CPA Now Blog

The key ingredient to achieving a healthy work-life balance in accounting is time. But when so many hours are consumed by tedious, manual tasks, there is a shortage of time, thus disrupting the harmony between work and personal life. One way to address this imbalance is by automating some processes and cutting down on manual procedures. You'll give time back to staff and enhance the work-life balance.

Companies gather data to interpret the actions of groups of people and then use that interpretation to develop additional strategies. Because there is a human element to how and why data is collected, certain underlying assumptions arising from unconscious bias can quickly derail these efforts. Context, correlation, and credence can be tripping points when trying to overcome flaws and misinterpretation in data analysis.

Firms that take the time to formalize a process of gathering client feedback, evaluating consistencies, and making purposeful choices are better able to empower their team members to provide meaningful client experiences. And this focus on client service can be the differentiator among CPA firms and the linchpin to client loyalty.

Malcolm Polley, president and chief investment officer for Stewart Capital Advisors LLC, takes a look at the economic outlook for 2022, and shares his thoughts on manufacturing, supply chain difficulties, and hiring troubles.

The past two years have been challenging. CPAs have struggled to identify and understand the rules related to new federal programs, which often have limited or unclear guidance. The IRS has been virtually AWOL when it comes to getting answers. It should not surprise anyone that the uncertainty and lack of response can create or increase malpractice exposure for CPA firms.

The CPA Exam is evolving to reflect the skills CPAs will need in a technology-driven marketplace. Candidates still will have to demonstrate core skills in accounting, audit, and tax, but technology will have a greater emphasis and be embedded into each of the exams. Candidates also will have to choose one additional discipline exam in which to demonstrate more in-depth knowledge.

If a company is considering going public through a special purpose acquisition company, a traditional initial public offering, or a direct listing, having effective internal controls is a necessary step for a successful transition. This blog details some important considerations for achieving an appropriate internal control environment for this leap.

The impact of COVID-19 on the insurance industry will be a featured topic at PICPA's 2021 Insurance Conference on Dec. 2-3. Three presenters -- Jeffrey Glass, Edward Tobin, and Chris J. Rice, all of McConkey Insurance & Benefits -- answer some of our questions to give us a preview of what attendees will learn at the conference.

The Philadelphia Department of Revenue recently announced its new tax-filing and payment website, the Philadelphia Tax Center. This blog shares that announcement and highlights some of the site's features.

There is a broad mystique when it comes to the venture capital space. It’s where capital and disruptive ideas come together to bring new companies to the mainstream. Yet, this intrigue and excitement can also mask a number of risks not readily apparent.

CPAs will often help small businesses in drafting financial statement disclosures when those businesses do not have the staff familiar with disclosure requirements. This blog offers a few tips for preparing disclosures that not only meet professional standards, but also are helpful to the client.

Financial neglect, financial exploitation, and health care fraud are among the more egregious examples of elder abuse. CPAs, as trusted financial advisers, have an intimate knowledge of their clients’ finances, business matters, and family dynamics. CPAs will often see problems early, and there may be opportunity to render preventive assistance before concerns materialize into full-blown crises.

Economic conditions long have had a significant impact on CPA professional liability claims. Expectations are elevated when the economy is challenging. CPAs need to be prepared and vigilant to minimize the potential for additional liability exposures during these times.

Annually, the PICPA and the Pennsylvania Department of Revenue (DOR) meet to discuss issues affecting CPA practitioners and their clients and to bring clarity to complex regulations. In October 2021, the PICPA State Taxation Steering Committee hosted the DOR. Topics covered include personal income and corporate tax, sales and use tax, and administrative issues.

Many companies that take advantage of the research and development (R&D) tax credit rarely go the distance to maximize the credit they can actually claim. EPSA USA has been able to help CPA firms and their clients optimize R&D tax credits.

The AICPA is shifting away from its Quality Control Standards to something it calls Quality Management Standards. Find out what that means, how it impacts you, and some implementation concerns.

The more things change, the more things stay the same ... and some professional debates continue unabated. Will you, as a CPA, be more comfortable working in public accounting or pursuing a career in industry? This blog highlights career tips from three different perspectives.

When CPAs get to the mid-career level, they are often expected to serve in some leadership capacity. But do these CPAs understand the best way to lead? Leadership coach Jon Lokhorst explains leading is not simply a top-down endeavor.

When CPA firms received requests from lenders seeking creditworthiness verification for clients who had requested Paycheck Protection Program loans, they were often unsure of how to respond. Know that accommodating these requests is not required, and a CPA providing assurances regarding a borrower’s solvency or ability to repay the debt could violate professional standards. And this is true for all similar circumstances in which a lender wishes the borrower’s CPA to provide creditworthiness feedback.

CPAs understand that sometimes minor changes to a client’s financial situation can go a long way in helping their cashflow. Sometimes it’s finding a small additional source of income. Perhaps it is shedding a nagging little expense. If you have Medicare-eligible clients, read on to learn more about one of those simple changes that can work wonders.