• Federal Tax Adjustments in the Wake of COVID-19

    To combat the COVID-19 crisis, Congress passed the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. These efforts were designed to offer relief to business owners, but, as we know from past actions, many times a change to one provision of the tax code directly or indirectly affects another provision.
  • Financial Reporting and the COVID-19 Pandemic

    In the world of generally accepted accounting principles, the term “triggering event” had been a subtle classification, or at least one that was difficult to clearly identify. Henceforth, there will be few events more worthy of the mantle “triggering event” than COVID-19. Beyond the countless scary and burdening consequences of a pandemic, there are most definitely significant issues to financial reporting – perhaps even going concern questions.
  • PICPA Is Your Career Support System During Unprecedented Times

    We hope you enjoyed PICPA’s Guide to CPA Careers in a Changing Business Landscape. Not only has it provided useful career guidance, but we hope that it also has served as a diversion from the incredible stresses of the ongoing coronavirus pandemic. As I wrote this, I wondered if talking about the coronavirus would be ill-fitting for a magazine about career development. The more I thought about it, I realized that it fit perfectly. As you go through your career, you are sure to face numerous challenges, be they a health crisis, a financial collapse, or a national accounting scandal. As you tackle these crises, the PICPA will be here to help you navigate them.
  • Strengthen Your Communication Skills for Ongoing Success

    Before the outbreak of the coronavirus made such gatherings impossible to conduct, students at my son’s school were asked at an assembly to raise their hands to indicate if they would rather talk for two hours or listen for two hours. The group was fairly evenly divided, and it struck me that the foundation of great communication existed in that room. Speaking and listening sound like simple tasks that anyone can do. However, mastering the art of communication is far from easy.
  • In an M&A Deal, Buyers Often Have a Succession Plan Too

    There is one part of the M&A equation that is important to note: succession is not unique to one side of the table. Buyers, too, have succession issues that impact their approach to M&A. Here are four general succession concerns that often guide buyer-side decisions.
  • Ethics Reminders for New CPAs

    What are ethics? Dictionaries say ethics are a system of beliefs that control behavior, particularly a system based on morals. The AICPA has a code of professional conduct, and it states that members are obligated to act in a way that will serve the public interest, honor the public trust, and demonstrate a commitment to professionalism. As CPAs, this is our system of beliefs.
  • New Managers: Cultivate These Core Leadership Skills

    You finally earned a promotion to manager. But after the congratulations from colleagues and new business cards, it’s up to you to maximize this new role and grow into an impactful leader and respected colleague.
  • A Public Accounting Return after Industry

    I left public accounting several years ago for a position in industry. That’s not unusual. What may be unique, however, is moving back to the public side.
  • Preparing for a Successful Transition from Public Accounting

    Public accounting can be a rewarding, albeit challenging, road. It is natural that some will eventually weigh the difficult decision to leave for some other professional path. If you are considering leaving public accounting, there is a way to approach this transition that can yield benefits far beyond the job skills gained along the way.
  • Navigating a Life in Public Accounting

    A life in public accounting offers so many professional paths to follow and so many brilliant resources to tap into. However, when you are in the thick of it, expectations can be difficult to juggle and public accounting becomes difficult to navigate.
  • Millennials, Diversity, and the Accounting Profession

    Today’s business environment is characterized by globalization, technological advances, and a workforce that is aging while simultaneously becoming increasingly diverse among its new entrants. The accounting profession is subject to these same forces. With a looming talent shortage as the baby boomer generation continues to retire in large numbers, attracting and retaining professionals capable of operating in a complex business environment should be a top priority for all CPAs in leadership positions, whether in public accounting or in industry.
  • Embrace the Evolving Role of the Tax Professional

    The tax profession faces many challenges in the current regulatory, compliance, and technology environments. Simultaneously, there are increasing internal firm pressures on tax professionals to operate more efficiently and effectively and to contribute more to bottom-line growth. All these elements are changing the roles of tax professionals, whether they are seasoned or in the beginning phases of their careers.
  • The CPA Evolution Project: Preparing the Profession for the Future

    The CPA Evolution Project, formed as a working group by the AICPA and the National Association of State Boards of Accountancy (NASBA) in 2018, aims to transform the CPA licensure model. Driven largely by advancements in technology and data analytics, the group is exploring changes in licensure requirements that will better ensure future CPAs possess the skills and competencies required in accounting practice and business. The CPA Evolution Project’s approach to licensure not only strives to embrace marketplace changes but also to maintain the profession’s mandate to protect the public interest.
  • The Evolution of the CPA Credential and Licensing

    Technology continues to have a profound impact on all aspects of everyday life, from home to business. The CPA profession is not exempt. Over the past 18 months, the AICPA and the National Association of State Boards of Accountancy have been discussing a new CPA licensure model designed to future-proof the profession. The model is a combination of core subject requirements with a targeted discipline in a specific area of the profession.
  • The True Cost of Income-Driven Student Loan Repayment Plans

    About 42 million borrowers owe $1.4 trillion in federal student loans under the William D. Ford Direct Loan program. Many of these borrowers have opted to participate in income-driven repayment plans because they provide the lowest initial monthly payment and forgive any balance due at the end of the repayment period. However, the short-term benefits of IDR plans can produce long-term burdens.
  • Financial Planning Challenge: Longer Lives, Less Money

    A paradigm shift in the economy, society, and politics is arising from the current explosion of technological change. The World Economic Forum calls it the Fourth Industrial Revolution, and as a result people are living longer. We may not be prepared for what that entails financially: with longer lives comes greater expenses, and greater expenses by more and more people will put a great deal of pressure on individual savings as well as government-related health and social programs. This feature addresses longevity risk and what CPAs can do in a new world of retirement planning.
  • Retiring Boomers Beware: The Taxman Cometh

    Pennsylvania residents of an age commonly known as “baby boomers” are retiring and relocating to warmer and more tax-temperate climates, such as Florida. The Pennsylvania Department of Revenue is aware of this trend, and it is guarding the commonwealth’s coffers by challenging nonresidency status and certain retirement payouts. Simply put: If your client retires and moves, they will have to prove their new status.
  • Assist Student Learning through Scaffolding

    Learning is sometimes thought of as a solitary endeavor. A student attends class where a professor lectures and demonstrates accounting problems, and then the student attempts to replicate or extend the demonstration by completing homework assignments. Student learning is then assessed through testing. This column introduces another perspective on teaching and learning: scaffolding.
  • Accounting Plan Plagiarism: Is It Time to Strengthen the CPA Code of Professional Conduct?

    Over the past 20 years, audit reports and tax returns have largely become commodities – at least that seems to be the perception in the marketplace. As a result, a CPA’s ideas or intellectual wherewithal have become crucial to the success of an accounting practice. Consultation and planning are sweeping the profession, and the resulting services can enhance a firm’s bottom line.
  • SSARS No. 21 a Year Later

    Statement on Standards for Accounting and Review Services No. 21 has been effective for more than a year now – for engagements on financial statements for periods ending on or after Dec. 15, 2015. Sufficient time has passed to allow the peer review process to shine a light on some of the implementation issues that firms and practitioners may be experiencing.
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