• Reconnecting with Working Mothers in Accounting

    Sep 28, 2022
    I know I speak for a lot of working mothers. We constantly juggle between two worlds, trying to find a happy medium. The COVID-19 pandemic only made the demands on our time worse, and an alarming rate of women have voluntarily left public accounting to be stay-at-home mothers to better provide for their families’ needs.
  • New Employment Model Demands New Fraud-Fighting Efforts

    Sep 28, 2022
    More than an estimated $4.7 trillion is lost annually to occupational fraud worldwide, according to an Association of Certified Fraud Examiners (ACFE) report. Corporate CPAs, like it or not, are on the front lines in the fraud battles our companies constantly face, and we must constantly look for potential red flags. Unfortunately, it only seems to be getting harder.
  • IASB May Offer Guide to Governmental Accounting for Cryptocurrencies 

    Sep 28, 2022
    When derivatives began to appear in the public at large, government accountants believed that the derivative instruments likely would never be transacted by state and local governments because of the complexity and risks associated with these transactions. Much has changed, and the derivative transactions are becoming a part of routine business activities of governments. Cryptocurrencies – even though still risky and ambiguous – will soon be recorded in governments’ accounting books and presented in their financial statements.
  • Using Tax Season as a Measure for Possible Firm Transition

    Sep 28, 2022
    Tax season often defines the strength and success of a CPA firm. It also tests and exposes challenges and gaps in services, clients, personnel, processes, and other aspects of managing the practice. Some firm owners hope the next tax season will be their last as an independent firm; others will use the coming tax season to gauge their potential to acquire another firm. Quite a few have already made the leap to merge, and next tax season will be a part of their first transition year.
  • New Regs to Counter Foreign DST Credit May Kill Other Foreign Tax Credits

    Sep 28, 2022
    Prior to the end of 2021, the U.S. Treasury Department issued final foreign tax credit regulations under Treasury Regulation Section 1.901-2,1 dramatically modifying the analysis for determining whether a foreign levy is a creditable foreign tax. The regulations apply to tax years beginning after Dec. 28, 2021, and finalize proposed regulations issued in November 2020.
  • Get Ready Now for the New CPA Exam in 2024

    Sep 28, 2022
    The Uniform CPA Examination is about to change significantly under the CPA Evolution Initiative, a joint effort by the National Association of State Boards of Accountancy (NASBA) and the AICPA. Set to launch in a little over a year (January 2024), it is important for those preparing to become CPAs to understand the new CPA Exam structure and how it might impact their journey. By getting a handle on the new process now, those taking the exam in the 2023-2024 time frame have an opportunity to be strategic in their planning.
  • The 30 Credit Conundrum

    Sep 28, 2022
    What do nutrition, astronomy, and physical education have to do with becoming a CPA? These are the types of courses some accounting majors take to earn the requisite 150 credits needed to obtain a CPA license. When the 150-credit-hour rule was established, the expectation was that CPA candidates would pursue a master’s degree after completing the 120 hours required for most undergraduate degrees. Today, however, many are pursuing lower-cost, less-intensive options to complete the credit-hour requirement.
  • Legislative Update - Week Ending Sept. 23, 2022

    Sep 23, 2022
    In this issue: Pa. Senate Finance Committee Approves Key Tax Bills; Grantor Trust Reform Clears Pennsylvania Senate Committee; Bonus Depreciation Bill Introduced in Pa. House; and more.
  • High Cybersecurity Risks Demand a Proactive Defense

    Sep 21, 2022
    Cybercrime and data breaches are now major threats for CPA firms and their leaders. Since 2018, the incidences of breaches that featured ransomware or extortion increased more than 40%. Globally, cybersecurity breaches sparked business losses of $1.5 trillion per year and hits to revenue of up to 25%.
  • Tax Pitfalls Associated with Closely Held Businesses

    Sep 21, 2022
    Most tax practitioners are familiar with the fundamentals of structuring closely held businesses, but important structuring considerations are sometimes overlooked. This column highlights some pitfalls that might not always come to the attention of practitioners structuring business arrangements.
  • State Income Tax Implications from Federal R&D Law

