CPA Now Blog Archive

On Dec. 5, 2023, the U.S. Supreme Court heard oral arguments in Moore v. United States. At the heart of the case is Internal Revenue Code Section 965, a repatriation tax enacted in 2017 as part of the Tax Cuts and Jobs Act. Tax scholars have been writing extensively on the far-reaching federal tax implications of the potential decision to come.

CPAs are not just financial experts; they are guardians of trust. In today's rapidly evolving financial landscape, it is crucial for CPAs to not only master their craft but also to embody the essential values that guide their personal conduct, shape the culture of their firms, and elevate the standards of the CPA profession.

Technology, for all its fantastic potential, cannot replace the basic need for humans to connect on an emotional level. Understanding this will lead you to understanding that business development and true networking – the things that build real trust – are all about relationships.

Single audits are required when a governmental or nonprofit entity expends more than $750,000 of federally allocated funds in their fiscal year. In recent years, the number of single audits has increased significantly. This blog looks at four areas of focus to conduct an effective single audit.

The number of leaders in CPA firms who want to become partners and owners is declining. One way to encourage the next generation of leaders is to help them view ownership as smart business. This blog shares five ways to motivate potential internal successors to view ownership as a smart, lucrative, and rewarding path.

Pennsylvania’s Keystone Saves Program was introduced to the General Assembly in 2023. The plan would introduce a statewide voluntary retirement savings plan that would have all features of a well-designed employer retirement plan. Part of the benefit of Keystone Saves is that it provides a basic financial education and a low-cost comprehensive framework for investing in the future.

Most get-on-the-AI-train articles don’t share with readers how to actually incorporate these tools, rarely going beyond broad and generic claims of how AI will improve efficiency, problem-solving, and decision-making. Well, in this blog, the author shares how he actually has been using ChatGPT in his public accounting practice.

For decades, Pennsylvania has deviated from federal income tax laws by specifically prohibiting grantor trust tax status for irrevocable trusts. Act 64 of 2023 simplifies the rules for irrevocable trusts to mirror those in other jurisdictions.

The potential for international students to fortify the accounting pipeline cannot be overstated. These students would contribute fresh perspectives, innovative ideas, and diverse viewpoints into the profession.

Act 122 of 2022 introduced significant changes to Title 15 of the Pennsylvania Consolidated Statutes applicable to Pennsylvania businesses. The most notable include requiring all registered Pennsylvania entities to file an annual report , permitting the exculpation of corporate officers for certain breaches of fiduciary duty, and permitting the renunciation of the business opportunity doctrine.

An alarming number of high school graduates enter adulthood and the workforce without the appropriate knowledge of basic financial concepts. To help alleviate this crisis in knowledge, Pennsylvania high schools now have a new graduation requirements: completion of a personal financial economics course. State Sen. Chris Gebhard discusses the need for this step and what he hopes will be accomplished through the new law.

When a gray tax position is challenged by the IRS or another taxing authority, taxpayers and CPAs incur a risk for increased tax, penalty, and interest. One tool that may help taxpayers mitigate these risks is tax insurance.

Sometimes we need to trick ourselves into being ready to do difficult work. There are psychological games we can play on ourselves to help us get unstuck and in the mood to do something. Rituals are one of those psychological tools we have at our disposal.

The shrinking talent pipeline in accounting is of great concern in accounting firms and in industry. How exactly do organizations stand out and ensure university students and experienced professionals strongly consider them as a top career choice. A 3-2-1 campaign may be the plan that sets your firm apart.

Preparing hundreds of state and local income tax returns may not be glamorous, but the time is upon us to get to work. There many steps you can take now, however, to help the preparation and filing process go more smoothly.

Recently, a PICPA Student Ambassador took part in a panel discussion on becoming a CPA. This blog relates Savannah Lesley's experiences and her thoughts on the process of becoming a CPA.

When it comes to financial advice, there is no such thing as "simple." Those working in the world of financial planning must be wary of gurus and star-powered money management advice.

On July 31, 2023, the AICPA formed the National Pipeline Advisory Group (NPAG) to help develop a broad, national strategy to better address the accounting profession’s critical talent shortage. PICPA President Elizabeth Krisherhas been named to the group. Find out what the group has planned to strengthen the profession.

The Inflation Reduction Act was signed into law on Aug. 16, 2022, but several of its provisions only took effect for properties placed in service on or after Jan. 1, 2023. This blog provides a one-year update of what we’ve learned and what we need to learn regarding the act’s changes to the energy efficiency 179D tax deduction and 45L tax credit.

The idea of working remotely has been around for years. One famous businessman, in fact, put the concept to work in the 1960s. Though some may be longing for the "good old days," remote work has been and will continue to be beneficial.