• TCJA: Mining the Tax Benefits for Natural Resources Holders

    Dec 01, 2021
    Pennsylvania has a vast wealth of natural resources: minerals, coal, stone, forests, and, of course, natural gas and petroleum. This abundance can result in an economic benefit for property owners as well as for those who develop, mine, and harvest such resources.
  • Revenue-Related Disclosures for Contractors

    Dec 01, 2021
    Beginning in 2018, public engineering and construction companies must comply with extensive revenue-related disclosures required under ASC 606, Revenue from Contracts with Customers. Beginning in 2019 (years beginning after Dec. 15, 2018), nonpublic engineering and construction companies issuing GAAP-basis financial statements must also comply with expanded revenue-related disclosures. While the Financial Accounting Standards Board has provided all nonpublic companies with practical expedients that significantly reduce the quantity and detail of these new disclosures, the revenue-related disclosures for nonpublic companies will still present challenges.
  • IRS Modifies Guidance for Terminated S Corps Changing from Cash to Accrual Accounting

    Dec 01, 2021
    In Revenue Procedure 2018-44, the IRS modified Revenue Procedure 2018-31 to add temporary rules for corporations changing from a cash to an accrual method of accounting in connection with revoking S corporation status.
  • The Pennsylvania Sales Factor Conundrum

    Dec 01, 2021
    In Adam Smith’s The Wealth of Nations: Book V, he proposed that there are four elements necessary for a good tax system: fairness, certainty, ability to pay, and administrative simplicity. Certainty, which refers to a taxpayer knowing when, how, and what to pay, is paramount to a good tax system. The AICPA also cites certainty as a guiding principle in its Tax Policy Concept Statement No. 1, whereby “[t]he tax rules should clearly specify how the amount of payment is determined, when payment of the tax should occur, and how payment is made.”
  • Pros and Cons of Selling a Business to a Key Employee

    Dec 01, 2021
    Entrepreneurs work hard to make their businesses succeed, and they often have a large percentage of their personal wealth embedded in those businesses. When they begin to contemplate retirement, it is important to maximize the net proceeds from the sale of their business to provide sufficient resources to support their retirement.
  • The New & Improved CPA Exam: A Look Inside the CPA Evolution Updates

    Nov 30, 2021
    The CPA Evolution initiative, a joint project between the National Association of State Boards of Accountancy (NASBA) and the AICPA, was created to transform the CPA licensure model. It was undertaken to embrace the changing skills and competencies required of CPAs, today and into the future.
  • Story Time: CFOs Can Make Their Financial Tales Engaging with a Good MD&A Report

    Nov 30, 2021
    Have you ever produced financial statements that you reported out at a monthly management meeting only to be met by blank stares on the faces of those without a financial background? It can be unsettling, but it can be overcome. To break through those blank stares, you have to tell the financial story of your organization in a meaningful way to those with diverse backgrounds and varying levels of financial knowledge.
  • Legislative Update - Week Ending Nov. 19, 2021

    Nov 26, 2021
    In this issue: Pennsylvania Economic and Budget Outlook; Veteran-Friendly Licensing Process Passes Pa. House; Pa. Senate Democrats Discuss Worker Misclassification; and more.
  • Week Ending Nov. 12, 2021

    Nov 12, 2021
    In this issue: Pa. Senate Approves Like-Kind Measure for Small Businesses; Spots Filling Quickly for PICPA Legislative Update Webinar; Local Tax Filing Due Date Measure Clears Pa. House Committee; and more.
  • Changes to Quality Control Manuals Add Exams Peer Reviewers Need to See

    Nov 08, 2021
    Peer reviewers and firms who rely on Quality Control Manuals (QCM) that had been vetted under the AICPA Peer Review Program Standards should be aware that the review of the materials has been replaced by QCM examinations. Providers of QCM materials have never been required to have their materials assessed but have found it a useful process to ensure those utilizing their materials can rely on them. Further, peer reviewers have used the QCM evaluations issued pursuant to the peer review standards to assess peer review risk and help determine the nature and scope of the procedures needed for the peer review.
  • Week Ending Nov. 5, 2021

    Nov 05, 2021
    In this issue: GOP Keeps Seat on Pa. Supreme Court; PICPA Testifies on Per Diems; Pa. Revenue Issues Special Tax Forgiveness Credit Notices; and more.
  • Week Ending Oct. 29, 2021

    Oct 29, 2021
    In this issue: Nov. 2 Is Election Day; Payment Reminders Coming from Pa. Revenue Department; Pa. Senate Approves Small-Business Tax Reform; and more.
  • Week Ending Oct. 22, 2021

    Oct 22, 2021
    In this issue: PICPA’s Annual Q&A with Department of Revenue; Busy Week in the Pennsylvania Senate; State Senator Wants to Eliminate Pa. PIT, SUT; and more.
  • Week Ending Oct. 15, 2021

    Oct 15, 2021
    In this issue: Pa. Judicial Elections Have Big Implications; Philadelphia Tax Relief for Victims of Hurricane Ida; Bill to Increase Pennsylvania Corporate Net Loss Deduction Limitation; and more.
  • Deep Work in a Distracted World

    Oct 13, 2021
    I was living a professional life best described as 10 miles wide and a millimeter deep. I was “busy” all the time, but was I really accomplishing anything? What could I possibly create in the scattered half-hours between meetings, with only enough time to check the emails that I hadn’t already distracted myself with during those same meetings? That’s when I stumbled upon Deep Work: Rules for Focused Success in a Distracted World by Cal Newport. I was drawn to the book’s title: “Deep Work.”
  • Week Ending Oct. 8, 2021

    Oct 08, 2021
    In this issue: PICPA Outlines Tax Policy Concerns at State House Hearing; IRS Service Levels Continue to Founder; Pa. Board of Appeals Updates Operating Procedures; and more.
  • Week Ending Oct. 1, 2021

    Oct 01, 2021
    In this issue: PICPA Offers Tax Policy Ideas at Pa. House Hearing; Pa. Legislature Extends Pandemic Regulation Waivers; Pennsylvania DOR's Data Center Tax Exemption Program; and more.
  • Week Ending Sept. 24, 2021

    Sep 27, 2021
    In this issue: Pennsylvania Lawmakers Convene for Fall Session; Pa. Provides More Detail on Filing Extension Due to Ida; Department of Revenue-PICPA Quarterly Meeting; and more.
  • Week Ending Sept. 17, 2021

    Sep 17, 2021
    In this issue: Tax Relief for Pennsylvania Ida Victims; Audit Quality Assessment of EBP Plans Coming; Pa. DOR Updates Two Tax Bulletins; and more.
  • Week Ending Sept. 10, 2021

    Sep 10, 2021
    In this issue: Pa. DOR Business Tax Notice of Penalty Adjustment; AICPA's IRS Penalty Relief Campaign; Pennsylvania Bipartisan Election Reform Measure Proposed; and more.
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