CPA Now Blog Archive

The practice of state and local taxation (SALT) is constantly changing. Politics, the economy, and judicial decisions all significantly impact the formulation of tax policy. Here is a highlight of some of the more significant trends SALT practitioners grapple with.

Jill Gilbert, CPA, the PICPA’s 2020-2021 president, produced a short video to introduce herself to PICPA members. In it, Gilbert reveals what she values in her PICPA membership, particularly the relationships she’s been able to build over the years.

With more and more accounting firms embracing technological advancements, today’s business owners have even more reason to consider outsourcing some of their internal functions to a reliable CPA partner. Are you set up to help your clients succeed?

Forty-five states have laws regulating nonprofit charitable solicitation to protect both consumers and legitimate charities from fraudulent solicitation activity. Everything from determining where to register to the mechanics of submitting registration materials presents a challenge. In particular, state requirements for audits and reviews of financial statements can lead to unexpected costs for nonprofits unaware of their obligations.

COVID-19 has created significant financial statement challenges. Auditors and financial statement preparers need to ensure that the financial statements and related footnote disclosures are fairly presented within the scope of the pandemic and its effects.

Here we are on COVID-19 Island, isolated. Like being shipwrecked, for businesses to survive there needs to be quite a lot of reevaluation, trial and error, and a lot of creativity and innovation to acclimate and move forward. Client service in the accounting industry, too, needs a lot of readjusting, pivoting, and reevaluation to survive.

The coronavirus pandemic could hold a silver lining for the banking industry, one that rarely changes quickly and is run by individuals who might be technology and change resistors. There is now enough evidence to bring these tough-to-change traditionalists to a new point of view.

Reading deeply and widely gives a perspective accountants and financial professionals need to see beyond the numbers and navigate a complex world. After years of reading, we accumulate a treasure trove of wisdom. Unfortunately, since we spend a significant part of our workdays reading – and additional personal time reading blogs, social media posts, and the like – not as many of us take the time to read books anymore. This is a lost personal enhancement opportunity.

COVID-19 had many far-reaching effects, including how consumers shopped and purchased goods and services. As they shopped for various products to assist them through the pandemic, businesses were ensuring their products were available for immediate purchase online. However, sales into new states means new determinations are needed. Do you have nexus and, therefore, a tax filing requirement in a state? Is the sale into that state taxable, and, if so, what is the tax rate? Don't ignore the possibility you may have new state tax obligations.

With the coronavirus pandemic, the accounting profession is experiencing schedule disruptions beyond compare and CPAs are helping clients navigate rules that are changing faster than ever. This is an opportunity to take a hard look at what will be different going forward and to take stock of what is most important. It’s time to set a new vision for your firm, and you can start at the partner retreat.

Are you working from home and dealing with the daily struggle to get your 9-year-old to do her schoolwork? Or maybe a 2-year-old who doesn't understand why you can't color with him while you're on a conference call? To all the parents out there working from home and who have children, here are a few reminders to repeat to yourself to help you get through.

To take a lump sum distribution from a pension fund or to start a fixed monthly payment can be a difficult financial planning decision. Clients’ circumstances can change, and that alters how an analysis is completed.

In a bold move to deliver tremendous value to members and ensure the long-term success of the Institute, PICPA’s Board has authorized the acquisition of a nationally recognized CPE provider.

The connection between human error and hacking makes employees a big part of a company’s risk, but they also can be a big part of its cyberdefense. The key is building a business culture around the right ways to defend against a cyberattack.

With ASC Topic 606, Revenue with Contracts from Customers, CPA firms will be called on to assist small-business clients who usually do not have the staff experienced in technical accounting matters. This blog discusses major provisions within the revenue recognition standard to help you with implementation as it applies to small, nonpublic businesses.

One of the Small Business Administration's most well-known loans is the Economic Injury Disaster Loan (EIDL), which grants relief to businesses experiencing a temporary loss of revenue. The EIDL is not new, but the CARES Act of 2020 has expanded the program.

If “tax shelters” haven’t been on your radar screen for a while, this blog is a wake-up call. If your entity falls within the technical definition of a tax shelter, you cannot use a number of important accounting methods available to small businesses.

To build a modern CPA firm, you need to set it up to scale. Find out the six necessary components to establish a successful, scalable firm in 2020.

Though the CARES Act was signed into law on March 27, 2020, to provide the public with relief from the economic shock that the coronavirus pandemic caused, understanding this law and its application continues to mature. This blog provides practitioners with useful points to share in their client communications.

The AICPA Peer Review Board has been extremely flexible in permitting peer reviews to be performed offsite and automating extensions. But there are many issues to consider. The PICPA's "Navigating Peer Review in 2020" highlights many 2020 administrative and logistical issues.