CPA Now Blog

  • How Manufacturers Can Claim the R&D Tax Credit

    Jun 17, 2024
    If you work in the finance department of a manufacturing facility, or you advise someone who does, you need to know how to access R&D tax credits. Manufacturers claim the lion’s share of R&D tax credits annually, and you don't want to miss out on this opportunity.
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  • The PICPA Welcomes Matthew Melinson to Serve as President, Announces David Stonesifer as President-elect

    Jun 13, 2024
    PICPA announces Matthew Melinson to serve as President and announces new President-elect, who will spearhead key accounting profession priorities.
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  • M&A Sales Tax Missteps: Strategies for Compliance and Success

    Jun 11, 2024
    Whether on the buy-side or the sell-side, the weeks leading up to an acquisition can be riddled with obstacles. Part of the process is identifying potential risks, and one of the biggest is sales tax. When you consider up to 10% of a business’s overall revenue could be exposed – compounded by penalties and interest for noncompliance – sales tax issues are quite a significant risk.
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  • The Risk of Working with Clients on Voluntary Disclosure Tax Programs

    Jun 10, 2024
    The Pennsylvania Voluntary Disclosure Program (VDP) provides an opportunity for businesses and individuals who have recently become aware of a Pennsylvania tax obligation to voluntarily come forward. Unfortunately, many CPAs’ professional liability claims are based on accusations of failing to advise with respect to tax rulings, opinions, and special programs such as the VDP.
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  • Essential Nonprofit Compliance: What Every CPA Needs to Know about Federal Filing Requirements

    Jun 3, 2024
    This blog is part of a series designed to serve as a foundational guide for CPAs who are new to the nonprofit space, enabling them to navigate the sector and gradually deepen their knowledge. This post, understanding federal filing requirements, focuses on key forms and concepts, common pitfalls, and strategic practices when it comes to federal filings for nonprofits.
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  • Plan Early for Sequence of Returns Risk

    May 28, 2024
    The sequence of returns risk is the phenomenon where the order in which investment returns occur can significantly impact the longevity of a retirement portfolio. Poor investment performance, especially early in retirement, can deplete assets rapidly and jeopardize income throughout retirement. This blog looks at five strategies to mitigate the sequence risk that comes with converting retirement investments to spendable funds.
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  • Embrace the Market’s Volatility and Build Wealth through Adversity

    May 20, 2024
    Some potential investors, particularly younger ones, are afraid of the stock market because they might “time it wrong.” This is absolutely the wrong way to think about long-term investing. Financial advisers have to impart the reality that any market corrections may actually help them attain their financial goals faster.
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  • Keep an Eye on Pa. Residency and Domiciliary Rules and Your Legal Liability

    May 14, 2024
    Remote work has been a boon to employees and employers, but it may come with a cost. Taxpayers and their advisers need to prepare for when state tax departments challenge residency and domiciliary status.
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  • A Workplace Where Employees Thrive Helps to Recruit, Engage, and Retain

    May 13, 2024
    Happy employees are less stressed, more productive, and, most importantly, engaged. An engaged employee will support the firm’s mission, trust management, and look for reasons to stay.
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  • Essential Nonprofit Compliance: What Every CPA Needs to Know about Nonprofit Status

    May 6, 2024
    This blog is the opening of a series designed to serve as a foundational guide for CPAs who are new to the nonprofit space, enabling them to navigate the sector and gradually deepen their knowledge. This first post, understanding nonprofit status, sets the groundwork for all that follows and is crucial for CPAs working in or with nonprofits.
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  • Top 10 Things Professionals Don’t Know about the R&D Tax Credit

    Apr 30, 2024
    When it comes to leveraging the federal R&D tax credit, most professionals understand the basics. But there are some things that consistently surprise people about this credit. Here are 10 points that even some pros don’t know about the R&D tax credit.
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  • Understand Your Risks When Using Generative AI Solutions

    Apr 29, 2024
    Many CPA firms are seeking to leverage the use of generative AI to accelerate innovation and increase productivity. Despite the benefits, from a professional liability perspective, there are critical risks associated with its use that should be vetted and mitigation strategies implemented to minimize exposures.
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  • Why Former CPAs are Leaving and What Existing CPAs Want: CPA Talent Retention Survey from the PICPA Sheds Light On Accounting’s Retention Challenges

    Apr 25, 2024
    The Pennsylvania Institute of Certified Public Accountants Latest Survey and Insights Report Emphasizes Need for Changing Business Models in the Accounting Profession
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  • 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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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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