CPA Now Blog Archive

When it comes to artificial intelligence (AI) use in accounting, nothing yet has fully lived up to the early hype. In fact, what is out there only seems to reinforce the notion that AI will not replace accountants. However, that does not mean that those who effectively leverage AI won't surpass those who ignore it.

The Pennsylvania CPA Foundation offers scholarships for high school seniors interested in accounting, college accounting students, and CPA Exam candidates. These efforts help ensure potential CPAs receive the support they need throughout the critical first steps of an accounting career.

To gain a clear understanding of the economic impact from Pennsylvania's current tax system, as well as any proposed changes, effective tax rates (ETRs) are a useful tool. In this blog, the state's Independent Fiscal Office discusses its review of ETRs.

Annuity terms and rates of return may vary considerably between insurance companies, and can be confusing for some consumers. So investors and their advisers should investigate several annuities before purchasing. Calculating the internal rate of return is a good first step, and can be a tremendous help.

In complying with a company’s state and local tax filing obligations, local taxes are too often overlooked. This blog provides a brief overview of local business taxes imposed on corporations, specifically those based on income and gross receipts.

Cost segregation can be performed on virtually any type of property. But if that property was recently constructed or improved, it may also qualify for the 179D deduction. Then, if certain energy-efficient products are involved, the investment tax credit may also be claimed. Combined, these three options can create a triple stack of incentives that will maximize savings.

Business development entails cultivating and deepening relationships to better enable one to give, connect with, and provide help to those who are most important. You must understand what each relationship most values, what they are afraid of losing, what they hope to gain. To be good at business development, you must have empathy for others.

In the competitive world of accounting, the effective marketing of your CPA firm can be the difference between your entity thriving or merely surviving. However, not all marketing strategies are created equal. Some, in fact, can actually do more harm than good.

The PICPA is proud to announce the rebrand of the CPA-PAC, the PICPA’s political action committee dedicated to advocating for CPAs and fostering meaningful relationships with Pennsylvania’s lawmakers. This modernization reflects the CPA-PAC’s ongoing commitment to supporting CPAs in traversing and advocating for the profession in the modern political and economic landscape.

Sourcing income is a challenging aspect of tax compliance for businesses operating in multiple jurisdictions. Many states use market-based sourcing, which sources receipts to the location of the business’s customers; some continue to source receipts to the location of income-producing activity. This blog explores recent sourcing updates throughout the country.

Advocacy is an important part of PICPA’s mission, and every member can make a big difference ... even if it's as simple as showing up at a local legislator's town hall meeting. This blog follows one member's experience as she participates in retail politics for the first time.

This blog is part of a series designed to serve as a foundational guide for CPAs who are new to the nonprofit space, enabling them to navigate the sector and gradually deepen their knowledge. This post is on the unique financial reporting and fund accounting required of not-for-profits.

Starting out in a public accounting firm can be a challenging journey. It demands technical skills, client relations ability, professionalism, and time management. But with proper guidance, new staff can thrive and achieve personal and professional success.

One of the most detrimental approaches to strategic planning is failing to engage employees and instead adopting a top-down direction throughout the process. This stifles creativity and innovation, but also kills buy-in from the very people responsible for executing the plan. Find out five of the worst possible decisions you can make when building a strategic plan.

With the OECD's Pillar Two, tax transparency via country-by-country reporting is relevant to global entities with consolidated revenues at or exceeding 750 million euros. In the Philadelphia region alone, the Chamber of Commerce of Greater Philadelphia identified at least 2,300 companies with an international presence. Implementation is underway, so now is the time for thoughtful adaptation.

With careful planning and effective strategies, college accounting majors can maintain a healthy work-life balance while preparing for the CPA Exam. This blog offers practical tips to help students manage their time, reduce stress, and optimize their study sessions.

In June 2024, the U.S. Supreme Court issued a decision that almost certainly will have a significant effect on tax planning and controversy practice. The court held that statutory interpretation is a judicial function and that courts may not defer to an agency’s interpretation merely because a statute is unclear. The ultimate impact of the decision is not yet clear, but much tax guidance now seems vulnerable to challenge.

Positive communication should be an important business priority. It contributes to a productive work environment, increases morale and engagement, and leads to better outcomes. Firms that make concerted efforts to promote positive communication may also experience better problem-solving and a more innovative workspace.

With hard work and engagement, CPAs can influence the state legislature for fair tax practices. This fall we won an optional settlement conference process for tax appeals brought to the Board of Finance and Revenue.

Whether in private practice or working within a large organization, CPAs must stay vigilant to protect themselves and their clients. This blog provides an overview of key compliance areas CPAs should focus on.