• Week Ending Dec. 18, 2020

    Dec 18, 2020
    In this issue: Season’s Greetings; PICPA Federal Tax Update; PTIN Required on PA-40 Returns Starting in Tax Year 2020; and more.
  • Week Ending Dec. 11, 2020

    Dec 11, 2020
    In this issue: PICPA Joins Call to Pass PPP Expense Forgiveness; PICPA to Assist Pa. Auditor General-Elect with Transition; Pennsylvania Pass-through Withholding Guidance Repealed; and more.
  • Week Ending Dec. 4, 2020

    Dec 04, 2020
    In this issue: Pa. Governor Vetoes COVID-19 Liability Protection; Pennsylvania DOR Demos myPATH for PICPA Committee; Pennsylvania CPE Carryover, Budget Bills Signed; and more.
  • What Does It Take to Be a Partner?

    Dec 02, 2020
    Dedication and teamwork were common themes when speaking with four partners at the Big 4 accounting firms in Philadelphia regarding what it takes to become a partner. While they are all leaders at Big 4 firms, the attributes they discussed hold value for would-be partners at firms of all sizes.
  • Blockchain and the Future of Accounting

    Dec 02, 2020
    CPAs must be aware of emerging technologies that have the potential to disrupt their profession. Blockchain technology is one of them. Blockchain streamlines trans-action accounting and enables real-time reporting and real-time audit. We are still at the early days of the technology, but considering the potential impact on the profession, CPAs need to understand what this new technology will bring.
  • Are Computer Services Subject to Sales Tax ... Again?

    Dec 02, 2020
    The Pennsylvania Department of Revenue (DOR) released two separate letter rulings during 2017 that provide guidance on the sales and use tax treatment of information retrieval services and support services related to computer software. The DOR concluded that both are subject to tax based on its interpretation of Act 84, the budgetary legislation enacted in July 2016. These rulings are concerning, since it is questionable whether DOR’s positions are consistent with the statute and the legislative intent of Pennsylvania lawmakers.
  • IRC 355: Understanding the Basics of a Tax-Free Spin-off

    Dec 02, 2020
    One disadvantage of forming a Subchapter C corporation is the unfortunate reality of “double taxation.” The first level of taxation occurs when the business pays corporate income taxes on its profits. The second level occurs when the previously taxed profits are distributed to shareholders as dividends. Even if the corporation does not have sufficient cash flow and decides to distribute property that has appreciated in value to its shareholders, the tax is typically unavoidable.
  • Restricted Cash and the Statement of Cash Flows

    Dec 02, 2020
    In 2016, the Financial Accounting Standards Board’s Emerging Issues Task Force deliberated nine issues concerning cash flows, including the diverse ways restricted cash is classified and presented in the statement of cash flows.
  • Getting Off on the Right Foot with Form PA-100

    Dec 02, 2020
    In the past, Liability Lessons has examined the teamwork required when multiple professions and disciplines interact with a single client. In this column, the focus is on team play at a very specific moment in the life of a business: the moment of conception. This is a particularly sensitive moment from the standpoint of professional risk.
  • Building a Core Competency in Mergers and Acquisitions

    Dec 02, 2020
    At many middle-market companies, mergers and acquisitions (M&A) are few and far between. But if your company’s strategy includes growth by acquisition, M&A needs to be a core competency. Fortunately, this does not require staffing a large internal transaction group.
  • A Year Like No Other

    Nov 30, 2020
    The first couple of months of the new decade went by fairly smoothly, and then our worlds were rocked by COVID-19. The pandemic resulted in rampant illness and death, shut down life as we know it, crashed our economy, and made working from home the new business-survival model. What many thought would be a few weeks of change turned into months. Soon, we will hit a year. Schools and businesses have closed or turned to online and hybrid solutions. Being resilient and adaptive have become our new norms.
  • 2020 Pennsylvania Election Recap

    Nov 30, 2020
    The 2020 election will be remembered for three things: the coronavirus pandemic, the delay in counting caused by millions of mail-in ballots, and the failure once again of pollsters to accurately gauge the leanings of the electorate. This year was the first presidential election where Pennsylvanians could vote by mail (beyond absentee ballots), and nearly 3 million mail-in ballots were cast in the commonwealth.
  • ACFE’s Look at Occupational Fraud

    Nov 30, 2020
    The 11th biennial Report to the Nations on Occupational Fraud and Abuse was issued by the Association of Certified Fraud Examiners (ACFE) earlier in 2020. Since its inception in 1996, the study has focused on occupational fraud and abuse, which is defined as “the use of one’s occupation for personal enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets.”
  • Employee Benefit Plans and the COVID-19 Pandemic

    Nov 30, 2020
    Employee benefit plan sponsors, administrators, and auditors have spent much of the past year addressing the effects the COVID-19 pandemic has had on plan operations, administration, and audits. But we can’t rest easy: the effects of the pandemic could continue well into 2021 and beyond.
  • Check M&A Agreements before Taking CARES Act Benefits

    Nov 30, 2020
    When the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, taxpayer-friendly opportunities were aimed at quickly getting cash into the hands of businesses who needed it most. One method of accomplishing this included the temporary reintroduction of net operating loss (NOL) carrybacks. While this was certainly a welcomed benefit, some taxpayers who were involved in a merger or acquisition in 2018, 2019, or 2020 may need to review their old agreements to make sure the benefits of their NOLs are preserved.
  • Whistleblowing Strategies and Implications

    Nov 30, 2020
    A 2019 report states that 15% of organizations typically do not recover funds lost to fraud and another 64% recover less than half their losses. In addition, 58% of professionals in charge of combating fraud say their organizations currently have inadequate levels of anti-fraud staffing and resources. One method to combat this problem is to encourage whistleblowing, or “the disclosure by organization members of illegal, immoral, or illegitimate practices under the control of their employers to persons or organizations that may be able to effect action.” This column discusses these programs and considerations for CPAs and those charged with governance.
  • Blockchain and the Future of Auditing

    Nov 30, 2020
    Often considered synonymous with cryptocurrency, blockchain may actually open up accounting to the world of triple-entry accounting. This is something the profession has been working toward since the dawn of the internet. Now it is being made possible through blockchains.
  • What Factors Determine a Professional Liability Premium?

    Nov 30, 2020
    As a CPA, there’s a good chance you have professional liability insurance, either on your own or through your employer. However, you might not know what exactly it covers and what determines the premium you pay. This article provides some insight on these questions to help you become a more informed insurance consumer.
  • The Case for Working in the Office

    Nov 30, 2020
    These days, home is not just where the heart is; it’s also where your office is … and daycare … and the gym. The precautions of social distancing may provide an element of commuting convenience but there is an undeniable corresponding chaos. On our bad days at the home office, commutes and cube farms begin to look a little more appealing. There are clear and convincing reasons why remote work is here to stay, but there are also benefits that should not be ignored from team use of commercial office space.
  • Time Running Short on 2020-Specific Planning Opportunities

    Nov 30, 2020
    Now is the time for CPAs to connect with their clients for financial planning before this year’s opportunities are gone. Given the outbreak of the pandemic, subsequent legislative action passed in the CARES Act, labor cutbacks, and volatility in financial markets, the end of 2020 has become a prime moment when you can assist clients and, when possible, take advantage of a favorable planning environment.
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