    Sep 21, 2022
    Effective for tax years beginning after Dec. 31, 2021, research and experimental (also known as research and development) expenditures are not fully tax deductible in the year incurred. Under the 2017 Tax Cuts and Jobs Act (TCJA), taxpayers who incur research and experimental (R&E) expenditures and expense these costs under generally accepted accounting principles (GAAP) are required to capitalize and amortize these expenditures.
  • IAASB’s Plan for Audits of Less Complex Entities

    Sep 21, 2022
    The International Auditing and Assurance Board (IAASB) issued the exposure draft Proposed International Standard on Auditing of Financial Statements of Less Complex Entities to address the challenges related to less complex entities (LCEs) and develop a separate standard for audits of LCE financial statements.
  • Filtering for Clarity: PCC’s Efforts to Clean Financial Reporting Requirements for Private Companies

    Sep 14, 2022
    The Financial Accounting Foundation (FAF) established the Private Company Council (PCC) in 2012 to improve the process of setting accounting standards for private companies. The principal assertion underlying the foundation of the PCC was that users of private company financial statements are significantly different than users of public company financial statements, therefore the accounting language should be tailored accordingly. With 10 years under its belt, now is a good time to review what the PCC has been doing and where it should be going.
  • COVID-Era Evolution of Elder Fraud: Know the Red Flags

    Sep 14, 2022
    According to the U.S. Census Bureau, the 65-and-older population has grown rapidly since 2010, and, according to forecasts, by 2040 the older population in the United States will reach almost 81 million. Subsequently, elder fraud and abuse will increase with the growing demographic. It’s up to all of us to try and stem the tide of exploitation.
  • The Many Hats of the Small-Business CFO

    Sep 14, 2022
    It could be said that being a small-business CFO is the greatest job in the world – at least it is a claim that I often make! Do you have what it takes to be a small-business CFO? Do you look good in hats? This feature provides thoughts on successfully navigating the transition to a small business, including examples of the attributes you’ll likely need and the many hats you’ll likely wear as a small-business CFO.
  • Pennsylvania’s General Election: Big Deal Statewide and Nationally

    Sep 14, 2022
    The race to succeed Democratic Gov. Tom Wolf, who will leave office in January 2023 after serving the maximum of two four-year terms, is dominating the 2022 election cycle in Pennsylvania. With Pennsylvania’s unique position as a battleground state, this year’s election has caught national attention too.
  • Legislative Update - Week Ending Sept. 9, 2022

    Sep 09, 2022
    In this issue: Pennsylvania Lawmakers to Return for Short Fall Session; Pa. Inheritance Tax Exemption for Active Military; Student Loan Forgiveness Not Taxed in Pennsylvania; and more.
  • Disposing of IRC 197 Intangibles: It’s All or Nothing

    Sep 07, 2022
    In a column published in last summer’s Pennsylvania CPA Journal, we discussed why we anticipated seeing more asset deals among mergers and acquisitions as a result of certain changes brought on by the Tax Cuts and Jobs Act of 2017. This includes deemed asset purchases via an Internal Revenue Code Section 338(h)(10) election. Taxpayers would receive the benefit of getting a stepped-up basis in the assets acquired and resulting depreciation (including immediate expensing via bonus depreciation) and amortization deductions to follow.
  • Using an LLC for Ownership of a Vacation Home

    Sep 07, 2022
    I am frequently asked if a limited liability company (LLC) should be used to purchase a second residence. It is often an excellent choice for clients. There are many benefits of owning a residence in the name of an LLC.
  • Consider Section 962 to Mitigate GILTI Inclusions

    Sep 07, 2022
    Individuals from the United States who are shareholders (including estates and trusts) of controlled foreign corporations (CFCs) face a difficult path in how to structure these investments in a tax-effective manner. The Tax Cuts and Jobs Act of 2017 (TCJA) treats U.S. corporate shareholders more favorably than U.S. individuals with regard to investments in CFCs. The TCJA has a new global intangible low-taxed income (GILTI) inclusion as part of the U.S. Subpart F anti-deferral rules that expands inclusions from CFCs to individual shareholders who are federally taxed at up to 37%. It also creates a double taxation event because individuals are not entitled to a credit for underlying foreign taxes paid in the income included.
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