When members think “PICPA,” no doubt they consider the great volunteer opportunities, the networking with a diverse and engaging group of professionals, and all the great information shared through the Pennsylvania CPA Journal and CPA Now blog. Or maybe it’s the outstanding CPE we provide that jumps to mind. I’m not sure that “really big deal” is the first thought that arises, but we are … you are! The PICPA impacts the profession every day, working hard to make public accounting in Pennsylvania better and stronger. Every single member should know about this.

The PICPA State Taxation Steering Committee and their colleagues at the New Jersey Society of Certified Public Accountants came together to tighten their connections and agree to work collaboratively to resolve potential cross-state tax issues.

When acting as an administrator to an employee benefit plan, or an auditor of such, it is almost inevitable that you will become aware of a plan failure. The IRS describes a failure as those plans that are intended to satisfy the requirements of Internal Revenue Code Sections 401(a), 403(a), 408(k), or 408(p), but have not met those requirements for a period of time. The Employee Plans Compliance Resolution System was established to permit plan sponsors to correct failures and continue to provide employees with retirement benefits on a tax-favored basis.

Financial experts have a challenge, now and into the future, of separating out the effects of the once-in-a-lifetime COVID-19 economic disaster when expressing an opinion about lost profits, lost earnings, or other related damages in litigation matters, insurance claims, and other applications requiring financial forecasting.

When thinking about due diligence in a merger or acquisition context, we tend to think about it solely from the buyer’s perspective. Perhaps you have a picture in your head of a team of lawyers, CPAs, and other experts combing through financial records and legal documents, searching for potential liabilities or areas of risk that the buyer soon will be inheriting as their own. Depending on the size of the transaction, this process can take weeks, or even months. The seller often discovers the literal torment of “sleepless nights,” finding themselves in a period of limbo hoping that no major issues exist that could delay or terminate negotiations.

Recruiters and interviewers use check-lists to identify the skills and attributes of the ideal candidate. You should do likewise. What type of organization, team, culture, and situation comprise your ideal role? Then, craft interview questions of your own, customized to the circumstances and within the context of what you learn from your research.

I can’t tell you how many times I’ve heard “We’re a relationship business.” Certainly more times than I can count during the 20-plus years I’ve worked with CPA firms. It’s seemingly the one constant in an ever-changing profession. Recently, though, I wonder if we’ve actually devalued relationship building.

As the saying goes, “There is no friend like an old friend.” The same can be true in your professional life as long-standing client relationships are often the most satisfying. They reinforce what it means to truly be a professional, guiding and advising clients across the arc of their working lives and, ideally, seeing them achieve financial security and peace of mind.

This column looks at the essentiality criterion and its development, from GASB Concept Statement No. 3, to the original exposure draft, and now the revised exposure draft.