Dec 15, 2022, 07:00 AM by Matthew Schiavone, CPA, CISSP, CISA

Third-party risk management – or the minimization of risks introduced by third-party organizations – is a critical component of all cybersecurity programs. CPAs are service providers, and many of your clients are service providers, so you may be familiar with requests to fulfill a third-party risk management program.

Dec 15, 2022, 07:00 AM by Alex Fabian

The $430 billion Inflation Reduction Act of 2022 appropriates about $80 billion over the next decade for IRS activities, including the hiring and training of new auditors, technology systems modernization, and taxpayer services.

Dec 15, 2022, 07:00 AM by Paul Donato, CPA, CFE, Irina Lazieva, JD, and Jennifer Riddle, JD

The Biden administration has called for a collaborative, multiagency task force to develop strategies to mitigate the global corruption threat. The DOJ expects companies to review their compliance programs to ensure they have implemented programs that are well-designed, are adequately resourced and empowered to function effectively, and work in practice.

Dec 15, 2022, 07:00 AM by Michael C. DeFillipo, CLU, ChFC

For many owners of closely held businesses, their largest asset – and the one that is perhaps most difficult to value – is their interest in their business. With the current estate tax exemption levels set to sunset at the end of 2025 (if not before), business owners and their CPAs may need to take appropriate steps in the tax and legacy planning process.

Dec 15, 2022, 07:00 AM by Michael A. Zaydon, CPA

The next generation of aspiring small-business owners is playing a major role in facilitating the generational wealth and business transition wave currently underway and they may be the perfect fit for business owners and their advisers who care not only about the financial prospects of a business exit, but the emotional ones as well.

Dec 15, 2022, 07:00 AM by Stephane L. Smith, SPHR, SHRM-SCP

It is important for employers to recognize and adapt to emerging human resource (HR) dynamics and allocating space in the budget for the increased pay rates of the current market should be a top priority for accounting and finance departments.

Dec 15, 2022, 07:00 AM by Jonathan Forman and Michael Wilshere, JD

When considering a merger or acquisition, tax attributes are often not a due diligence priority. Incorrect assumptions are often made about the value and utility of these attributes. An acquiring company can be surprised to find out it cannot use any of the target’s R&D tax credits following the acquisition.

Dec 15, 2022, 07:00 AM by Irene M. Walton

Tax season is quickly approaching, and CPAs are actively preparing to meet the impending needs of their clients. This also is a time when CPAs should be especially diligent in reducing their liability risks.

Dec 15, 2022, 07:00 AM by Julie Verrekia, CPA

A common topic on everyone’s mind this employee benefit plan audit season was implementation of Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, in addition to SAS Nos. 134, 135, and 137-141. In short, SAS No. 136 contains a new reporting model for audits of plans subject to the Employee Retirement Income Security Act (ERISA), as well as incremental performance requirements for those audits.

Dec 9, 2022, 10:40 AM by PICPA Government Relations

In this issue: PICPA Appointed to Shapiro-Davis Transition Committee; Resignations Add to Pennsylvania House Majority Confusion; Pa.’s Boyle Named Democratic Leader on Budget Committee; and more.

Nov 28, 2022, 11:46 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, and Patrick K. Skeehan, JD

In addition to federal and state income tax obligations, business taxpayers operating in Pennsylvania also may be responsible for an array of additional local taxes, depending on the localities in which they transact business. These local business privilege or mercantile taxes can be difficult to navigate for the unfamiliar taxpayer.

Nov 28, 2022, 11:00 AM by Edward R. Jenkins Jr., CPA, CGMA

A series of opportunity zones created by the Tax Cuts and Jobs Act of 2017 offers those who invest in projects in these zones a new tax benefit that is unprecedented. The tax benefit could also have a positive impact on targeted communities, but there are risks associated with opportunity zone investments and the regulations involved can be complicated.

Nov 22, 2022, 09:04 AM by PICPA Government Relations

In this issue: PICPA's government relations team shares an urgent reminder from the Pennsylvania Department of Revenue regarding myPATH and e-TIDES.

Nov 18, 2022, 11:16 AM by PICPA Government Relations

In this issue: PICPA Joins Gov. Wolf at Two Bill Signing Ceremonies; Kim Ward First Woman Elected Pa. Senate President; Democrats to Control Pennsylvania House; and more.

Nov 11, 2022, 11:01 AM by PICPA Government Relations

In this issue: Control of Pennsylvania House in the Balance; Shapiro, Fetterman Win High-Profile Contests; Pa. Congressional Delegation Results; and more.

Nov 4, 2022, 10:22 AM by PICPA Government Relations

In this issue: Gov. Wolf Signs CPA Law Amendments, Other PICPA-Back Bills; Pennsylvania DOR Outlines Notice of Waived Penalty Process; PICPA Adds Voice to Highlights of Bipartisan Tax Reform; and more.

Oct 28, 2022, 10:45 AM by PICPA Government Relations

In this issue: PICPA-Sponsored CPA Law Changes Are Here; Lawmakers Approve Plan for New Pa. Tax Credit Programs; Pennsylvania Senate Approves Three to Accountancy Board; and more.

Oct 21, 2022, 09:45 AM by PICPA Government Relations

In this issue: Pa. Senate Bill Requires Financial Literacy Classes; Grantor Trust Measure Advances in Pennsylvania Senate; PICPA Election Guide; and more.

Oct 14, 2022, 10:06 AM by PICPA Government Relations

In this issue: Pennsylvania Senate Final Session Days; DOR Will Not Appeal Ruling on Third-Party Sellers; Wolf Nominates Two to State Board of Accountancy; and more.

Oct 7, 2022, 10:15 AM by PICPA Government Relations

In this issue: Pennsylvania Extends Filing for Those Affected by Hurricane Ian; PICPA Advocates Extension of COVID-19 Filing Deadline; Pa. DOR Revises Like-Kind Exchange Bulletin; and more.