Thomas G. Stephens, Jr., CPA, CITP, CGMA | K2 Enterprises
Thomas G. Stephens, Jr., CPA, CITP, CGMA is a shareholder at K2 Enterprises.
Over the past five years, the rapidly expanding universe of personal technology devices, such as smartphones and tablets, has had an ancillary effect – an explosion of individually-owned devices connected to corporate networks. In this phenomenon, known as Bring Your Own Device (BYOD), wellmeaning end users connect their personally-owned to corporate networks so that they can access e-mail and other data and services while away from the office. At its best, BYOD facilitates increases productivity and allows team members greater flexibility and options to work while away from the office. On the other hand, because team members rarely activate adequate security measures on their individually-owned devices, sensitive corporate data can be at risk in a BYOD environment. How can you manage BYOD and reduce the related risks, without stifling productivity in your organization? Read on to find out. Continue reading
New regulations could eliminate the Tax and A&A CPE requirements in next reporting period.
The Pennsylvania State Board of Accountancy (SBOA) published on June 13, 2015 proposed regulatory changes for CPAs to implement the two most recent amendments to the PA CPA Law (Act 73 of 2008 and Act 15 of 2013) and to clarify civil penalties for CPE violations. Included in the proposals are revisions to CPE requirements for all licensees as well as clarification for how a CPA candidate’s experience should be verified. More details are provided below, along with a link to the proposed regulations. The comment period expires July 12, 2015, and PICPA will be providing a comment letter. Continue reading
By Guest Blogger, David E. Goss, CPA, CFF, CGMA, CIA, CFE
In the 1979 psychological horror film, When a Stranger Calls, a babysitter receives a telephone call from a man who creepily asks if she has checked on the children. The calls become more frequent and threatening, so the babysitter calls the police. Soon the babysitter receives a call back from the police informing her that the threatening calls were coming from inside the house.
Like the baby sitter in this classic thriller, the business world focuses on external attacks, such as hackers. Certainly hacking is increasing, and it is affecting more of us through system attacks and data theft. But, lurking in the shadows, traditional in-house fraud remains a rampant and often undetected problem. Continue reading
A few years ago the PICPA hosted several focus groups with young CPAs. Our goal was to find out what they wanted from the organization and what the PICPA could do to help them in their careers. During those discussions they also shared what they wanted from the profession and their firms. We started noticing some similar themes. The traditional firm model was not necessarily appealing to this new generation of workers. Many didn’t see opportunities to grow, and those that saw opportunities didn’t really want what was being offered.
Feedback was also coming in from the other side. Firm leaders for some time have been expressing some frustrations about a perceived lack of ambition among the younger generations. They see me heading out to play golf, making lots of money. Why don’t they want this? (Actual quote from a partner in a regional firm. Okay, it’s a paraphrase of an actual quote, but you get the gist.) Continue reading
By Guest Blogger, Karl Egnatoff, CPA, CITP | K2 Enterprises
Seeing someone with new wearable technology devices is becoming more common. Some of them are relatively simple, like a fitness watch that counts steps and then uploads the wearer’s effort to a training log. More complex devices, such as Google Glass, can cause people to stop, stare, and ask questions. There are devices that provide input and output capabilities in a compact form, and even health and medical accessories, such as heart rate monitors, which are worn under clothing.
The first digital watches – bulky and difficult to use – quickly fell out of favor and faded into obscurity because they did not possess advanced utility. I believe that the new wave of wearable technologies has beneficial and diverse functionality, so they will be around for a while.
The majority of today’s wearable technology is designed for the wrist. The two device types that people use most are fitness tools and phone connectivity units. Both segments are experiencing growth and are contributing to the popularity of wrist-worn wearables. Continue reading
By Guest Blogger, Mark B. Zinman, CPA
One topic that I have to discuss over and over again with my clients is the 1099. I now have a standard speech that I give nearly year round. Clients understand the receiving of 1099s – they get 1099s in the mail reporting the interest from their bank or brokerage house, and they never think twice about it. But the same form that they receive from those payors is one they have to send the people they pay in the course of their business.
Let’s start simple: if you are deducting a payment to a vendor, then the IRS wants to make sure that they are picking it up as income. There is a duel requirement. The recipient of the payment is required to report any income — whether or not it meets the threshold for receiving a 1099 – and the business is required to issue 1099s to any nonincorporated business or individual from whom you purchased more than $600 in goods or services during a calendar year. Failure to do so will result in a $100 penalty for each 1099 that you did not issue as well as the potential loss of that deduction on your tax return. That seems pretty straightforward. Continue reading
Posted in Personal Finance, Uncategorized
Tagged 1099, 1099s, consultant fees, consultant reimbursement, contractor reimbursement, Do part-time workers get a 1099, Form 1099, Form W-4, Form W-9, self-employeed, Should I get a 1099, When do I issue a 1099
Maybe you decided to open up a coffee shop, or trek one of the world’s greatest mountains, or you spent a few years surfing in southern California. Whatever the reason you decided to place your license on inactive status, it’s time to get your license reactivated and join the business world again.
Certainly there are some forms, some CPE requirements, and some fees involved in the process, but reactivating your CPA license doesn’t need to be daunting. Just make sure you have all the information and paperwork you need, and follow this handy checklist from the PICPA for step-by-step instructions. Continue reading