CPA Now Blog

  • A New Appreciation of the State and Local Tax Profession

    Oct 23, 2023
    State and local taxes once were generally considered an afterthought for corporations: SALT was a nuisance, not worthy of the time or resources needed to comply. Times have changed. State and local taxes are now regarded much more materially in terms of importance in the corporate tax world.
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  • Watch for Pitfalls Associated with Business Acquisitions

    Oct 17, 2023
    Business acquisitions can take different forms, and the work is complex and highly time sensitive. Many tax issues concerning the transaction structure and due diligence can arise in M&A transactions.
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  • New Standards for Tax Services: Take Effect in January, Applicable to All CPAs

    Oct 16, 2023
    The AICPA's new Statements on Standards for Tax Services (SSTS) will become effective Jan. 1, 2024. The prior version of the SSTS had seven standards; the revision going into effect boils those seven standards down to four. It is a significant component of the ethics guiding CPA practitioners of taxation.
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  • 6 Keys to Getting Started with Video Content Marketing

    Oct 10, 2023
    For smaller CPA firms with limited budgets, getting started with video marketing is not always easy. Learn the six keys to getting started with a video content marketing campaign.
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  • Exploring Creativity in the Accounting Profession

    Oct 9, 2023
    Accountants have the unfortunate stereotype of being the opposite of creatives. Many think creativity is considered the exclusive realm of artists. But we act creatively whenever we design processes, ask questions, build financial models, derive insights from information, or translate financial results for nonfinancial people.
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  • What to Expect with the New CPA Exam Format

    Oct 3, 2023
    The CPA Exam is undergoing a significant shift in format that is set to take effect in 2024. This blog explores the changes and outlines what candidates and educators need to know to navigate this change successfully.
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  • CPA Diversity Report Explores the Barriers to Minority Advancement in Accounting

    Oct 2, 2023
    The Illinois CPA Society and the CPA Endowment Fund of Illinois set out to research what minorities are encountering when entering and advancing through the accounting profession. Find out what their award-winning report has uncovered.
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  • Risk Management Considerations of the Corporate Transparency Act’s Beneficial Ownership Reporting

    Sep 26, 2023
    The Corporate Transparency Act (CTA) was enacted Jan. 1, 2021, as part of the National Defense Authorization Act to combat money laundering, terrorism financing, and other forms of illegal financing. This blog provides an overview of some of the key CTA provisions and addresses potential risks for accounting firms.
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  • PICPA-Supported Tax Proposals in Play as Legislative Year Winds Down

    Sep 25, 2023
    The Pennsylvania General Assembly’s fall session is in full swing. Lawmakers have an array of tax measures potentially still in play as final bills for the year are being considered. Several have all been developed in coordination with the PICPA State Tax Thought Leadership Committee and subcommittees.
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  • The Pitfalls of “Hide-to-Maturity” Accounting

    Sep 19, 2023
    Bank implosions may not be predictable, but there are usually warning signs that can help regulators and investors plan for stress situations. Held-to-maturity accounting only serves to delay the recognition of stressed realities because of the inability to discern the real economics and financial health of a company.
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  • Integration of Human Resource Information Systems: The Last Leg of Finance’s Digital Transformation

    Sep 18, 2023
    Often, digital transformation efforts in the finance function focus on core processes, including procure-to-pay, order-to-cash, and record-to-report. As technology evolves and becomes further integrated, however, opportunities will exist to extend digital transformation to other business functions, including human resources.
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  • Outsourcing Can Unlock the Growth Potential for Small and Medium-Size CPA Firms

    Sep 12, 2023
    When it comes to providing top-notch services to clients, how can smaller firms level the playing field and better compete with the larger firms? One answer lies in outsourced accounting.
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  • Regulation Crowdfunding: A Securities Law Exemption Four Years Later

    Sep 11, 2023
    The Jumpstart Our Business Startups Act (JOBS Act) of 2012 Title III (Regulation Crowdfunding) and Title IV (Regulation A+) represented significant changes to U.S. securities laws. This blog looks at the crowdfunding environment after the JOBS Act implementation, and highlights its implications for CPAs, financial planners, and managers.
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  • Client ROI Is the Key to Your Pricing

    Sep 5, 2023
    Return on investment is the equalizer between the value of the client's problem and the fee you can charge for solving it. If you know the value of the client's problem and their propensity for risk, you can triangulate on a mutually acceptable fee quote without the need for discounting.
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  • Don’t Let the Book Close on Your Valued Connections

    Aug 29, 2023
    Reconnecting with old colleagues and old clients can be a gift and a joy. It is never too late to reconnect with someone with whom you shared the tyranny of your first busy season, formed a bond by staying up all night for days to get a deal closed, or established a relationship that was stronger than simply CPA-client.
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  • Accounting in the Age of AI

    Aug 28, 2023
    The impact of artificial intelligence (AI) on the accounting industry and the clients they serve will have far-reaching consequences. This changing landscape is calling for a new kind of finance leader, one who leverages the power of AI while keeping a pulse on the human workforce and the clients they serve.
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  • Foreign Trusts: Income Tax and the U.S. Grantor

    Aug 22, 2023
    A foreign trust is generally treated as a nonresident noncitizen holding for U.S. income tax purposes, and is subject to U.S. income tax only on U.S. source income. Trust distributions to U.S. citizens and income tax residents carry taxable “distributable net income” to the U.S. beneficiary. Grantor trusts, however, are generally controlled by the founder and are ignored for income tax purposes.
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  • Civil Wars: Battling Incivility in the Workplace

    Aug 21, 2023
    Workplace incivility can often be relatively small acts by coworkers or supervisors that are perceived as demeaning or which cause an individual to feel undervalued or unimportant. Unchecked uncivil acts can affect your business in significantly negative ways and have major consequences.
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  • The Adventure of Navigating a Slow-Growth Economy with Agility and Excellence

    Aug 15, 2023
    Leading an organization in today’s business environment can be an adventure. The complex state of our economy is a time when strong leaders are needed to make bold decisions and rally teams to act with clear direction, a sense of urgency, and attention to detail. We must act with agility and excellence.
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  • 6 Steps to Elevate Tax Season from Good to Great

    Aug 14, 2023
    For many practices, as soon as one tax season is over, an immediate triage takes place and preparation for the next one starts in the fall. These firms can better position themselves if they take certain actions aimed at reaping the rewards from a tax practice.
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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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