CPA Now Blog Archive

One of the most common questions an accountant receives is whether or not an expense is deductible. There are no cut-and-dried answers, as the taxpayer needs to make the determination as to whether the costs incurred were common, accepted (ordinary), essential, and appropriate (necessary). But fines on a football player?

When U.S. Sen. Bob Casey (D) came back to Pennsylvania during the February recess, he wanted to talk to CPAs about the accounting industry and the business climate. On Feb. 24 he sat down with seven PICPA members to talk tax reform, IRS funding, and more.

Every tax season presents its own unique challenges, so CPAs entered this season recognizing that there would be planning difficulties because of the uncertainty of future tax laws. Even with PICPA's many tax resources, nobody anticipated the "silent tax return."

Do you have a succession plan in place? If you are a sole proprietor or a local CPA firm, the answer is “no” more often than not. Less than 10 percent of sole proprietors have a practice continuation agreement in place. You can fix that.

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.

Gov. Tom Wolf unveiled his fiscal year 2017-2018 state budget proposal to a joint session of the Pennsylvania General Assembly. Wolf’s presentation was notable for its brevity, its conciliatory nature, and its themes of no taxes and cutting spending.

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.

Often, there is a lot of focus on change and adapting in the business world. But don't forget about the core practices that have been proven to drive successful business financial operations. There is no doubt that companies face many operating challenges with limited resources, but leaders must drive the internal practices to assure a healthy financial outcome.

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 National MAP survey is the leading benchmarking study for CPA firms. The biannual report measures key practice management points and offers strategic insights. Because nearly 60 Pennsylvania firms participated in the 2016 survey, PICPA members have access the results.

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.