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Jul 22, 2024
The mission of the Pennsylvania CPA Foundation is to inspire and support future CPAs as they embark on their professional journeys. This blog offers a peek into what the Foundation has been working on and the successes that we've been building.
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Jul 19, 2024
More than $200,000 worth of scholarships and financial support were provided to 135 recipients.
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Jul 16, 2024
In its recently published Insights white paper, the PICPA interviewed five technology and accounting experts about why technology is not leveraged more as a growth driver of efficiency, quality, risk management, and client retention. More importantly, the new research addresses key technological challenges and offers advice on how to overcome these challenges.
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Jul 15, 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 on state regulatory compliance examines the key filing requirements necessary for managing state-level obligations for nonprofits.
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Jul 8, 2024
The PICPA regularly formulates responses to proposed regulatory and professional standards on your behalf. This blog highlights several that the PICPA sent in during a very active spring among various standards boards.
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Jul 1, 2024
Since our country is a federation of independent states, that means we have 50 different state-level taxing statutes, regulations, rules, and policies. Even when several state tax laws are substantially similar, there are always nuances that must be considered in complying with each one's tax laws. It can be a bit chaotic. This blog addresses several areas of state taxation where uniformity is desirable.
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Jun 25, 2024
When it comes to partnerships, there is relative flexibility in contributing and distributing property without incurring tax. But there are limits to that flexibility, and this blog looks at a few property contribution situations that can result in an unexpected tax liability.
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Jun 24, 2024
The demand for multifamily properties remains strong, reinforcing its reputation as a “safe” investment. Often overlooked, though, are the significant tax benefits. Tax strategies include accelerated depreciation, which can be used to offset a portion of predictable rental income. Cost segregation is the vehicle for these tax savings.
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Jun 18, 2024
The journey toward CPA licensure recently underwent a significant transformation, reflecting shifts in the accounting industry and educational landscape. This blog looks at updates to the CPA Exam and some of the profession’s initiatives aimed at strengthening the pipeline of future CPAs.
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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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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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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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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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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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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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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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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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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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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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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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