Pennsylvania CPA Journal

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  • Legislative Update - Week Ending June 3, 2022

    Jun 3, 2022, 10:01 AM by PICPA Government Relations
    In this issue: PICPA-Backed Pass-Through Entity Tax Bill Up for Committee Vote; Strong Pennsylvania Revenue Collections Continue; Gov. Wolf Pushes for $2,000 Direct Payments to Pennsylvanians; and more.
    Full story
  • ASC 842 Lease Accounting: If You’re Not Ready, It Could Hit You Like a Ton of Bricks

    Jun 1, 2022, 09:53 AM by James J. Newhard, CPA
    When the very first IKEA store came to the United States in 1985, there were signs and billboards two years beforehand declaring, “IKEA is coming!” I lived in Plymouth Meeting where it was built, saw the signs, and heard the news. Still, I had no idea what this store was about, let alone whether it would catch on. In my professional life, the new lease accounting standards exposure draft was issued in 2010, and we have long endured the “New lease accounting is coming!” promotions. Finally, it is here: Accounting Standards Codification (ASC) 842 is in effect for 2019 for public companies and 2020 for nonpublic companies.
    Full story
  • Forensic Accounting and the Use of Artificial Intelligence

    Jun 1, 2022, 09:50 AM by Akriti Anand
    The universe of data continues to grow – in volume, velocity, and variety. For forensic accountants, that means the scope of potentially relevant evidence is growing too. Moreover, forensic accountants must increasingly contend with evidence that is unstructured – meaning the information format doesn’t fit with conventional databases. Between the complexity of emerging data types and the sheer volume, manual methods of data management and analysis can’t keep up.
    Full story
  • Cryptocurrencies and the Tax Rules Involved

    Jun 1, 2022, 09:50 AM by Judith Herron, CPA
    According to, at the start of 2018, virtual currency markets were worth about $560 billion. By the end of the year, that same measure was $130 billion. Most people would characterize this as nothing but bad news. However, CPAs are skilled at finding an upside in a disaster. Now that Bitcoin mania has calmed, is there a tax-saving opportunity buried among the wreckage?
    Full story
  • Business Advisory Services Open New Opportunities for CPAs

    Jun 1, 2022, 09:40 AM by Loretta M. Tubiello-Harr, CPA, ABV, CVA, and Kim A. Vandergrift, CPA
    CPA firms and the services they provide continue to evolve as the profession responds to a changing business environment. Many are expanding into business advisory services. This can provide great opportunities for growth if firms clearly grasp their professional independence requirements.
    Full story
  • Philadelphia Alters Tax Positions Based on Federal Events

    Jun 1, 2022, 09:36 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, Katherine M. Piazza, JD, and Patrick K. Skeehan, JD
    The City of Philadelphia has been busy formulating its tax positions in response to both the South Dakota v. Wayfair Inc. decision and Tax Cuts and Jobs Act of 2017. This column summarizes the changes affecting the city’s Business Income and Receipts Tax and Net Profits Tax.
    Full story
  • Cybersecurity Opportunities for CPA Firms

    Jun 1, 2022, 09:34 AM by Paul R. Brazina, CPA, CGMA, CFF, Bruce A. Leauby, CPA, CMA, CFE, and Charles Sgrillo, CISSP, CEH
    It is mind-boggling to think what the future of technology holds, but the ever-present challenge is how to manage the relentless threats from cybersecurity intrusions. Cyberattacks are ranked as the top global risk to business leaders in advanced economies, and the takedown of a single cloud provider could cause $50 billion to $120 billion in economic damage.
    Full story
  • Accounting AI and Machine Learning: Applications and Challenges

    Jun 1, 2022, 09:33 AM by J.L. “John” Alarcon, CPA, CGMA, CITP, Troy Fine, CPA, CITP, CISA, and Cory Ng, CPA, DBA, CGMA
    Artificial intelligence (AI) and machine learning have become industry buzzwords. This article discusses the state of AI and machine learning as they relate to accounting, and the challenges the profession may face moving forward as these technologies start to spread.
    Full story
  • Legislative Update - Week Ending May 20, 2022

