CPA Now Blog

  • 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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  • Use Personal Rituals to Fuel the Creative Process

    Feb 5, 2024
    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.
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  • 3-2-1 Go! Managing the Talent Pipeline through Continual Connection

    Jan 30, 2024
    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.
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  • Who Needs an Award? It’s 2024 Corporate State Income Tax Filing Season!

    Jan 29, 2024
    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.
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  • Student Ambassador Shares Her Perspective on Becoming a CPA Today

    Jan 23, 2024
    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.
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  • The Wild World of Bad Financial Advice

    Jan 22, 2024
    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.
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  • Only Many, Active Hands Can Repair and Build Out the CPA Pipeline

    Jan 17, 2024
    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.
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  • One Year After IRA Took Effect: Energy Efficiency Deductions for Property Owners

    Jan 15, 2024
    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.
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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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