Pennsylvania CPA Journal

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  • New Employment Model Demands New Fraud-Fighting Efforts

    Sep 28, 2022, 09:15 AM by Scott A. Koman, CPA, CFE, MAFF, and Mark W. Banks, CPA, CFE, MAFF
    Explains how corporate CPAs, like it or not, are on the front lines in the fraud battles our companies constantly face, and new methods are needed to win the fight.
    Full story
  • IASB May Offer Guide to Governmental Accounting for Cryptocurrencies 

    Sep 28, 2022, 09:14 AM by Khaled Abdel Ghany, CPA, PhD
    Presents a suggested framework for a scenario that once seemed unlikely to occur: the accounting treatment of cryptocurrency transactions for state and local governments.
    Full story
  • Using Tax Season as a Measure for Possible Firm Transition

    Sep 28, 2022, 09:14 AM by Ira S. Rosenbloom, CPA (inactive)
    Explains that if firm owners are ready to merge with, or be acquired by, another firm, it’s important that they plan out well in advance of the coming tax season.
    Full story
  • New Regs to Counter Foreign DST Credit May Kill Other Foreign Tax Credits

    Sep 28, 2022, 09:13 AM by Andrew M. Bernard Jr., CPA
    Analyzes the U.S. Treasury Department’s final foreign tax credit regulations under Treasury Regulation Section 1.901-2, which stem primarily from foreign countries enacting new digital service taxes.
    Full story
  • Get Ready Now for the New CPA Exam in 2024

    Sep 28, 2022, 09:13 AM by Jessica L. Hildebrand, CPA, and James W. Sunday, CMA
    Guides readers on the benefits of creating a strategic plan now to pass the new CPA Exam, which is set to debut in 2024.
    Full story
  • The 30 Credit Conundrum

    Sep 28, 2022, 09:12 AM by Elisabeth Felten, CPA
    Discusses the approaches many students are taking to fulfill the 150-hour requirement to become a CPA.
    Full story
  • Legislative Update - Week Ending Sept. 23, 2022

    Sep 23, 2022, 10:18 AM by PICPA Government Relations
    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.
    Full story
  • High Cybersecurity Risks Demand a Proactive Defense

    Sep 21, 2022, 15:41 PM by Irene M. Walton
    Stresses the importance of strong cyber risk management and risk mitigation in a CPA firm’s fight against cybersecurity attacks.
    Full story
  • Tax Pitfalls Associated with Closely Held Businesses

    Sep 21, 2022, 15:40 PM by Mark L. Lubin, CPA, JD, LLM
    Explains how knowledge of certain considerations coupled with caution can spare practitioners unnecessary tax expense and exposure when structuring closely held businesses.
    Full story
  • State Income Tax Implications from Federal R&D Law

    Sep 21, 2022, 15:39 PM by John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA
    Addresses the changes coming to the treatment of research and experimental expenditures effective for tax years beginning after Dec. 31, 2021.
    Full story
  • IAASB’s Plan for Audits of Less Complex Entities

    Sep 21, 2022, 15:39 PM by Richard F. Fischer, CPA, CGMA
    Reviews the International Auditing and Assurance Board's exposure draft on the auditing of financial statements of less complex entities (LCE) and its potential influence on U.S. standards.
    Full story
  • Filtering for Clarity: PCC’s Efforts to Clean Financial Reporting Requirements for Private Companies

    Sep 14, 2022, 13:28 PM by James J. Newhard, CPA
    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.
    Full story
  • COVID-Era Evolution of Elder Fraud: Know the Red Flags

    Sep 14, 2022, 13:24 PM by Howard Silverstone, MBE, CPA, CFF
    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.
    Full story
  • The Many Hats of the Small-Business CFO

    Sep 14, 2022, 13:22 PM by J. Stephen McNally, CPA, CMA
    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.
    Full story
  • Pennsylvania’s General Election: Big Deal Statewide and Nationally

    Sep 14, 2022, 13:21 PM by Alex Fabian
    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.
    Full story
  • Legislative Update - Week Ending Sept. 9, 2022

    Sep 9, 2022, 10:18 AM by PICPA Government Relations
    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.
    Full story
  • Disposing of IRC 197 Intangibles: It’s All or Nothing

    Sep 7, 2022, 12:07 PM by James P. Swanick, CPA, and Michael J. Tighe, CPA
    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.
    Full story
  • Using an LLC for Ownership of a Vacation Home

    Sep 7, 2022, 08:59 AM by Herbert R. Fineburg, LLM (Taxation)
    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.
    Full story
  • Consider Section 962 to Mitigate GILTI Inclusions

    Sep 7, 2022, 08:19 AM by Andrew M. Bernard Jr., CPA
    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.
    Full story
  • Legislative Update - Week Ending July 15, 2022

    Jul 15, 2022, 11:19 AM by PICPA Government Relations
    In this issue: PICPA Hosts Budget-Focused Webinar; Multistate Tax Collaboration Meets with COST; IRS Backlog Remains a Concern for Practitioners; and more.
    Full story

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