CPA Now Blog Archive

The SECURE Act 2.0 was signed into law in late 2022. The changes to the retirement system arising from the act will impact retirees and those currently saving for retirement. Some changes have already have gone into effect, while others are coming later. Familiarize yourself with the new rules now and understand how the changes may impact your clients.

U.S. Public Law 86-272 provides enormous protection from state income tax in instances where a company has limited activities within a state. If a taxpayer falls within the scope of the federal law, it will not be subject to a particular state’s income tax. However, there has been an uptick in states challenging taxpayers’ protection claims under Public Law 86-272 , so much so that some see an attempt to eviscerate it.

The Tax Cuts and Jobs Act of 2018 contained a provision mandating that, beginning in tax year 2022, Section 174 expenses must be amortized over five years, or 15 years in the case of foreign R&E, and may no longer be immediately deducted. There are several implications to this change.

Networking is vital. It exposes young professionals to diverse perspectives, experiences, and expertise. Elijah Goosby shares his experience at the PICPA 126th Annual Meeting, and wishes you were there.

The PICPA has a political action committee to serve the unique interests of CPAs in Pennsylvania’s political process. A dedicated PAC might come as a surprise to many PICPA members, but it’s true.

Earlier this spring, the IRS unveiled its much-anticipated plan on how it will spend the $80 billion it was allocated under the Inflation Reduction Act of 2022. Find out more about its goals and timetables covering areas such as operations support, enforcement, taxpayer services, and technology modernization.

Online influencer marketing. Believe it or not, accounting firms can succeed with similar efforts. There is, however, a lot to consider first.

PICPA’s Small Firm Alliance provides small firms and sole practitioners with the support features that can be hard to come by in firms of their size. This blog shares some of the benefits to which Small Firm Alliance members have access.

As we approach the Aug. 16 anniversary of the passage of the Inflation Reduction Act of 2022, now is a good time for a reminder of its impact on federal energy-efficiency tax incentives. This blog summarizes the major changes the act made to the EPAct Section 179D deduction and Section 45L credit.

As you reflect on the busy season you just traversed, if you are like many CPAs you may be identifying the stressors in your life, maybe even identifying specific issues or clients you wish were no longer along for the ride. Now is the time to make a clean break and dismiss a select set of troublesome clients. 

As we take a deep breath following tax filing day for individuals, don’t stop your clients’ tax work now. This is a really good time to think about how to help our clients prepare for next year’s tax return.

Pennsylvania holds its primary elections on Tuesday, May 16. Many think that municipal elections are mundane, but, in many respects, they are as important as the more high-profile elections.

In February 2023, the Pennsylvania Independent Fiscal Office (IFO) released its annual report, "State and Local Tax Revenues: A 50 State Comparison." Can you guess where Pennsylvania ranks?

Accounting firms in Pennsylvania are under a lot of pressure, and leaders are concerned about the future of their firms and the profession as a whole. This is why Insights, PICPA’s research function, commissioned a study of Pennsylvania accounting firms to gain a better understanding of how the profession is addressing its challenges.

Earlier this year, the AICPA Tax Executive Committee sent a letter to Congress that included 61 proposals to adjust the Internal Revenue Code in areas that need attention or to make technical fixes. This is one way that CPAs, in their role as the most trusted professional providers of tax services, can advocate for sound tax policy and effective tax administration.

The PICPA releases a new whitepaper providing key insights that show PA accounting firms navigating talent and technology gaps while meeting a higher demand for services.

There is a common misconception that technology will fix any business process issue. The reality is that technology, when implemented over poor or broken processes, may exacerbate those issues. Technology should be used to enhance optimized processes, not force companies to operate a particular way.

The 2024 CPA Exam will feature a brand new format. The overhaul is designed to focus more on the technological aspects of accounting while still testing the knowledge base that newly licensed CPAs are expected to know.

The Pennsylvania House and Senate appropriations committees have been busy with hearings on Gov. Josh Shapiro’s first budget proposal. During this work, the General Assembly recessed from March through much of April. Both chambers will be back in session on April 24 to begin the give and take of constructing a final budget.

Clear May 16-18 on your calendar, and plan to come to Pittsburgh for PICPA's 126th Annual Meeting. Catch up with your peers, meet leaders in the profession, and hear from experts on the state of the accounting profession.