    May 20, 2022, 10:47 AM by PICPA Government Relations
    In this issue: Changing Politics of Pa. Apparent in Primary Results; Pennsylvania Lawmakers Return to Harrisburg; DOR Responds to PICPA EFT Inquiries; and more.
    Full story
  • Legislative Update - Week Ending May 13, 2022

    May 13, 2022, 09:46 AM by PICPA Government Relations
    In this issue: PICPA Advocacy Update with State Rep. Bradford; Pa. Senate Democrats Call for Historic Investments; State Senator Wants Work-from-Home Tax Rules Clarified; and more.
    Full story
  • Legislative Update - Week Ending May 6, 2022

    May 6, 2022, 09:49 AM by PICPA Government Relations
    In this issue: PICPA Multistate Collaboration Holds First Meeting; Tax Reform Bills Gain Pa. House Approval; Pennsylvania House Hearing Explores School District Audits; and more.
    Full story
  • Legislative Update - Week Ending April 22, 2022

    Apr 22, 2022, 10:31 AM by PICPA Government Relations
    In this issue: Gov. Wolf Signs PICPA-Backed Local Tax Measure; PICPA Sits with Pa. Political Leaders for Q&As; A Look at Pa. DOR's Equipment Rental SUT Bulletin; and more.
    Full story
  • Legislative Update - Week Ending April 15, 2022

    Apr 15, 2022, 11:09 AM by PICPA Government Relations
    In this issue: PICPA Forges Ahead on Pass-Through Entity Tax Reform; Bill Aligning Local Tax Filing Deadlines Heads to Pa. Governor; Pennsylvania House, Senate Committees Advance Tax Measures; and more.
    Full story
  • Legislative Update - Week Ending April 8, 2022

    Apr 8, 2022, 11:17 AM by PICPA Government Relations
    In this issue: Tax Proposal in Pennsylvania House Committee; Pa. DOR to Transition Business Taxpayers to myPath; PICPA, AICPA Urge IRS Relief for Taxpayers and Practitioners; and more.
    Full story
  • Legislative Update - Week Ending April 1, 2022

    Apr 1, 2022, 11:53 AM by PICPA Government Relations
    In this issue: PICPA Clarifies Tax Questions with Pa. DOR; Come meet Pennsylvania House Speaker Bryan Cutler; PICPA Gets Clarification on IRS CP162A Notices; and more.
    Full story
  • These New Audit Standards May Require Your Attention

    Mar 18, 2022, 11:26 AM by Lisa A. Ritter, CPA, CFE, CITP
    Reviews SAS Nos. 134 through 140, standards released by the Auditing Standards Board to address matters such as employee benefit plans, information included in annual reports, the concept of materiality, and more.
    Full story
  • Eat the Frog Now: Your Auditor Will Thank You Later

    Mar 18, 2022, 11:25 AM by Wendy M. Lakatosh, CPA
    Offers a host of tips to help company finance leaders make the most of the arduous task that is the annual company audit.
    Full story
  • Lessons Learned from a Difficult Year

    Mar 18, 2022, 11:25 AM by Michael F. Cade, CPA, CGMA
    Delves into what the continuing COVID-19 pandemic has taught CPAs working in the not-for-profit arena.
    Full story
  • The Importance of Branding to Your CPA Firm

    Mar 18, 2022, 11:23 AM by Meredith Foster
    Drives home the importance of branding to a CPA firm, explaining what constitutes a brand and what does not, the power of a strong organizational brand, and how you can tell if it is time for a refresh of your brand.
    Full story
  • Additional Credentials Can Boost an Already Strong CPA Career

    Mar 18, 2022, 11:23 AM by Alyzabeth R. Smith, CPA
    Suggests a series of credentials for CPAs to pursue if they want to optimize their attractiveness to employers in a competitive job market.
    Full story

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