CPA Now Blog Archive

In its most recent Insights white paper, the PICPA takes a measured, data-grounded look at the dearth of incoming accounting talent. More importantly, the study offers new perspectives and potential solutions to help rebuild and strengthen the process of growing new accounting talent.

The Pennsylvania Independent Fiscal Office recently released its annual five-year economic and budget outlook. The Commonwealth will have $13.8 billion in savings that could support future spending or be held as savings to mitigate the impact of any future recessions.

The importance of mentoring in accounting cannot be overstated. Yes, mentoring plays a pivotal role in shaping the professional growth of employees, but it is also a mutual relationship where both the mentor and mentee benefit.

Most states with a sales tax impose it on some forms of digital products or software. But within the past decade, some states have enacted statutes that not only redefine software as tangible personal property, but also broaden their definition of taxable tangible personal property or taxable services. This has left service providers and business consumers wondering whether or not they should subject their individual services to tax.

Deloitte's Sandy Pfeffer shares her thoughts on harnessing the power of data and the firm's recent report, "It’s Time to Get Serious about Data." Pfeffer pointedly asks, are you taking data seriously and enabling your business to make sensible decisions?

The 2023 year-end has arrived, and now is the time to create a framework through which you can assess your progress over the past year. To achieve this, consider using an after-action review, a structured evaluation tool the U.S. Army uses in reviewing performance in battlefield exercises.

Many practitioners believe that they can simply accept the validity and appropriateness of a tax client's Employee Retention Credit (ERC) claim prepared by another provider. You may want to reconsider that thought.

Effective Jan. 1, 2024, an 18-month extension will be granted for all unexpired sections of the CPA Exam that have been passed by test-takers. This extension provides a crucial lifeline, affording candidates the time and flexibility needed to prepare and excel in the remaining sections without the pressure of expiring credits.

Some tax professionals and CPAs may not be familiar with Pennsylvania's Office of Taxpayers’ Rights Advocate. This blog shares an overview of the OTRA and the work that it does on behalf of taxpayers and their advisers.

As tax season approaches, remember that tax-related matters constitute a majority of claims against accounting firms. Addressing and managing the stress points associated with problematic clients can significantly improve a firm’s risk profile.

The IRS has repeatedly warned businesses about improper Employee Retention Credit (ERC) filings and the threat of unscrupulous ERC advisers. The IRS announced that it is providing guidance for withdrawing erroneous ERCs so that businesses that were misled about eligibility have a path to remediate improper claims and avoid potential penalties.

Recruiting firms find great talent, share new opportunities with them, and broker an employment deal. But not everyone is in a position to use a recruiter. This blog offers tips from a recruiter to help human resources departments and small-business owners navigate the search for a great candidate.

One important tool that can be of use to CPAs in the appeal of taxes, rebates, or refunds is the Pennsylvania Board of Appeals' Request for Compromise. This blog explains the process and how a Request for Compromise could help you better serve your clients.

All current Pennsylvania CPA licenses expire Dec. 31, 2023. To ensure enough time for processing, it’s best to submit your renewal before Dec. 31, 2023. Get helpful renewal tips in this blog.

When considering outsourcing, due diligence is a critical first step. CPAs are responsible for protecting their clients’ data and need to ensure that any third party has appropriate security protocols and safeguards. This blog discusses some vital risk management considerations when outsourcing.

Even seasoned professionals can stumble when navigating the complex territory of health care planning. This blog equips CPAs with several strategies for avoiding some common Medicare pitfalls.

If a nonresident noncitizen (NRNC) funds a foreign trust for the benefit of a U.S. person, the trust will be treated as either a foreign grantor trust or a foreign nongrantor trust for U.S. income tax purposes. The rules are complex. Read this blog to clarify some important points related to these trusts.

CPA recruiting is more competitive than ever. The market is tough, and there is no indication that it will be getting any easier soon. Incorporating video into your recruiting efforts may not be a silver bullet, but it sure can make you stand out from the competition when it’s done well.

The Federal Trade Commission amended the Safeguards Rule in 2021, which has a more expansive definition of “financial institutions.” It includes nonbanking institutions engaged in work incidental to financial activities, such as CPA firms and tax professionals that collect personally identifying information. CPAs need to be aware of these changes.

State and local taxes once were generally considered an afterthought for corporations: SALT was a nuisance, not worthy of the time or resources needed to comply. Times have changed. State and local taxes are now regarded much more materially in terms of importance in the corporate tax world.