CPA Now Blog

If you are a CPA, whether it be in public accounting, industry, government, or the nonprofit world, you have a crunch time ... which is right now for the tax folks. Instead of shutting down or beating yourself up during these difficult times, try using positive self-talk to build up your perceived ability and efficacy to successfully navigate challenging situations.

Making sure personal information remains safe is a vital issue of concern in today’s cyberlandscape. Websites serving commerce, government, banking, among others all require personal information to be entered, all of which can be stolen if an attacker breaches a website.

The IRS has raised several red flags for CPAs and business owners concerning third parties advising companies to claim the Employee Retention Credit (ERC) when they may not qualify. Form 3949-A can be used to report this illegal tax-related activity arising from "ERC mills."

A human resources business partner (HRBP) is professional who helps align an organization’s people strategy with its business strategy. They coach, advise, counsel, support, brainstorm, and implement processes with the business operations team leader. Do you have an HRBP or something less at your company?

More companies are providing formal environmental, social, and governance (ESG) reports to fortify company strategy, attract consumers and investors, and retain talent. It is a business dimension that offers a growth opportunity.

The finance department is often the unsung champion behind many financial projects. On the flip side, the department can feel a lot of heat too, especially when staffing goes down. The key to staff retention and keeping the heat down may be in recognizing when it is time to bring in external support.

At a Feb. 21, 2023, meeting, AICPA's Professional Ethics Executive Committee discussed a recently issued exposure draft from the International Ethics Standards Board for Accountants proposing revisions to the Code of Professional Conduct for Tax Planning. It is important to keep an eye on these discussions because the AICPA is a member of the International Federation of Accountants, so it is required to maintain substantially similar codes of professional conduct.

The pool of available accounting professionals will continue to tighten. Technology and automation is one of the ways firms can keep growing and meeting client needs without burning out staff.

For many professionals, networking events bring back unpleasant memories of middle school, feeling vulnerable, alone, and on the outside looking in at others who seemed to know everyone else. How do we make what seems so overwhelming – or just like torture – a successful endeavor?

Technology has vastly changed since the Gramm-Leach-Bliley Act's Safeguard Rule was first established in 2003, so the Federal Trade Commission amended the rule in 2022 to keep up with the times. Some of the changes took effect in late 2022, with the remaining changes to be effective as of June 9, 2023. Accounting practices of every size need to be aware of the changes.

Most who suffer from imposter syndrome believe that their achievements are the result of “luck,” living in fear that they will be discovered a “phony” by others. CPAs tend to possess certain personality traits that make them prone to imposter syndrome: they are detail-oriented, possess a strong work ethic, and are focused on integrity and accountability. Luckily, there is a way to keep imposter syndrome at bay.

Busy season in accounting can be a challenging time for teams facing heavy workloads and tight deadlines. The ability to motivate your team is becoming more critical than ever. But it is not always easy.

The benefits of a private equity infusion to a firm’s senior partners are almost immediate. Private equity entities often tender a lot of cash upfront to owners nearing the end of their careers, instantly returning a significant portion of the value built over years. No doubt, running through the minds of many younger firm owners who may have as many as 20 or more years of full-time work is a nagging “What’s in it for me?” concern.

Research shows that the sooner candidates take the CPA Exam after graduation the more likely they are to pass. If you are a recent or soon-to-be college graduate, consider the top four reasons why you should take the CPA Exam as soon as you can.

Tax practitioners are familiar with the substantive aspects of tax planning and advice, but considerations regarding the confidentiality of tax analysis and taxpayer communications are sometimes overlooked. Make sure you do not provide an unintended “audit roadmap” on those transactions for which tax planning advice has been provided.

More than 4 million companies will change hands over the next 10 years as baby boomers retire. The U.S. Labor Department estimates that as many as 30% of baby boomers' companies may simply go out of business for lack of a sale or succession strategy. For those ready to think about their exit, know that there are alternatives. One is a transition via employee ownership, or more specifically, employee stock ownership plans (ESOPs).

Although CPA practices commonly handle federal estate and gift tax matters, very few CPAs regularly experience nonresident noncitizens exposed to these taxes. This blog provides an overview of the international side of U.S. estate and gift taxes.

The City of Philadelphia imposes myriad taxes on businesses, but the one levied on all types of business entities is the business income and receipts tax (BIRT). Effective Jan. 1, 2019, Philadelphia started to use an economic nexus standard for the BIRT. Under this standard, even a remote business with no physical presence in Philadelphia may have nexus in the city. Find out more in this BIRT refresher blog.

Most accounting firms in Pennsylvania have fewer than 20 employees. These firms rarely have a dedicated marketing team. However, with the advances in online and digital marketing, even the smallest firms can drive leads and interest from the internet via a sound search engine optimization (SEO) strategy.

Among firms making less than $2 million, 42% of them have partners over the age of 60. The baby boom generation is starting to eye the exit. The good news is the percentage of multipartner firms that expect to make an acquisition in the next three years is up; the bad news is that it is a buyers' market with so many retirements on the horizon. So, what is a firm owner of the baby boom generation to do given the circumstances?