring to account for the unique circumstances of the COVID-19 pandemic. While there are no hard-and-fast rules that valuation professionals must employ in the COVID-19 age, this blog highlights several considerations to review to arrive at realistic estimates.

Much of politics is local, to paraphrase former U.S. Speaker of House Thomas P. O’Neill, and Pennsylvania voters in May 2021 will determine who will vie for positions in the county courthouse, townships, boroughs, and school boards. This year’s primary election, however, has added significance with proposed amendments to the state constitution.

It is no secret that small and medium-size businesses are favorite targets of hackers. Too many CPA firms, however, make the mistake of assuming that “the bigger the entity, the bigger the risk.” The reality is that small to medium-size firms are more attractive targets for criminal hackers.

Many of the proposals floated during the presidential election season and since would increase various taxes for high-income individuals and corporations. This blog shares some of the most likely changes that will affect your clients, which you should be mindful of when financial planning.

Political action committees get a lot of bad press. A quick google search brings up terms like “dark money” and “slush fund,” but this could not be further from the truth. The Certified Public Accountants Political Action Committee, for example, specifically supports the mission of the PICPA by helping to elect bipartisan, respectable candidates who support strong fiscal policy and other positions favorable to CPAs.

Experts on damages are often asked to assume causation on the part of a defendant and prepare an estimate of damages. However, this is not necessarily an area the expert can simply assume without investigation. Experts have to properly assess and weigh the components of proximate cause: transaction causation and loss causation.

The FBI is called to more than a few organizations that had invested substantial time and money developing a system of internal controls but were still victimized by a fraudster or embezzler. Often, their exposure occurred when critical controls were relaxed, either for convenience or to prevent an awkward situation with a subordinate who, they assumed, would “never do anything to harm the company.” Famous last words.

Early retirees in their 50s and early 60s have life expectancies that could be another 30 to 40 years. They must plan carefully to ensure their nest egg can support them throughout their retirement. But because these retirees no longer have earnings from employment, most will be in lower tax brackets. If they are in a low tax bracket, they can use this to their advantage.

Establishing solid money habits doesn't just emerge from establishing solid life habits. Saving money involves sacrifice and delaying gratification. This can be difficult for our children growing up in an “I want it now” world. Of course we want the best for our kids, but there must be a balance in our approach or they will grow up with unrealistic expectations. Consider these steps: Delay it, play it, say it, and display it.