CPA Now Blog Archive

People change jobs for many reasons. But if you are looking for something that you’ll truly enjoy, perhaps making a business out of your hobby is the way to go. Before you do, first you need to know if the idea is viable, then you should understand the tax consequences.

The stress of attempting to bridge a client’s needs and expectations with the needs and expectations of regulatory bodies is frustrating enough; it is even more so when regulators are requesting things that you cannot ethically provide. Fortunately, the PICPA can help ensure that CPAs are asked to provide only those services that comply with professional standards, the AICPA and PICPA Codes of Professional Conduct, and state CPA statutes.

If a child has a cognitive deficit or a severe physical disability and will never be able to manage his or her own funds once the parents are gone, a Special Needs Trust is one option that can be established to protect the child's future.

The transition to retirement is no mere game; it's one of the more significant moments anyone experiences during their lifetime ... like playing for an NFL championship. Here are some of the challenges you may encounter when calling the plays for a successful transition to retirement.

President Donald Trump issued an executive order on Jan. 20, 2017, regarding the Patient Protection and Care Act. It has raised several tax questions. This blog explains PICPA's position regarding 2016 federal personal income tax returns that calculate a penalty for not having mandated health insurance (the shared responsibility payment).

If you want to take full advantage of all the tax breaks available, you need to understand that tax planning is more than plugging numbers into a form. Big life changes can often trigger the need for a professional to do your taxes.

If organizing your income tax data is like a tedious scavenger hunt each March, there are ways to take the pain out of the process and to get more out of doing your tax return.

Considering a nomination for the Women to Watch program? You may have a few questions. Here are the answers to the top three questions we’ve been fielding. Hurry, though! Time is running out.

The Republican Party controls both houses of Congress and the White House as a result of the November 2016 election, so it seems the possibility of tax reform has become more likely. Will it happen in the first 100 days of Donald Trump's presidency?

When numbers people need to translate their reports into something meaningful for others, data visualization is the way to go. A combination of data visualization with written and oral communication in the correct balance will effectively explain where your company has been, where it is currently, and where it is headed.

Health care costs are the No. 1 factor that influences a decision to retire. As the Trump administration and the Republican-led Congress are expected to make changes to the Affordable Care Act, it’s likely that health care costs will remain the deciding factor when it comes to retirement for most Americans.

The Philadelphia beverage tax (the sweet drinks tax) became effective Jan. 1, 2017. The following overview provides steps for retailers and distributors to be compliant.

The holiday season was busy, so we understand if you didn't get to check in with the PICPA website as often as usual. Review the most sought-after PICPA web pages of the past month, and see what you could have missed.

On Jan. 3, 2017, the 201st session of the Pennsylvania General Assembly got under way, beginning what we fully expect to be a challenging and contentious 2017-2018 legislative session.

Ten or 15 years ago, businesses were developing inclusion programs to attract women into the accounting profession. There has been some success: more than 50 percent of accounting grads were women for many years. But those additional young professional women didn’t translate into growth in the number of women holding leadership roles.

Every household should have a “tax permanent file,” a tax equivalent for the documents such as wills and Social Security cards that you secure in a special file or safe deposit box. Much of what needs to be retained in this tax permanent file pertains to basis, or the cost and/or value of items that if sold would be reportable on a tax return.

If this is the year you want to advance in your career or challenge your professional growth, a good book is great place to start. Here are a few suggestions for your 2017 reading list.

Individual retirement accounts (IRAs) were designed to assist taxpayers with opportunities to save for retirement in tax beneficial ways. There are, however, a number of IRS rules governing these accounts, and running afoul of these rules can result in substantial penalties.

Pennsylvania has a tax amnesty program beginning in April 2017. Now, says the Department of Revenue, is a good time for your clients to prepare.

I know I often use my own network of CPAs as a sounding board for technical and business questions. To bring our members this value of interconnectedness, we’ve just launched a new digital option to grow your network: a robust discussion forum platform called PICPA Connect.