• GASB’s New Essentiality Criterion

    Dec 21, 2021
    This column looks at the essentiality criterion and its development, from GASB Concept Statement No. 3, to the original exposure draft, and now the revised exposure draft.
  • Legislative Update - Week Ending Dec. 17, 2021

    Dec 17, 2021
    In this issue: Pa. House Bill to Align Local Tax Filing Deadlines; Pa. Treasurer, Legislators Introduce Retirement Savings Plan; EITC/OSTC Proposals Approved by Pennsylvania Senate; and more.
  • Transparency, Accountability, and Governmental Ethics

    Dec 14, 2021
    Those in governmental administration are entrusted with effectively managing and deploying taxpayer funds for the advancement of the communities in which they serve. Ethical practices are paramount to good governance, and ethics in government have never been more relevant than they are right now.
  • Alternative Apportionment Options of State Income

    Dec 14, 2021
    Any discussion of state corporate income tax apportionment formulas should always include the topic of “alternative apportionment.” In this column, Jonathan Liss explains the concept of alternative apportionment and the purpose of this statutory relief mechanism.
  • Legislative Update - Week Ending Dec. 10, 2021

    Dec 10, 2021
    In this issue: Pa. Lawmakers Return to Wrap Up 2021; PICPA and NJCPA Convene Joint Meeting; Live Pennsylvania DOR Update; and more.
  • Are Your Clients Prepared for a Wave of IRS Audits?

    Dec 07, 2021
    Changes to the nation’s tax system are on the horizon, and one of the biggest impacts will likely be a reinvigorated, well-funded IRS. And a well-funded IRS certainly means an increase in IRS audits. Businesses and high-income individuals would be well-advised to get their houses in order ahead of a potential wave of aggressive IRS reviews of tax returns and the consequent audits.
  • Material Misstatements: Find Them Before They Find You

    Dec 07, 2021
    For auditors, material misstatements are the enemy. If they sneak in without detection, we fail. Maybe they enter in by error, other times on purpose: it doesn’t matter. They often secret themselves in myriad places: receivables, equity, inventory, payables, investments, or a debt disclosure, just to name a few.
  • Legislative Update - Week Ending Dec. 3, 2021

    Dec 03, 2021
    In this issue: Report Examines Pa.’s Economic Development Incentives; Gov. Wolf Acts to Help Tipped Workers; Pennsylvania House Hearing Looks at Supply Chain Strain; and more.
  • 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.
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