CPA Now Blog Archive

On March 3, 2021, the Small Business Administration changed the PPP loan calculation methodology for Form 1040, Schedule C, taxpayers. The change allows qualifying taxpayers to calculate the maximum loan amount using gross income. Previously, borrowers were required to use 2019 or 2020 net profit as the basis for computing the maximum PPP loan.

Tax season is a time when organization is key. With this in mind, PICPA premier sponsor Jetpack offers three tips to help you streamline your processes at a time when efficiency is vital.

Working from home, 15 feet from the kitchen. An unrelenting tax season that makes eating right a challenge. When combined, unwanted weight gain can be a real danger for some CPAs. This blog contains the literal formula to help you shed pounds.

If nothing else, 2020 has provided CPAs with something that we often struggle with: a new go-to icebreaker. But, you may say, "What do I need an icebreaker for? I'm still working from home." No! Networking has become more important than ever. It is vital that CPAs not lose the social aspect of their careers or profession.

Advocates of blockchain and cryptocurrency often use familiar concepts, such as “bank-like” or “dividend-like.” Many, however, fail to consider the appropriate compliance issues. For those struggling with blockchain concepts, sometimes it helps to remove the technology aspects and discuss the underlying transaction.

CPAs have extensive experience helping clients meet their fiscal challenges head-on and directing them toward success. Pennsylvania, too, faces fiscal challenge, and the PICPA's Fiscal Responsibility Task Force has developed a report to assist those in governance find a sound financial footing for the state's financial health.

Strategic and financial buyers continue to get mergers and acquisitions (M&A) done despite the unprecedented operating environment during a pandemic. CPAs are often called upon to assist with their accounting and financial diligence. The diligence process has become more important than ever given the increased uncertainty of a business’s future financial performance, both during and after the pandemic.

Many CPAs may think achieving the chief financial officer (CFO) position will be the pinnacle of their career, but that shouldn't be the case. The strongest CEOs are those who are the most fiscally responsible, so the move from CFO to CEO should be thought of as a natural progression.

The IRS recently published Notice 2021-10 to provide additional relief for Qualified Opportunity Funds (QOFs) and their investors, extending the relief previously granted under Notice 2020-39 due to the pandemic. The Opportunity Zone program was designed to encourage investment in designated distressed areas through tax incentives.

With the limitations on in-person gatherings due to health and safety guidelines and a commitment to keeping our members healthy and safe, CPE hasn’t been the same over the past year and likely won’t be for the immediate future. At the PICPA, we are planning a robust offering of CPE programs for 2021.

The IRS requires all qualified retirement plans to be restated periodically to bring them into compliance with changes in the law since the last generation of documents. The current restatement period for defined contribution plans began July 1, 2020, and will end on June 30, 2022. There have been numerous changes, and each restatement will require additional plan amendments.

COVID-19 disrupted the way we conduct business. Companies have had to rely more heavily on IT solutions to manage remote teams, recruit and onboard talent, and help clients through months of uncertainty. This blog looks at three different businesses and how they leveraged their IT resources during the pandemic.

COVID-19 placed an enormous strain on all states’ revenues. To help bolster funds, expect new scrutiny on state and local tax credits and incentives. Tax jurisdictions will be taking a very close look at the past, present, and future of credit and incentive programs, and comparing the intended results to what has been achieved.

The Pennsylvania Department of Revenue (DOR) has had numerous challenges during the COVID-19 pandemic, particularly with the Board of Appeals. Despite the difficulties, the Board of Appeals has found a new rhythm by embracing technology and electronic tools that have allowed a continuation of its core function of reviewing tax appeals.

Some problems are rules-based and involve pattern recognition. Others are more complex, where the “rules of the game” are unclear or incomplete. For CPAs, these roughly align with being a specialist or a generalist. So, which is better?

Long-term care services can cost upward of $100,000 per year. PICPA members have access to planning and educational tools that can help them make informed decisions as well as access to long-term care solutions.

Employees who don’t receive recognition are 51% more likely to look for another job; are less motivated to produce more and better work; and are less likely to respect you as a leader. It’s easy to see why one of the most important communication skills in a leader’s tool kit is the ability to give positive feedback.

The cost of a data breach can be crippling for CPA firms. Technological solutions are certainly important security components, but every firm, regardless of size, can implement cyberhygiene policies at little or no cost to defend their critical data.

Those who are responsible for providing customer service understand that great customers are not a dime a dozen. Yet, every single day businesses lose people they’d like to keep.

Starting and sustaining a sole proprietorship is no small feat. But if you are considering this path, how do you know when it’s a good time to go solo? Often, the market will tell you if your idea has legs.