• Transfer Pricing Therapy in a COVID-19 Downturn

    Businesses across the globe are struggling following a collapse in demand as the COVID-19 pandemic swept across country after country. Even among those businesses where demand had not declined as severely, disruptions to supply chains have been a devastating hardship. While there’s no certainty as to when the marketplace will “normalize,” businesses may be able to lessen the pandemic’s impact on their financial health by seeking remedies through transfer pricing mechanisms.
  • Engagement Letters for Consulting Never More Important

    As the CPA community entered March, it looked like another routine tax season. With another year of the Tax Cuts and Jobs Act under the belt, we were beginning to feel comfortable again with the tax code and in the rhythm of the compliance calendar. The coronavirus was a concern, but no anvil had fallen out of the sky and conked us on the head (for those of you familiar with Wile E. Coyote) … until one did.
  • Best Practices for Working Remotely

    Time will tell, but it seems some of our “temporary” ways of working remotely due to the pandemic may be here to stay. Without a doubt, there are advantages and disadvantages to working remotely.
  • Seven Ways to Maximize Return on Investment

    Like every other business, CPA firms invest a lot of time and money into making sure their businesses are viable, vibrant practices poised for success and growth. And, like other businesses, CPA firms are well-served by taking a long look at return on investment, especially as it pertains to their significant monetary investment in personnel and time that comes from focusing on client service.
  • Pandemic and PPP Loan Efforts Bring New Perspective

    As the COVID-19 pandemic erupted this past spring, our businesses were thrown into an environment that we had not previously experienced. There were the rapidly changing facts and circumstances, and each day seemed to bring new challenges to navigate. A question that kept popping into my mind during those early days was, “What should we be learning through this process so that we are not caught off guard next time?” But before I could digest that question, new information came at us once again – this time it was the Paycheck Protection Program (PPP) loan process and the mad rush to pull together information and prepare the application.
  • Pass-Through Entities and Arising State Tax Issues

    The taxation of pass-through entities should be an area of increasing interest. On a national level, S corporations have long accounted for the majority of corporate tax filings, and the average annual increase in filings by partnerships and entities electing to be treated as partnerships (including limited liability companies electing to be taxed as a partnership for federal income tax purposes) has increased at a faster pace than that of incorporated businesses.
  • A Flood of Risk Assessment Rising in Review Engagements

    There are vast financial reporting implications arising from COVID-19, creating new matters of concern, assessment, and evaluation. It has necessitated a reassessment of our understanding of our clients’ business, industry, markets, supply chains, and every sphere of impact on a financial report. In audit engagements, risk assessment in nearly every financial reporting area will require enhanced and revised consideration. We may have to completely change the risks assessed and our entire approach.
  • Forecasting Cash Flow Vital to Surviving the Storm

    Cash is king! Without cash, you are done: turn out the lights, lock the doors, and go home. Monitoring cash and modeling future cash flows can provide an early warning regarding the health of your organization, so accurately forecasting your company’s cash flow is a business imperative. Indeed, accurately forecasting cash flow, especially as you continue navigating COVID-19 and its economic impact, is a matter of corporate survival.
  • Cannabis Industry Holds Unique Challenges for CPAs

    CPAs are well aware of the typical federal vs. state issues when it comes to taxes and related matters. However, CPAs choosing to work on behalf of those in the cannabis industry need to understand federal vs. state issues on a very different level.
  • Social Responsibility and Sustainability Reporting Open Opportunities for CPAs

    Corporate social responsibility is a management concept companies use to integrate social and environmental concerns into their business operations – a balance of economic, environmental, and social imperatives. CSR programs can include charitable giving, community development and volunteering, socially and environmentally conscious investing, participating in fair trade, improving labor practices, green supply chains, and reducing carbon footprints. Regulations and pressures from both the public and investors are nudging corporations toward accountability for their impacts on the environment and society.
  • CPAs Have a Critical Role during Times of Change

    In the midst of the COVID-19 pandemic, businesses and workers are rethinking the way they operate and plan for the future. As we all filter through evolving news updates, businesses are evaluating how to navigate the coming months. Out of necessity, priorities have shifted. One constant persists, though: it is essential for businesses to include their CPAs in planning.
  • SALT Issues to Consider during COVID-19 Crisis

    The economic repercussions of the COVID-19 pandemic have some economists forecasting that the U.S. economy will not rebound quickly to precrisis levels. The state and local tax implications, both in the current environment and in the long term, will be wide-ranging and require considerable attention.
  • Long-Term-Care Planning Adds Protection from Filial Laws

    The resurrection of old filial responsibility laws can blindside close family members with a potentially significant financial burden. Filial laws impose a legal responsibility upon family such as a spouse, adult child, or parents for the support of indigent relatives.
  • Deferred Compensation Plan Errors and How to Correct Them

    A typical defined contribution plan, such as a 401(k) or 403(b), consists of a deferred compensation component, with or without an employer match, and/or a profit-sharing component. Participants in one of these plans elect a percentage or a specific dollar amount to be withheld each pay period. The plan sponsor (the employer) then remits the funds, along with any employer contributions, to the plan’s trust account maintained by a trustee or custodian.
  • Lease Accounting: 842 Wake-Up Call

    A decade of effort that began in 2006 has resulted in the issuance of ASU 2016-02, Leases (Topic 842), by the Financial Accounting Standards Board. The 10-plus years of work may have lulled some to sleep, but it’s time to start paying attention to what’s coming.
  • Not-for-Profit Statements Being Overhauled by ASU 2016-14

    The Financial Accounting Standards Board revised the not-for-profit reporting model in its Accounting Standards Update 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017.
  • When the CPA Pipeline Slows to a Drip, How Do You Get the Flow Going?

    One of the top issues facing the accounting profession is talent – the acquisition and retention of those who will grow our future. The good news is enrollments in accounting programs nationwide are at or near all-time highs. Nevertheless, in percentage terms, fewer graduates of accounting programs are proceeding to become CPAs. Our CPA “pipeline” has slowed and needs to be addressed.
  • IRC Section 163(j): Another Cost of Leveraging an Acquisition

    Ever since the economic crash of 2008, foreign and domestic corporations have fought hard to get back to the days of steady growth. A lot of corporations have grown organically, but many essentially expanded through acquisition. Without the luxury of having excess cash reserves, these corporations typically opt to leverage their acquisitions by taking on some form of debt.
  • Don’t Be “Floored” by Purchase Accounting Struggles

    No two merger and acquisition deals are alike. Each is unique, opening the door to new challenges and uncharted territory for those tasked with determining the tax treatment of the transaction. One challenge that often gives practitioners headaches is how to handle assumed liabilities in an asset acquisition.
  • Budget Negotiations during a Pandemic

    COVID-19 has wreaked havoc on every aspect of our lives. There is no longer a routine anything. That uncertainty and trepidation is evident in Harrisburg as state lawmakers try to work through this unprecedented event.
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