CPA Now Blog

The keys to succeeding and being promoted are hard work, technical prowess, leadership ability, and strong communication skills. This is true, of course, but there is a lot more to effectively positioning yourself to move up your company ladder.

Commercial real estate owners, developers, and investors have many tools with which to develop a strong tax strategy. Two examples include the Section 1031 exchange and accelerated depreciation, also known as cost segregation. We are now in a climate in which 1031 exchanges and cost segregation are best used together to create a more powerful tax strategy.

The health care industry saw billions of dollars in stimulus payments in 2020 through the Provider Relief Fund to help with the financial effects of the COVID-19 pandemic. The rollout, however, presented challenges. As organizations attempted to determine how to meet the grant’s terms and conditions, Health and Human Services issued guidance, but that guidance has evolved over time.

President Biden has proposed several tax changes, some of which are in the administration’s infrastructure proposal. The headliner is raising the corporate income tax rate above what was set by the TCJA. What is not often discussed is that this increase in the corporate tax rate would also have a negative impact on the value of R&D credits because of a required IRC Section 280C(c) adjustment.

Many organizations, having come to understand how much effort goes into producing and distributing financial and operational reports, are starting to rethink the processes. Seeing the need for change, some are undertaking what is known as a financial and operational data transformation initiative.

The annual post-audit meeting between an audit committee and its external auditors is an important part of good corporate governance. This year in particular, the audit committee must focus on several specific areas in light of the coronavirus pandemic and its impact.

The IRS made it clear that businesses not directly impacted by COVID-19 shutdown orders can still take advantage of Employee Retention Tax Credits (ERTC). However, as with all other COVID-19 financial assistance, the ERTC requires specific criteria to be analyzed to determine eligibility.

Since PPP loans can be used to cover multiple expenses among many businesses, there are many opportunities for fraud to occur. CPAs can be invaluable to their clients in keeping them out of trouble by properly supporting the expenses identified by the government in the proportions required.

More CPA firms are raising the practical considerations of establishing multiple accounting services in one engagement letter. While the benefit of combining multiple services on one letter as opposed to many appears obvious, there are important considerations that must be weighed beforehand.

Sun Lee, CPA, is a tax partner with KPMG LLP, where he leads the Pennsylvania business tax services corporate practice. Through his work with different companies, he has come across many inspiring stories. In this blog, Lee has a discussion on leadership with Frank Li of Alliance Pharma.

In January 2021, PICPA Council adopted a new member value framework with five key elements: peer-to-peer connections, advocacy, learning and development, career path, and business development. In conjunction with this, Council and the Board approved dissolving the existing chapter governance structure and revamping the PICPA committee portfolio.

When it comes to diversity, equity, and inclusion initiatives, progress can be slow and difficult to measure. Even the staunchest allies get fatigued and wonder if we are making progress undoing generations of challenges. But when we are most tired, it is good to remember the successes and, yes, the progress underway.

With some of the dust beginning to settle from the pandemic, here are key takeaways from the past year’s disruptions to help you create a risk management plan that will leave your firm more resilient, more productive, and nimbler when faced with future challenges.

During the negotiations phase of most mergers, the buyer and seller firms tend to focus on the terms of the deal. However, the deals that eventually find themselves on shaky ground or fall apart completely are often due to a poor post-merger integration plan.

The U.S. Corporate Transparency Act (CTA) imposes new reporting requirements that may catch domestic and foreign owners of businesses unaware. There are substantial civil and criminal penalties that may be imposed for failure to comply with these reporting requirements or providing false or fraudulent information.

Presidential elections are often important re-evaluation moments for tax advisers. This is particularly true when the presidency shifts from one party to another. This blog includes classic tax planning and fundamental tax-reduction principles, but also some newer strategies.

The vital role CPAs play in governmental internal auditing isn’t always top of mind. But internal auditors are the watchdogs over the funds processed in government departments and are responsible for the proper conduct of audits and for identifying strengths and weaknesses in internal controls.

Many seniors are ill-prepared for retirement or the loss of a spouse, so some may feel a pressure to expand their resource base. This makes them ripe for scams. CPAs can be an early line of defense against elder fraud. This blog contains some ideas of what to look for among elderly clients and what actions to take if fraud is suspected.

Sometimes you will hear mention of tax loss harvesting at year-end or on an annual basis. However, based on how markets move throughout the year, this minimal approach may not be the most beneficial. It does not consider the changes in the stock market that occur throughout the year.

Pennsylvania’s Medical Marijuana Program, authorized by Act 16 of 2016, establishes a program for the use of medical marijuana by patients with serious medical conditions. It may be time to think hard about whether or not to expand your practice into serving this potentially huge market.