• 2021-2022 PICPA President Finds Opportunities Among Challenges

    I am the biggest fan, cheerleader, and promoter of the accounting profession, which is why I am so delighted to represent PICPA’s 20,000 members. I am extremely honored and proud to serve as PICPA president for the 2021-2022 year. Though my presidency will kick off remotely, I hope to meet many of you face-to-face at some point during the year.
  • PICPA Springs into Action in New Legislative Session

    Ordinarily, the Pennsylvania General Assembly can be slow and methodical. Moving policy options through 203 members of the Pennsylvania House, 50 members of the Senate, plus staff is fraught with significant administrative and logistical hurdles. Add a pandemic to the equation, and the process takes on a new level of complication. However, the pace of activity in the first quarter of 2021 was more of a whirlwind for the PICPA government relations team.
  • Five Valuation Questions When Planning Your Succession

    Valuation is critical when preparing for a business transition, whether it’s an acquisition by an outside party or a transfer of ownership to a family member or key employee. Valuation is a broad and subjective concept, and critical factors can be interpreted differently. This can lead to a disparity in valuation opinions. As such, it is important to start the valuation process with a solid understanding of the fundamental concepts.
  • Tax Uncertainty Causing M&A Disruption

    After the Tax Cuts and Jobs Act of 2017, the Coronavirus Aid, Relief, and Economic Security Act of 2020, and several new regulations, we once again find ourselves on the path of tax reconfiguration arising from President Joe Biden’s agenda. Biden’s tax plans, as they currently stand, are quite comprehensive, with several new provisions to go with the reversal or undoing of the tax code adjustments enacted a few short years ago.
  • Independence Considerations and COVID-19

    COVID-19 has been full of challenges, but it has also created opportunities for CPA firms to provide new professional services. According to a recent poll, 55% of accounting firms created new services as a result of the pandemic. Some nonattest offerings include advisory services related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, cybersecurity consulting, cash flow management advisory, business continuity, bankruptcy or restructuring consulting, assistance with insurance claims, and tax strategy consulting.
  • The Geometry of Fraud and Improving Risk Management

    Financial and occupational fraud is a serious problem in the United States, resulting in nearly $2 billion in losses every year. With the onset of COVID-19, this problem has only been exacerbated because it created additional opportunities for fraudsters.
  • Ping-Pong Planning

    Tax planning these days feels like playing ping-pong. Last year at this time, I wrote an article on the changes related to required minimum distributions under the December 2019 Setting Every Community Up for Retirement Enhancement Act and the March 2020 Coronavirus Aid, Relief, and Economic Security Act. Other changes will come when the 2017 Tax Cuts and Jobs Act expires in 2025 and tax law reverts to previous rates.
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