• Has the Great Resignation Altered Your Retention Plans Yet?

    Jun 28, 2022
    As the world health crisis started to unfold in 2020, financial service firms observed the growing desolation among our clients watchfully. As part of the aftermath, the way people work has been transformed. In 2022, there is now a better view of what happened and what lies ahead. The economic storm, it seems, washed away a fair number of workers with the Great Resignation that followed the health crisis. Now employers are scrambling to evaluate their methods of recruitment and retention.
  • Your Greatest Malpractice Risks and How to Mitigate Them

    Jun 28, 2022
    Many CPAs don’t realize how everyday tasks can easily expose them to malpractice litigation. Think about it. CPAs work hard at collecting client financial information, analyzing it to answer questions, and preparing government filings and crafting statements. This is complicated, time-intensive work that must accurately hit the mark. When it doesn’t, malpractice lawsuits can ensue.
  • The Finance Department: Make It a Place Where Everybody Knows Your Name

    Jun 28, 2022
    What if colleagues shouted your name every time you entered the office? You’d probably feel a lot like Norm Peterson in the classic TV comedy series Cheers. Having rewatched the show recently, I began to see parallels with the functionality of a modern finance or accounting department.
  • Legislative Update - Week Ending June 24, 2022

    Jun 24, 2022
    In this issue: Budget Agreement a Growing Challenge for Pennsylvania Lawmakers; CPA-PAC Annual Report Available; Pa. Senate Committee Passes Bill to Improve Financial Literacy; and more.
  • Protecting Trade Secrets in a Remote Work Environment

    Jun 21, 2022
    As more companies offer hybrid or fully remote work environments, the effort to protect trade secrets will grow as a concern. Since March 2020, legions of employees have been working from home with nearly unfettered access to company information. Some of that information may be regarded as trade secrets. Much has been written about the general cybersecurity threat remote work creates, but the exposure of trade secrets and other strategic company information poses an equally serious threat.
  • Identifying and Communicating Reportable Findings

    Jun 21, 2022
    Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA, requires auditors to communicate in writing reportable findings from audit procedures to management or those charged with governance on a timely basis. Prior to SAS 136, these items may have been communicated verbally or in a separate report discussing internal control related matters.
  • Pennsylvania Local Tax Implications of Remote Work

    Jun 21, 2022
    Remote work arrangements are becoming increasingly commonplace. What began as a COVID-19 necessity has come to be seen as an employee benefit. However, widespread remote work could expose businesses to additional tax risks and filing obligations.
  • Avoiding Errors in Establishing Basis in Business Interests

    Jun 21, 2022
    Busy tax practitioners often focus on issues of immediate urgency, which can sometimes leave them susceptible to making errors when determining the tax basis of interests in business entities, including C corporations, S corporations, and partnerships. (References to corporations and partnerships include limited liability companies treated as such for tax purposes.)
  • Blazing New Trails in Public Accounting through Social Entrepreneurship

    Jun 17, 2022
    Social entrepreneurship efforts tend to be industry-specific and lean on professional practices to enact valuable changes. This feature weighs how public accounting can adopt social entrepreneurship through an analysis of two important industry stakeholders: firms and millennials.
  • Inflation: What’s Behind It and What’s to Come

    Jun 17, 2022
    CPAs, in both public accounting and industry, are well-positioned to collect, measure, and interpret the financial data needed to navigate organizations through a potentially long inflationary period. Reevaluating operational cost structures, calculating unit cost for products sold and services provided, tracking changes in gross margins, and assisting with pricing strategies to maintain profitable operations are a few important ways CPAs can guide and support leaders and executives. This feature will help you identify and weigh the prospects of a potential inflationary period.
  • Legislative Update - Week Ending June 17, 2022

    Jun 17, 2022
    In this issue: Tax Cut Proposals Advance with Pennsylvania Budget Discussions; PHFA: Mixed-Use Development Pa. Tax Credits Open for Bids; Pa. DOR Updates Taxable and Exempt Property List; and more.
  • Legislative Update - Week Ending June 10, 2022

    Jun 10, 2022
    In this issue: Pennsylvania Pass-Through Entity Tax Bill Advances; Pa. DOR to Change Overpayment Offsetting; Longtime PICPA Ally Sen. Browne Concedes Primary; and more.
  • PICPA at 125 Years: Celebrating an Enduring Legacy, Building an Exciting Future

    Jun 08, 2022
    On our 125th anniversary, the PICPA would like to share a few highlights from the past and some of our plans for how we will continue coming together to enhance the profession, serve the public, and work together to resolve common issues, big and small. Specifically, this feature looks at our membership, advocacy efforts, professional learning channels, the pipeline of new CPAs, and the profession’s reputation and ethics.
  • 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.
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