• Social Responsibility and Sustainability Reporting Open Opportunities for CPAs

    Jun 24, 2020
    Corporate social responsibility is a management concept companies use to integrate social and environmental concerns into their business operations – a balance of economic, environmental, and social imperatives. CSR programs can include charitable giving, community development and volunteering, socially and environmentally conscious investing, participating in fair trade, improving labor practices, green supply chains, and reducing carbon footprints. Regulations and pressures from both the public and investors are nudging corporations toward accountability for their impacts on the environment and society.
  • CPAs Have a Critical Role during Times of Change

    Jun 24, 2020
    In the midst of the COVID-19 pandemic, businesses and workers are rethinking the way they operate and plan for the future. As we all filter through evolving news updates, businesses are evaluating how to navigate the coming months. Out of necessity, priorities have shifted. One constant persists, though: it is essential for businesses to include their CPAs in planning.
  • SALT Issues to Consider during COVID-19 Crisis

    Jun 24, 2020
    The economic repercussions of the COVID-19 pandemic have some economists forecasting that the U.S. economy will not rebound quickly to precrisis levels. The state and local tax implications, both in the current environment and in the long term, will be wide-ranging and require considerable attention.
  • Week Ending June 19, 2020

    Jun 19, 2020
    In this issue: Pennsylvania House Leadership Elections; PICPA, Pa. DOR Team Up for New Webinar; Two Confirmed to Pennsylvania Accountancy Board; and more.
  • Week Ending June 12, 2020

    Jun 12, 2020
    In this issue: PICPA-Backed PPP Loan Forgiveness Bill Approved; Pennsylvania Black Caucus Members Protest Police Brutality; Pa. COVID-19 Grant Program Announced for Small Businesses; and more.
  • Long-Term-Care Planning Adds Protection from Filial Laws

    Jun 10, 2020
    The resurrection of old filial responsibility laws can blindside close family members with a potentially significant financial burden. Filial laws impose a legal responsibility upon family such as a spouse, adult child, or parents for the support of indigent relatives.
  • Deferred Compensation Plan Errors and How to Correct Them

    Jun 10, 2020
    A typical defined contribution plan, such as a 401(k) or 403(b), consists of a deferred compensation component, with or without an employer match, and/or a profit-sharing component. Participants in one of these plans elect a percentage or a specific dollar amount to be withheld each pay period. The plan sponsor (the employer) then remits the funds, along with any employer contributions, to the plan’s trust account maintained by a trustee or custodian.
  • Lease Accounting: 842 Wake-Up Call

    Jun 10, 2020
    A decade of effort that began in 2006 has resulted in the issuance of ASU 2016-02, Leases (Topic 842), by the Financial Accounting Standards Board. The 10-plus years of work may have lulled some to sleep, but it’s time to start paying attention to what’s coming.
  • Not-for-Profit Statements Being Overhauled by ASU 2016-14

    Jun 10, 2020
    The Financial Accounting Standards Board revised the not-for-profit reporting model in its Accounting Standards Update 2016-14, released in August 2016. ASU 2016-14 is effective for fiscal years beginning after Dec. 15, 2017.
  • When the CPA Pipeline Slows to a Drip, How Do You Get the Flow Going?

    Jun 10, 2020
    One of the top issues facing the accounting profession is talent – the acquisition and retention of those who will grow our future. The good news is enrollments in accounting programs nationwide are at or near all-time highs. Nevertheless, in percentage terms, fewer graduates of accounting programs are proceeding to become CPAs. Our CPA “pipeline” has slowed and needs to be addressed.
  • IRC Section 163(j): Another Cost of Leveraging an Acquisition

    Jun 10, 2020
    Ever since the economic crash of 2008, foreign and domestic corporations have fought hard to get back to the days of steady growth. A lot of corporations have grown organically, but many essentially expanded through acquisition. Without the luxury of having excess cash reserves, these corporations typically opt to leverage their acquisitions by taking on some form of debt.
  • Week Ending June 5, 2020

    Jun 05, 2020
    In this issue: Pennsylvania Primary Races Still in the Balance; Pa. Gov. Wolf Addresses Law Enforcement Reform and Accountability; CPA-PAC Annual Report Available; and more.
  • Don’t Be “Floored” by Purchase Accounting Struggles

    Jun 02, 2020
    No two merger and acquisition deals are alike. Each is unique, opening the door to new challenges and uncharted territory for those tasked with determining the tax treatment of the transaction. One challenge that often gives practitioners headaches is how to handle assumed liabilities in an asset acquisition.
  • Budget Negotiations during a Pandemic

    Jun 02, 2020
    COVID-19 has wreaked havoc on every aspect of our lives. There is no longer a routine anything. That uncertainty and trepidation is evident in Harrisburg as state lawmakers try to work through this unprecedented event.
  • CPAs Are Essential

    Jun 01, 2020
    Remember when everyone thought Y2K was going to be the end of the world as we knew it, with computer systems and electronic data crashing down around us at the turn of the new century? Some of our members were just children when the world grappled with those questions of digital catastrophe, but many of us remember it well. Experts isolated the problem, diligently worked to fix it, and widespread catastrophe did not happen. We were able to move forward, and have progressed a long way over the ensuing 20 years. Much has changed over the years, but here we are again on the point of a crisis.
  • Clients and Stakeholders Demand Cybersecurity

    Jun 01, 2020
    CPA firms are stewards of their customers’ data. As such, we must implement a cybersecurity program to protect that data. Internal and external stakeholders want assurances, and we need to seriously consider third-party attestations to substantiate and demonstrate the effectiveness of our security programs. Practices cannot afford to be slow in implementing their own internal security programs and proving what they have in place.
  • Your Curriculum Can Encourage Ethical Decision-Making

    Jun 01, 2020
    Accounting and ethics should go hand in hand. The CPA profession is built on public trust. Regrettably, the last several decades have been marked with some significant financial scandals, sometimes involving those in our profession. Due to the nature of the work performed by CPAs, ethical dilemmas can be common. Regardless of whether you work in public accounting or in industry, circumstances are bound to arise that require CPAs to manage situations with an ethical component.
  • Number Crunching and Neuroscience

    Jun 01, 2020
    If you own an older car but recently needed to rent one, the first thing you might notice when you sit in the driver’s seat is how much that shiny, new dashboard resembles NASA’s mission control. Despite all the car’s obvious capabilities, you’re determined to use only the essentials so as not to do anything you can’t undo. The same impulse affects our careers. Sometimes we stick to the basics so we don’t break anything we can’t fix.
  • How the SECURE Act Affects Retirement Plans

    Jun 01, 2020
    The SECURE Act of 2019 expands opportunities to increase retirement savings and improves portability from one plan to another. The changes are effective as of Dec. 20, 2019, unless otherwise specified.
  • Client Records: Your Responsibilities with Hand-Over Requests

    Jun 01, 2020
    When a client decides to part ways with you and requests the return of his or her records, do you know your obligations to comply with this request? Don’t worry if you don’t. There is guidance readily available.
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