• Get Comfortable Wrapping Yourself Around Python

    Jun 08, 2022
    As more tools become necessary for analyzing large and unstructured data sets in today’s digital environment, the open-source programming language Python has emerged as an important contributor to audits, internal audit, IT audit, business planning and forecasting, as well as traditional accounting roles. This feature explains why Python has gained popularity among financial professionals and discusses its relevance to CPAs.
  • Legislative Update - Week Ending June 3, 2022

    Jun 03, 2022
    In this issue: PICPA-Backed Pass-Through Entity Tax Bill Up for Committee Vote; Strong Pennsylvania Revenue Collections Continue; Gov. Wolf Pushes for $2,000 Direct Payments to Pennsylvanians; and more.
  • ASC 842 Lease Accounting: If You’re Not Ready, It Could Hit You Like a Ton of Bricks

    Jun 01, 2022
    When the very first IKEA store came to the United States in 1985, there were signs and billboards two years beforehand declaring, “IKEA is coming!” I lived in Plymouth Meeting where it was built, saw the signs, and heard the news. Still, I had no idea what this store was about, let alone whether it would catch on. In my professional life, the new lease accounting standards exposure draft was issued in 2010, and we have long endured the “New lease accounting is coming!” promotions. Finally, it is here: Accounting Standards Codification (ASC) 842 is in effect for 2019 for public companies and 2020 for nonpublic companies.
  • Forensic Accounting and the Use of Artificial Intelligence

    Jun 01, 2022
    The universe of data continues to grow – in volume, velocity, and variety. For forensic accountants, that means the scope of potentially relevant evidence is growing too. Moreover, forensic accountants must increasingly contend with evidence that is unstructured – meaning the information format doesn’t fit with conventional databases. Between the complexity of emerging data types and the sheer volume, manual methods of data management and analysis can’t keep up.
  • Cryptocurrencies and the Tax Rules Involved

    Jun 01, 2022
    According to CoinMarketCap.com, at the start of 2018, virtual currency markets were worth about $560 billion. By the end of the year, that same measure was $130 billion. Most people would characterize this as nothing but bad news. However, CPAs are skilled at finding an upside in a disaster. Now that Bitcoin mania has calmed, is there a tax-saving opportunity buried among the wreckage?
  • Business Advisory Services Open New Opportunities for CPAs

    Jun 01, 2022
    CPA firms and the services they provide continue to evolve as the profession responds to a changing business environment. Many are expanding into business advisory services. This can provide great opportunities for growth if firms clearly grasp their professional independence requirements.
  • Philadelphia Alters Tax Positions Based on Federal Events

    Jun 01, 2022
    The City of Philadelphia has been busy formulating its tax positions in response to both the South Dakota v. Wayfair Inc. decision and Tax Cuts and Jobs Act of 2017. This column summarizes the changes affecting the city’s Business Income and Receipts Tax and Net Profits Tax.
  • Cybersecurity Opportunities for CPA Firms

    Jun 01, 2022
    It is mind-boggling to think what the future of technology holds, but the ever-present challenge is how to manage the relentless threats from cybersecurity intrusions. Cyberattacks are ranked as the top global risk to business leaders in advanced economies, and the takedown of a single cloud provider could cause $50 billion to $120 billion in economic damage.
  • Accounting AI and Machine Learning: Applications and Challenges

    Jun 01, 2022
    Artificial intelligence (AI) and machine learning have become industry buzzwords. This article discusses the state of AI and machine learning as they relate to accounting, and the challenges the profession may face moving forward as these technologies start to spread.
  • Legislative Update - Week Ending May 20, 2022

    May 20, 2022
    In this issue: Changing Politics of Pa. Apparent in Primary Results; Pennsylvania Lawmakers Return to Harrisburg; DOR Responds to PICPA EFT Inquiries; and more.
  • Legislative Update - Week Ending May 13, 2022

    May 13, 2022
    In this issue: PICPA Advocacy Update with State Rep. Bradford; Pa. Senate Democrats Call for Historic Investments; State Senator Wants Work-from-Home Tax Rules Clarified; and more.
  • Legislative Update - Week Ending May 6, 2022

    May 06, 2022
    In this issue: PICPA Multistate Collaboration Holds First Meeting; Tax Reform Bills Gain Pa. House Approval; Pennsylvania House Hearing Explores School District Audits; and more.
  • Legislative Update - Week Ending April 22, 2022

    Apr 22, 2022
    In this issue: Gov. Wolf Signs PICPA-Backed Local Tax Measure; PICPA Sits with Pa. Political Leaders for Q&As; A Look at Pa. DOR's Equipment Rental SUT Bulletin; and more.
  • Legislative Update - Week Ending April 15, 2022

    Apr 15, 2022
    In this issue: PICPA Forges Ahead on Pass-Through Entity Tax Reform; Bill Aligning Local Tax Filing Deadlines Heads to Pa. Governor; Pennsylvania House, Senate Committees Advance Tax Measures; and more.
  • Legislative Update - Week Ending April 8, 2022

    Apr 08, 2022
    In this issue: Tax Proposal in Pennsylvania House Committee; Pa. DOR to Transition Business Taxpayers to myPath; PICPA, AICPA Urge IRS Relief for Taxpayers and Practitioners; and more.
  • Legislative Update - Week Ending April 1, 2022

    Apr 01, 2022
    In this issue: PICPA Clarifies Tax Questions with Pa. DOR; Come meet Pennsylvania House Speaker Bryan Cutler; PICPA Gets Clarification on IRS CP162A Notices; and more.
  • These New Audit Standards May Require Your Attention

    Mar 18, 2022
    SAS Nos. 134 through 140 were issued by the Auditing Standards Board (ASB) to align U.S. and international standards and to communicate more information that is important to financial statement users. The standards were originally expected to be implemented for periods ending on or after Dec. 15, 2020, but the issuance of SAS No. 141 allowed for a one-year delay due to COVID-19. As a result, the effective date for this group of standards is Dec. 15, 2021. The ASB recommends that the standards be implemented concurrently, and early implementation is permitted.
  • Eat the Frog Now: Your Auditor Will Thank You Later

    Mar 18, 2022
    A famous quip advises, “Eat a live frog first thing in the morning and nothing worse will happen to you the rest of the day.” Metaphorically, this comic principle holds true for the annual compliance ritual of the company audit. Those who invest the time to prepare for the audit process in advance will have a smoother and less stressful experience than those who delay or procrastinate. Whether you recently completed an audit or one is coming up soon, here are some “frog-eating” tips and best practices.
  • Lessons Learned from a Difficult Year

    Mar 18, 2022
    CPAs who work with not-for-profits faced huge pandemic-induced challenges. While some struggled to help their organizations, others were able to thrive and add significant value. As you assess and develop your lessons-learned, consider these experiences from the nonprofit sector.
  • The Importance of Branding to Your CPA Firm

    Mar 18, 2022
    Your firm’s brand plays a more significant role than you think when it comes to its value. A common mistake that many firms make is neglecting to treat their brand like the asset it is.
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