• The Pros and Cons of the New Section 199A Pass-Through Deduction

    Apr 29, 2021
    The Tax Cuts and Jobs Act provides a significant benefit for many business owners in the form of a 20 percent deduction of their qualifying business income from a pass-through entity. Unfortunately, there is a high level of complexity, ambiguity, and lack of official guidance in trying to determine what type of income qualifies and how much. Taxpayers and their advisers need answers.
  • State Tax Considerations of Federal Tax Reform

    Apr 29, 2021
    When the Tax Cuts and Jobs Act was signed into law on Dec. 22, 2017, the primary focus naturally fell on federal and international taxes, which were directly affected. However, there will be related impacts on the 50 states and many localities that will be diverse, compelling, and ongoing for years to come.
  • Tax Cuts and Jobs Act’s Effect on Personal Income Tax

    Apr 29, 2021
    The Tax Cuts and Jobs Act of 2017 is the most significant reform to the Internal Revenue Code since the 1986 Tax Reform Act. The Tax Act dramatically changes 2018 tax filing for both individuals and corporations. This article focuses mainly on the changes affecting individual tax filers.
  • NASBA Announces Top CPA Exam Scorers in Pennsylvania in 2020

    Apr 28, 2021
    Congratulations to the following Pennsylvania examinees who were the top scorers for 2020, according to NASBA. The top scorers are individuals whose combined scores on all four sections of the CPA Exam were the highest of all Pennsylvania exam takers last year.
  • Week Ending April 23, 2021

    Apr 23, 2021
    In this issue: PICPA Tax Due Dates Fix Becomes Law; Pennsylvania IFO Provides Analysis of Revenue Proposals; Pa. Sales and Use Tax Exemption for Data Centers Advanced; and more.
  • Week Ending April 16, 2021

    Apr 19, 2021
    In this issue: Pennsylvania Lawmakers Return to Session; PICPA Hosts Q&A with Department of Revenue; Pa. DOR Provides Guidance on Verifying Payments, Credits; and more.
  • Week Ending April 9, 2021

    Apr 09, 2021
    In this issue: PICPA-Supported Bill to Change Tax Due Dates Approved in Pa. House; U.S. Rep. Smucker Leads Fight for Federal Tax Filing and Payment Extensions; PICPA State Tax Committee Reviewing Tax Proposals; and more.
  • Week Ending April 2, 2021

    Apr 02, 2021
    In this issue: Pa. House Takes Up PICPA-Backed Proposals; Competing COVID Recovery Plans Outlined in Pennsylvania House; PICPA's Exclusive Access to Pa. Elected Officials; and more.
  • Week Ending March 19, 2021

    Mar 19, 2021
    In this issue: Pa. Extends State Tax Filing Deadline; PICPA-Backed Advisory Opinion Bill Advances; Pa. Senators Announce Proposals to Help Small Businesses; and more.
  • Failure to Design Audit to Detect Fraud Can Lead to Liability

    Mar 16, 2021
    On Dec. 28, 2017, a federal court in Alabama ruled in favor of the Federal Deposit Insurance Corporation in a case against PwC arising from a bank failure after a massive fraud was discovered between a bank and one of its customers. This was the second case against PwC related to the failure of Colonial Bank.
  • The Practice of Accounting vs. the Practice of Law

    Mar 16, 2021
    There is considerable disagreement between CPAs and attorneys as to exactly what CPAs can do in the area of advice and what constitutes the practice of law – especially since “practice of law” is a nebulous term without clear definition. Most of the disagreement often seems to come to a boil in the area of tax practice. The situation hasn’t been helped or made any clearer now that many big firms employ lawyers who prepare tax returns.
  • Watch Out for New Rules on Recognizing Other Income

    Mar 16, 2021
    Much has been publicized about new revenue recognition standards, but it is important to note that there also are new rules for “other income,” based in part on principles within Accounting Standards Codification (ASC) 606, Revenue from Contracts with Customers.
  • Internships: A Golden Opportunity from Three Different Angles

    Mar 16, 2021
    Comb through the many benefits of accounting internship programs for students, schools, and employers. This article goes into detail about best practices for a successful internship program on campus and discusses the results of a recent Rider University study on what students feel they got out of their own firm internships.
  • Week Ending March 12, 2021

    Mar 12, 2021
    In this issue: PICPA Presents Fiscal Responsibility Report to Legislature; Greiner, PICPA Seek to Change Pa. Corporate Tax Due Date; Pennsylvania DOR Offers Guidance on Home Office Expenses; and more.
  • Week Ending March 5, 2021

    Mar 05, 2021
    In this issue: PICPA Fiscal Responsibility Task Force Report; Pa. House Appropriations Concludes Budget Hearings; Elimination of Pennsylvania Net Operating Loss Expiration; and more.
  • Finding Opportunity Beyond Obstacles

    Mar 01, 2021
    Hard to believe, but we are one year into the COVID-19 pandemic. I don’t think any of us imagined at the beginning the impact the virus would have on so many. From the accounting profession’s perspective, the pandemic accelerated the use of technology to allow for the continuance of services. From PICPA’s perspective, the virus demanded the same broad use of technology and flexible work arrangements that our members were experiencing, but it also forced us to review how we engage members.
  • Tax Proposals Could Dominate Legislative Session Early

    Mar 01, 2021
    The 205th Pennsylvania General Assembly was seated Jan. 5, 2021. Swearing-in day, typically a festive affair, had a decidedly different feel, and not just because of restrictions brought on by the pandemic.
  • Get Ready for Changes to Employee Benefit Plan Audit Opinions

    Mar 01, 2021
    The AICPA Auditing Standards Board (ASB) issued a new opinion and reporting standard for employee benefit plan audits. SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, addresses the auditor’s responsibilities to form an opinion on the financial statements in addition to the form and content of the report issued as a result of an audit of the financial statements.
  • CPA Exam Changes on the Way

    Mar 01, 2021
    Factors such as specialized core competencies, expanded CPA skill sets, and advancing technology are bringing significant changes to the CPA Exam. According to the AICPA, the percentage of nonaccounting graduate degree hires in public accounting firms increased from 20% in 2016 to 31% in 2018. This reflects how the evolving business environment is affecting the profession and the CPA licensure model.
  • U.S. Businesses Must Be Aware of VATs and What the Responsibilities Are for These Taxes

    Mar 01, 2021
    Value-added taxes, which have gained wide acceptance throughout the world, have many complexities for U.S. businesses that may be unfamiliar with this type of levy. Understanding key aspects of the tax can help to boost the bottom line and mitigate or eliminate potential liabilities.
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