• Legislative Update - Week Ending Jan. 21, 2022

    Jan 21, 2022
    In this issue: Pa. General Assembly Returns to Session; Pennsylvania DOR Provides Ida Filing Extension Guidance; Pa. Senate Committee Approves School Choice Expansion; and more.
  • Legislative Update - Week Ending Jan. 14, 2022

    Jan 14, 2022
    In this issue: Small Biz Tax Package Clears Pa. House Committee; 2022 Tax Filing Season to Begin Jan. 24; Gov. Wolf Vetoes Block of Regional Greenhouse Adoption; and more.
  • Legislative Update - Week Ending Jan. 7, 2022

    Jan 07, 2022
    In this issue: PICPA Advocacy: A 2021 Year in Review; Upcoming Government Relations Webinars; Pa. Revenue Department Launches Broker Registration Webpage; and more.
  • PICPA Star Power You Didn’t Know We Had

    Dec 21, 2021
    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.
  • Reaching Across the Delaware on Cross-State Tax Matters

    Dec 21, 2021
    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.
  • Improving the Employee Plans Compliance Resolution System

    Dec 21, 2021
    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.
  • How the Pandemic Impacts Determining Economic Damages

    Dec 21, 2021
    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.
  • Due Diligence on the Flip Side: A Seller’s Tool Too

    Dec 21, 2021
    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.
  • Interviewing Your Potential Employer Is a Must

    Dec 21, 2021
    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.
  • The Importance of Soft Skills for CPAs

    Dec 21, 2021
    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.
  • Long-Standing Client Relationships Pose Largest Professional Risk

    Dec 21, 2021
    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.
  • GASB’s New Essentiality Criterion

    Dec 21, 2021
    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.
  • Legislative Update - Week Ending Dec. 17, 2021

    Dec 17, 2021
    In this issue: Pa. House Bill to Align Local Tax Filing Deadlines; Pa. Treasurer, Legislators Introduce Retirement Savings Plan; EITC/OSTC Proposals Approved by Pennsylvania Senate; and more.
  • Transparency, Accountability, and Governmental Ethics

    Dec 14, 2021
    Those in governmental administration are entrusted with effectively managing and deploying taxpayer funds for the advancement of the communities in which they serve. Ethical practices are paramount to good governance, and ethics in government have never been more relevant than they are right now.
  • Alternative Apportionment Options of State Income

    Dec 14, 2021
    Any discussion of state corporate income tax apportionment formulas should always include the topic of “alternative apportionment.” In this column, Jonathan Liss explains the concept of alternative apportionment and the purpose of this statutory relief mechanism.
  • Legislative Update - Week Ending Dec. 10, 2021

    Dec 10, 2021
    In this issue: Pa. Lawmakers Return to Wrap Up 2021; PICPA and NJCPA Convene Joint Meeting; Live Pennsylvania DOR Update; and more.
  • Are Your Clients Prepared for a Wave of IRS Audits?

    Dec 07, 2021
    Changes to the nation’s tax system are on the horizon, and one of the biggest impacts will likely be a reinvigorated, well-funded IRS. And a well-funded IRS certainly means an increase in IRS audits. Businesses and high-income individuals would be well-advised to get their houses in order ahead of a potential wave of aggressive IRS reviews of tax returns and the consequent audits.
  • Material Misstatements: Find Them Before They Find You

    Dec 07, 2021
    For auditors, material misstatements are the enemy. If they sneak in without detection, we fail. Maybe they enter in by error, other times on purpose: it doesn’t matter. They often secret themselves in myriad places: receivables, equity, inventory, payables, investments, or a debt disclosure, just to name a few.
  • Legislative Update - Week Ending Dec. 3, 2021

    Dec 03, 2021
    In this issue: Report Examines Pa.’s Economic Development Incentives; Gov. Wolf Acts to Help Tipped Workers; Pennsylvania House Hearing Looks at Supply Chain Strain; and more.
  • TCJA: Mining the Tax Benefits for Natural Resources Holders

    Dec 01, 2021
    Pennsylvania has a vast wealth of natural resources: minerals, coal, stone, forests, and, of course, natural gas and petroleum. This abundance can result in an economic benefit for property owners as well as for those who develop, mine, and harvest such resources.
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