• SSAE 19 Offers Agreed-Upon Procedure Efficiencies for Governments

    May 26, 2021
    The AICPA’s Statement on Standards for Attestation Engagement (SSAE) No. 19, Agreed-Upon Procedures Engagements, applies to reports dated on or after July 15, 2021. SSAE 19 provides flexibility to a practitioner’s ability to perform agreed-upon procedures engagements by removing the requirement that the practitioner request a written assertion from the responsible party.
  • CPAs and Automation in SOC 2 and IT Audits

    May 26, 2021
    The traditional way of doing information technology (IT) and SOC 2 audits is going away, and it’s happening really fast. Automation is here, and it’s having an impact. But that doesn’t mean CPA firms cannot adapt and enhance their practices, deliverables, and value. Embracing automation, and the tools that facilitate it, are the key.
  • Ensuring Equal Entrance into the CPA Profession

    May 26, 2021
    The rigor of the Uniform CPA Examination is a considerable hurdle for those pursuing a career in accounting. For a subset of candidates, though, it is the testing environment itself that poses the greatest challenge. For those candidates, accommodations based on a proven need can be provided.
  • Managing the Risks of Remote Accounting Work

    May 26, 2021
    When managing a virtual workforce, building a remote-work policy is crucial. This document must spell out the objectives of virtual work teams and define which employees are eligible and the conditions under which they should work.
  • Sustainability Reporting Gaining Traction

    May 26, 2021
    Sustainability reporting, or social accountability as it is sometimes called, is receiving increased attention. It has been defined as encouraging companies to go beyond their legal responsibilities to invest in and improve their human capital, physical environment, and relations with diverse stakeholders. In this column, we look at the importance of social accountability in the minds of corporate leaders, review the research that investigates the performance of companies that embrace sustainability reporting, and discuss disclosure frameworks.
  • Where Are We with Client Noncompliance Issues?

    May 26, 2021
    Noncompliance with laws and regulations (NOCLAR) pertains to suspected or identified noncompliance, including fraud, by CPAs. How this knowledge or suspicion impacts a current or successor CPA firm within the constraints of the AICPA Code of Professional Conduct confidentiality guidance of ET 1.700, as well as a range of nuanced state laws and regulation pertaining to client/employer confidentiality, has been at the core of the profession’s years-long wrestling with NOCLAR issues.
  • Managing a Whistleblower Investigation

    May 26, 2021
    Whistleblower investigations come in all shapes and sizes, and they occur irrespective of the quality of a company’s compliance program or internal controls. In this feature, I will examine investigations from the assumed point of view that the whistleblower is a company employee or third party alleging a potential violation of company policy through an established internal whistleblower process.
  • Text Analytics and the Accounting Profession

    May 26, 2021
    Text analytics, also referred to as text mining or textual analysis, consists of data mining techniques and software programs that analyze and extract insights from unstructured textual data, such as PDF documents, HTML pages, emails, and social media posts. These techniques have been generally used in academia, library services, artificial intelligence (AI) research, and marketing.
  • For Nonprofits, State and Local Tax Exemption May Soon Be a Tough Entry

    May 26, 2021
    Of the many factors that go into a nonprofit achieving its mission, one of the most important assets sometimes goes overlooked: tax exemption. The benefit provided at the federal, state, and local levels frees essential funds to support operations that otherwise would be paid out in taxes. This can often be the difference between success or failure.
  • Week Ending May 21, 2021

    May 21, 2021
    In this issue: Voters Approve Pennsylvania Ballot Questions; Brobson, McCullough to Vie for Pa. Supreme Court Seat; Proposal to Fund Pa. Hospital Grant Program; and more.
  • Week Ending May 14, 2021

    May 14, 2021
    In this issue: IFO Report Looks at Economic Impact of Stimulus in Pennsylvania; Sheri Risler Confirmed to Pa. Accountancy Board; Pa. Senate Wraps Up Week of Voting; and more.
  • Week Ending May 7, 2021

    May 07, 2021
    In this issue: Bill Amending CPA Law Introduced in Pa. House; The Constitution and Courts on the Pennsylvania Ballot; Finance Committee Holds Hearing on Pa. Tax Credit Reform; and more.
  • Week Ending April 30, 2021

    Apr 30, 2021
    In this issue: 2020 CPA-PAC Report Released; Risler Renominated to Pa. Accountancy Board; Pennsylvania Performance-Based Budgeting Board; and more.
  • Financial Reporting Needs to Adjust to New Tax Act

    Apr 29, 2021
    On Dec. 22, 2017, President Donald Trump signed the Tax Cuts and Jobs Act. Several provisions have extraordinary implications to financial statement reporting under generally accepted accounting principles in the United States. ASC 740, Accounting for Income Tax, is fairly extensive and robust, but there is no precedent for the extent of corporate changes found in the Tax Act.
  • 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.
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