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CPA Now Blog

  • Name, Image, and Likeness Income for Students: Not Amateur Hour When It Comes to Taxes

    Apr 23, 2024
    The U.S. Supreme Court ruled in 2021 that college and high school athletes should reap the benefits of the marketing of their name, image, and likeness (NIL). But as these young men and women will soon learn, there is no such thing as freebees in the world of sports marketing. They will soon confront a difficult, and often murky, Pennsylvania tax situation.
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  • Taxpayers Will Bear the Burden of Huge Judgements if Sovereign Immunity and Caps Are Removed

    Apr 22, 2024
    A case before the Pennsylvania Supreme Court is a threat to the ability of the Commonwealth to limit its exposure to liability through the enactment of damages caps. This is important because uncapped liability verdicts could wipe out funds set aside for critical government services, leading to ever higher taxes.
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  • Tax Case Challenges Pa. DOR’s Ability to Ignore the Statutory Construct Put in Place by the Legislature

    Apr 16, 2024
    Internal Revenue Code Section 1031 permits taxpayers to defer paying tax on gain for federal income tax purposes when they invest in real estate and exchange one property for another property. In Pennsylvania, whether or not taxpayers can defer gain pursuant to Section 1031 for state personal income tax purposes has been contested for years. In Pearlstein v. Commonwealth, the decision from the state Supreme Court will be a test as to whether the DOR can effectively ignore the language of its own statutes and corresponding regulations.
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  • Your Cost Segregation Questions Answered

    Apr 15, 2024
    Any given property contains a multitude of different assets, and each of them can be expected to have a different useful life. In a cost segregation study, engineers identify and quantify building assets and then assign each asset a cost. These costs are then segregated into different categories. By segregating assets into shorter-lived categories, they can be depreciated more quickly, resulting in tax savings and increased cash flow.
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  • PA 529 – Saving for Education while Saving on Taxes

    Apr 9, 2024
    When it comes to paying college tuition for your children, the best strategy is to save as much as possible as early as possible. One of the best ways to save for higher education in Pennsylvania is the PA 529 College and Career Savings Program. The Pennsylvania Treasury Department offers two PA 529 plans.
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  • Protect Your Business from Payment Fraud

    Apr 8, 2024
    As we increasingly rely on digital transactions in business, the risk of fraudulent activity escalates. This blog offers tips on how you can fortify your defenses against payment fraud.
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  • Leading with Humanity

    Apr 1, 2024
    In a human-centered, inclusive, and collaborative work environment, successes in business and leadership are defined by relationships, values, and the kindness shown to others. This blog highlights the humanistic leadership characteristics of trust, leading by example, and kindness.
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  • Constructive Conversations and the Power of Peer Feedback

    Mar 25, 2024
    When most people hear the word “feedback” they commonly think of something a manager or supervisor provides. But feedback can encompass more than top-down managerial observation. Peer feedback allows colleagues, who are commonly a group of equals, to provide each other with input to enhance collaboration and improve a project, process, or skill.
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  • “Moore” Could Mean Less

    Mar 19, 2024
    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.
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  • Embracing Values Every CPA Should Live By

    Mar 18, 2024
    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.
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  • Tech Is a Great Labor Saver, But There Are No Shortcuts to Relationship Building

    Mar 12, 2024
    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.
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  • Best Practices in Single Audit Testing

    Mar 11, 2024
    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.
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  • Motivating Your All-Stars to Become Your Successors

    Mar 5, 2024
    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.
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  • New Keystone Saves Proposal Offers Retirement Savings Option to All

    Mar 4, 2024
    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.
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  • How I Used AI in My Accounting Firm

    Feb 27, 2024
    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.
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  • Keystone State Strengthens Its Irrevocable Trusts with Grantor Trust Rules

    Feb 26, 2024
    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.
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  • Industry and Academics Thinking Outside the Box to Bolster Accounting Pipeline

    Feb 20, 2024
    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.
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  • Major Amendments to Pa. Title 15 Dealing with Corporations and Unincorporated Associations

    Feb 19, 2024
    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.
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  • Financial Literacy Joins High School Curriculum to Create a Stronger Citizenry

    Feb 13, 2024
    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.
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  • Tax Insurance to Gain Comfort with Gray Tax Positions

    Feb 12, 2024
    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.
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PICPA Staff Contributors

Disclaimer

Statements of fact and opinion are the authors’ responsibility alone and do not imply an opinion on the part of PICPA officers or members. The information contained in herein does not constitute accounting, legal, or professional advice. For professional advice, please engage or consult a qualified professional.

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