Elder fraud has been defined as “an act targeting older adults in which attempts are made to deceive with promises of goods, services, or financial benefits that do not exist, were never intended to be provided, or were misrepresented.”

As it is still early 2019, it is important to reflect on recent legislative, administrative, and judicial state and local tax developments in Pennsylvania and Philadelphia. This column will look at some of the most significant and discuss their prospective impacts.

Blockchain is considered one of the most significant advances in record keeping since double-entry bookkeeping emerged in Italy in the 15th century. There may be differing opinions on the rate of adoption, but the view is widespread that blockchain has the potential to dramatically change the way business will be conducted.

When the Financial Accounting Standards Board (FASB) released Accounting Standards Codification 606, Revenue from Contracts with Customers (ASC 606), on May 28, 2014, several industries were provided additional resources for implementation. Among them was telecommunications (telecom), for which the Revenue Recognition Transition Resource Group and AICPA’s Telecommunications Entities Revenue Recognition Task Force have tackled some of the most challenging issues faced while implementing ASC 606.

As many tax professionals know, Internal Revenue Code (IRC) Section 965 had required a transition tax on certain untaxed foreign earnings for the 2017 tax year. But while the federal provisions of Section 965 are over, that is not the end of the story as many states have decoupled from the federal treatment.

In this issue: PICPA, AICPA Continue to Urge IRS to Suspend Notices; Pa. DOR Releases New Employee Retention Credit Guidance; Pennsylvania Lawmakers Call for Suspension of State Gas Tax; and more.

In this issue: Pa. Corporate Tax Reform to Be Introduced; PICPA Advocates for Additional K-2, K-3 Relief; Pa. DOR Restaurant Industry Support Initiative; and more.

CPAs and other professional accountants need appropriate technical knowledge and leadership skills to be effective – whether they are auditors, tax accountants, or consultants at a firm, in management accounting, or finance professionals at nonprofit, academic, or governmental organizations. So, when it comes to discussions regarding diversity, equity, and inclusion (DE&I), why should our profession care, let alone invest time and resources to promote DE&I within our workplace?

Monitoring is one of the five components of effective internal control. Data analytics and visualization tools can assist organizations with these monitoring requirements by helping those responsible for compliance harness all the power latent in their available data. Without data analytics and visualization, the compliance function’s visibility is limited by whatever sample, periodic risk-based testing, or risk-based audit activities the company conducts manually.

In this issue: Budget Hearings Start in Pa. Senate; Don’t Miss Upcoming PICPA Advocacy Programs; Keystone Saves Introduced in Pennsylvania House; and more.

In this issue: Hearings Underway on Pa.’s $43.7 Billion State Budget; IRS Provides K-2 and K-3 Filing Relief; PICPA/NJCPA Collaboration Enters Second Year; and more.

In this issue: Gov. Wolf Proposes $43.7 Billion Budget; PICPA-Backed CPA Law, Local Tax Bills Advance; IRS Suspends Mailing of Additional Letters; and more.

In this issue: Pennsylvania Budget Week; in Harrisburg; PICPA Update Webinar to Focus on State Budget; PMRS and PICPA Meet to Address Reporting Backlog; and more.

In this issue: Pennsylvania House Approves Tax Measures; PICPA Urges Response to IRS Service Issues; Bill Amending Pa. CPA Law Clears Hurdle; and more.

In this issue: Pa. General Assembly Returns to Session; Pennsylvania DOR Provides Ida Filing Extension Guidance; Pa. Senate Committee Approves School Choice Expansion; and more.

In this issue: Small Biz Tax Package Clears Pa. House Committee; 2022 Tax Filing Season to Begin Jan. 24; Gov. Wolf Vetoes Block of Regional Greenhouse Adoption; and more.

In this issue: PICPA Advocacy: A 2021 Year in Review; Upcoming Government Relations Webinars; Pa. Revenue Department Launches Broker Registration Webpage; and more.

When members think “PICPA,” no doubt they consider the great volunteer opportunities, the networking with a diverse and engaging group of professionals, and all the great information shared through the Pennsylvania CPA Journal and CPA Now blog. Or maybe it’s the outstanding CPE we provide that jumps to mind. I’m not sure that “really big deal” is the first thought that arises, but we are … you are! The PICPA impacts the profession every day, working hard to make public accounting in Pennsylvania better and stronger. Every single member should know about this.

The PICPA State Taxation Steering Committee and their colleagues at the New Jersey Society of Certified Public Accountants came together to tighten their connections and agree to work collaboratively to resolve potential cross-state tax issues.

When acting as an administrator to an employee benefit plan, or an auditor of such, it is almost inevitable that you will become aware of a plan failure. The IRS describes a failure as those plans that are intended to satisfy the requirements of Internal Revenue Code Sections 401(a), 403(a), 408(k), or 408(p), but have not met those requirements for a period of time. The Employee Plans Compliance Resolution System was established to permit plan sponsors to correct failures and continue to provide employees with retirement benefits on a tax-favored basis.