• Audit Opinions: Changes from Numerous ASB Statements

    Mar 01, 2021
    The AICPA Auditing Standards Board (ASB) issued SAS No. 134, Auditor Reporting and Amendments, Including Amendments Addressing Disclosures in the Audit of Financial Statements in May 2019. It was originally effective for audits of financial statements for periods ending on or after Dec. 15, 2020, but implementation was delayed for one year until Dec. 15, 2021.
  • Complexities Abound for Pass-Through Entities and SALT Deduction Work-Arounds

    Mar 01, 2021
    The Tax Cuts and Jobs Act of 2017 (TCJA) reformed many aspects of the Internal Revenue Code of 1986, but the $10,000 state and local tax deduction limitation (SALT cap) has remained one of its more controversial aspects. The SALT cap prevents many individuals from being able to fully deduct their state and local income and property taxes on their federal individual income tax returns. This is further exacerbated for individuals filing in multiple states through their ownership interests in partnerships, S corporations, and certain limited liability companies.
  • COVID-19 Underscores Soft-Skills Education and Upends Internships

    Mar 01, 2021
    The onset and spread of COVID-19 taught us that the ability to adapt and adjust has never been more critical. For college educators, the virus created what at times seemed like insurmountable obstacles and uncertainties. Would courses resume in person, move to virtual, or be a combination of both? If virtual or hybrid, how would faculty ensure that students are learning? What modalities could be implemented to help the transition process? How did COVID-19 impact how students would complete requirements such as internships or externships?
  • Level Up Your Skills for CPA Survival

    Mar 01, 2021
    To meet the rapidly changing demands of the accounting profession, the next generation of CPAs must have a digitally focused skill set and a strong portfolio of soft skills in communication, critical thinking, and collaboration, among others. It is critical for organizations of all sizes to engage in upskilling initiatives to ensure CPAs continue to thrive in the future. Accounting programs at colleges and universities can also play an important role by integrating essential digital competencies and soft skills into the curriculum.
  • Week Ending Feb. 26, 2021

    Feb 26, 2021
    In this issue: Pennsylvania House Budget Hearings; PICPA Testifies to Lawmakers on Tax Proposals; PICPA Committee Reviewing Tax Legislation; and more.
  • Week Ending Feb. 19, 2021

    Feb 19, 2021
    In this issue: Pa. Lawmakers, Revenue Officials Spar Over Tax Proposals; PICPA to Testify Before Pennsylvania House Policy Committee; Bill Proposed to Change Pa. Corporate Tax Return Date; and more.
  • Week Ending Feb. 12, 2021

    Feb 12, 2021
    In this issue: Connect with Pa. Lawmakers at PICPA Advocacy Updates; Pennsylvania Budget Hearings Set to Get Underway; Pa. Hospitality Relief Funding Ready for Distribution; and more.
  • Week Ending Feb. 5, 2021

    Feb 05, 2021
    In this issue: Pennsylvania PPP Loan Forgiveness Heads to Governor; Wolf's 2021-2022 Pa. Spending Plan; Boockvar Out at Pennsylvania Department of State; and more.
  • Week Ending Jan. 29, 2021

    Jan 29, 2021
    In this issue: COVID-Relief Package Approved by Pa. Senate; Wolf to Outline Pennsylvania Legislative, Budget Priorities; Dunbar Joins Pa. House Republican Leadership Team; and more.
  • Week Ending Jan. 22, 2021

    Jan 22, 2021
    In this issue: Bill Exempts PPP Loans from Pennsylvania Tax; IFO Provides Five-Year Pa. Economic Outlook; Pennsylvania Row Officers Sworn In; and more.
  • Week Ending Jan. 15, 2021

    Jan 15, 2021
    In this issue: Pennsylvania House Returns for New Session; PICPA Joins Task Force to Combat Exploitation of Elders; Economic Recovery Policy Priority in New Pa. Legislative Session; and more.
  • Special Edition: 2020 Year in Review

    Jan 08, 2021
    In this issue: PICPA Government Relations Year in Review; Legislative Victories Despite Strange Times; CPA-PAC Update; and more.
  • 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.
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