CPA Now Blog

Earlier this year, the AICPA Tax Executive Committee sent a letter to Congress that included 61 proposals to adjust the Internal Revenue Code in areas that need attention or to make technical fixes. This is one way that CPAs, in their role as the most trusted professional providers of tax services, can advocate for sound tax policy and effective tax administration.

The PICPA releases a new whitepaper providing key insights that show PA accounting firms navigating talent and technology gaps while meeting a higher demand for services.

There is a common misconception that technology will fix any business process issue. The reality is that technology, when implemented over poor or broken processes, may exacerbate those issues. Technology should be used to enhance optimized processes, not force companies to operate a particular way.

The 2024 CPA Exam will feature a brand new format. The overhaul is designed to focus more on the technological aspects of accounting while still testing the knowledge base that newly licensed CPAs are expected to know.

The Pennsylvania House and Senate appropriations committees have been busy with hearings on Gov. Josh Shapiro’s first budget proposal. During this work, the General Assembly recessed from March through much of April. Both chambers will be back in session on April 24 to begin the give and take of constructing a final budget.

Clear May 16-18 on your calendar, and plan to come to Pittsburgh for PICPA's 126th Annual Meeting. Catch up with your peers, meet leaders in the profession, and hear from experts on the state of the accounting profession.

After the U.S. Supreme Court Wayfair decision, more businesses than ever find themselves with a multistate sales tax compliance requirement. Recognizing this client need and your desire to remain the primary adviser for your clients, a sales tax consulting service can be a win-win for both you and your clients.

The age of the "full service" public accounting firm may be drawing to a close. Firms are becoming more strategic in how they use their resources, the types of services they provide, and to whom. The adjustments are hitting auditors in unanticipated ways, and there could be repercussions for governments and nonprofits.

When business downturns occur, even sophisticated tax practitioners need to quickly reacquaint themselves with issues they may not have confronted recently. Review some highlights of the many potential exposures concerning distressed businesses.

The federal government and several states provide tax incentives to encourage R&D investment through the Credit for Increasing Research Activities, also known as the R&D tax credit. This credit can be used to offset a company’s income tax liability, but it can also be used to offset payroll tax if it meets the eligible qualified small business requirements.

Pennsylvania Commonwealth Court recently ruled that a corporate taxpayer was entitled to a refund of corporate net income tax when the use of net loss carryovers was limited by Pennsylvania’s percentage limitation for net loss deductions. It was the latest in a long line of Pennsylvania net loss deduction cases that illustrate the challenges of arriving at an appropriate taxpayer remedy.

The Public Company Accounting Oversight Board recently issued a proposal that would revise its auditing guidance. One part of the revisions includes the stunning proposal that would require finalizing audit documentation within 14 days of engagement sign-off, down from the current 45 days.

The 2017 Tax Cuts and Jobs Act made several changes to IRC Section 174 that took effect with tax year 2022. EPSA can help fill you in on what these changes are and what they mean to the R&D tax credit.

The Financial Accounting Standards Board released new guidance on accounting for related-party arrangements between entities under common control. This long-awaited ASC 842 guidance provides a practical expedient for arrangements between entities under common control.

Applying sales and use tax to software purchases in a multijurisdictional setting has long been perplexing to businesses and tax professionals alike. The complexity has only grown with the evolution of software. In Pennsylvania, the Department of Revenue has historically treated the purchase of software as the purchase of tangible personal property, but the sourcing has changed multiple times over the years and it can be hard to keep it all straight.

If you are a CPA, whether it be in public accounting, industry, government, or the nonprofit world, you have a crunch time ... which is right now for the tax folks. Instead of shutting down or beating yourself up during these difficult times, try using positive self-talk to build up your perceived ability and efficacy to successfully navigate challenging situations.

Making sure personal information remains safe is a vital issue of concern in today’s cyberlandscape. Websites serving commerce, government, banking, among others all require personal information to be entered, all of which can be stolen if an attacker breaches a website.

The IRS has raised several red flags for CPAs and business owners concerning third parties advising companies to claim the Employee Retention Credit (ERC) when they may not qualify. Form 3949-A can be used to report this illegal tax-related activity arising from "ERC mills."

A human resources business partner (HRBP) is professional who helps align an organization’s people strategy with its business strategy. They coach, advise, counsel, support, brainstorm, and implement processes with the business operations team leader. Do you have an HRBP or something less at your company?

More companies are providing formal environmental, social, and governance (ESG) reports to fortify company strategy, attract consumers and investors, and retain talent. It is a business dimension that offers a growth opportunity.