CPA Now Blog

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The idea of working remotely has been around for years. One famous businessman, in fact, put the concept to work in the 1960s. Though some may be longing for the "good old days," remote work has been and will continue to be beneficial.

In its most recent Insights white paper, the PICPA takes a measured, data-grounded look at the dearth of incoming accounting talent. More importantly, the study offers new perspectives and potential solutions to help rebuild and strengthen the process of growing new accounting talent.

The Pennsylvania Independent Fiscal Office recently released its annual five-year economic and budget outlook. The Commonwealth will have $13.8 billion in savings that could support future spending or be held as savings to mitigate the impact of any future recessions.

The importance of mentoring in accounting cannot be overstated. Yes, mentoring plays a pivotal role in shaping the professional growth of employees, but it is also a mutual relationship where both the mentor and mentee benefit.

Most states with a sales tax impose it on some forms of digital products or software. But within the past decade, some states have enacted statutes that not only redefine software as tangible personal property, but also broaden their definition of taxable tangible personal property or taxable services. This has left service providers and business consumers wondering whether or not they should subject their individual services to tax.

Deloitte's Sandy Pfeffer shares her thoughts on harnessing the power of data and the firm's recent report, "It’s Time to Get Serious about Data." Pfeffer pointedly asks, are you taking data seriously and enabling your business to make sensible decisions?

The 2023 year-end has arrived, and now is the time to create a framework through which you can assess your progress over the past year. To achieve this, consider using an after-action review, a structured evaluation tool the U.S. Army uses in reviewing performance in battlefield exercises.