CPA Now Blog Archive

When you are part of a family business, succession planning is one of the toughest discussions to have. The key, though, is to begin these discussions well before you think it is necessary.

Michael Radich, Joseph Figurelli, and Damian Gaspari, all members of the PICPA Federal Taxation Committee, put together a presentation on year-end federal tax issues that is a must-watch for CPAs who want to get caught up on new tax developments before the 2020 tax season gets underway.

The federal SECURE Act contains 29 provisions that encompass many aspects of financial planning and retirement saving. Here are a few suggestions on how to plan for the changes and discuss the matter with clients.

With Act 13, Pennsylvania has adopted changes that will impact the taxes on income, inheritance, and realty transfers. These changes may affect the preparation of tax returns and the planning we do for our clients.

If you happen to be a Pennsylvania CPA who either fell short of your biennial education requirements, forgot to renew your license by Dec. 31, or got selected for an audit, we’ve got some helpful instructions on what you should do next.

Draft forms and instructions were released on Sept. 30, 2019, detailing significant changes to partner basis reporting on Schedule K-1 (Form 1065). However, on Dec. 9, 2019, the IRS dropped Notice 2019-66 – again postponing the tax basis reporting requirement. So, what does that mean for the 2019 tax filing season?

Every year, taxpayers must decide whether to self-prepare their returns or pay for a professional to assist in filing. If you are considering relieving some of the burden by hiring a professional, this blog provides information that may assist you in choosing the right tax preparation path.

The PICPA released its first CPA Conversations podcast in June 2016, and in less than four years we have achieved the benchmark of more than 100,000 downloads. Find out who made our 10 most popular list.

When explaining financial transactions as a forensic accountant, it is important to use terms most people will understand. Find out more about the lessons that can be learned from the Risoldi insurance fraud case from Bucks County, Pa.

The IRS issued two new pieces of guidance that provide additional clarity regarding the taxation of virtual currency. These documents expand on IRS cryptocurrency guidance issued in 2014.

CFOs in virtually every industry, size of organization, and geographic location are constantly reminded of the challenges they face when it comes to managing the financial and reporting aspects of their organization and, to some extent, the organization’s operations. Based on recent surveys, here are the top six concerns for CFOs going into 2020.

House Bill 17, now Act 90 of 2019, was the culmination of more than a year’s work over two legislative sessions of the General Assembly by the PICPA and its friends in the legislature. Find out how difficult this advocacy process can be.

If you are among the more than 20 million taxpayers who report rental income on your tax return, having a clear strategy for figuring out your tax liability is a must before you begin 2019 tax preparation.

Spear-phishing, ransomware, data breaches, and identity theft represent truly significant cybersecurity threats to an organization. Fortunately, there are techniques and strategies you can use to limit these risks – but ignoring them is not one.

One of most disturbing things for any tax preparer is to have a client notify them that they received a letter from the Pennsylvania Department of Revenue proposing an increase in their income tax. Often, these letters are adjustments to taxable income because distributions on 1099-Rs are treated differently on Pennsylvania returns than on federal tax returns.

At PICPA's December 2019 Council meeting, two themes arose from the discussions: the importance of personal interaction and the vital role our chapters play in facilitating those connections. PICPA members want a sense of community and connection, and Council had some strong thoughts on the matter.

There have been meaningful economic updates since the publication of Robert Duquette's original analysis of the Tax Cuts and Jobs Act. We continue to have a strong economy in terms of several important measures, but our national real GDP growth rate and the skyrocketing debt are of grave concern.

The PICPA has been hosting programs for high school students for more than a decade, but with the creation of the Pennsylvania CPA Foundation we have been able to grow our Accounting Career Days from two per year to 15 in 2019.

By offering smartly executed client account services (CAS), also referred to as client advisory services, your firm will be able to help owners and managers run their businesses better and more profitably.

Year-end tax planning looks at the tax year that is about to end with the general objective of reducing taxes, but also has the additional aim of reducing long-term tax liability when making current-year end decisions.