CPA Conversations about accounting news

The CPA Conversations podcast series focuses on accounting-related news and hot topics.

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  • Tax Reform: Business Impacts Beyond Tax Rates

    The effect of the Tax Cuts and Jobs Act on corporate tax rates has been heavily covered. But what impact will it have on some of the more nuanced parts of business life, such as employee benefits and asset purchases? In connection to his article in the Federal Tax Reform Guide presented by the Pennsylvania CPA Journal, Aaron Risden, chief administrative officer for Vision Benefits of America in Pittsburgh, addresses these aspects and more.
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  • Practitioners: Don’t Be Overwhelmed by Federal Tax Reform

    Implementation of the new laws and regulations brought about by federal tax reform will be a major undertaking for the largest of firms. Imagine how much of an undertaking it is going to be for smaller firms and sole practitioners! In connection to his article in the Federal Tax Reform Guide presented by the Pennsylvania CPA Journal, Carl Peterson, CPA, CGMA, vice president of small firm interests at the AICPA, details the challenges practitioners will face, discusses ways small firms can manage client expectations, and estimates how long it will take for firms to have full clarity on the Tax Cuts and Jobs Act.
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  • The CFO’s Role in Mastering Enterprise Performance Management

    Enterprise performance management: what is it, why is it so important for organizations, and what role can CFOs play in leveraging it for the benefit of their organizations. To get the answers to these questions, we spoke to Gary Cokins, founder and CEO of Analytics-Based Performance Management LLC in Cary, N.C.
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  • Auditors Need to Be Up to Speed on Local Politics

    The auditing profession has gotten used to the need to adjust due to rapidly changing regulations and standards. One factor, though, that may not immediately jump to mind as an issue to monitor is the impact of local politics. In a preview of her presentation at the May 31 PICPA Pennsylvania School District Conference, Pamela Baker, a partner with Barbacane Thornton & Company LLP in Wilmington, Del., joins us to explore why auditors must keep local politics in mind when performing their role.
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  • The State of the Not-for-Profit Industry in 2018

    Can nonprofits survive in the 21st Century? Laura Otten, PhD, executive director of the Nonprofit Center at La Salle University’s School of Business, discusses her thoughts of the nonprofit sector and what skills industry leaders – both CPAs and non-CPAs – will need in the future to survive and thrive. Otten will speak at greater length to CPAs on this topic at PICPA’s 2018 Not-for-Profit Conference on May 14-15.
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  • Anatomy of an IRS Audit for Nonprofits

    Typically, it’s not welcome news to find out the nonprofit you work with – or for – has been contacted by the IRS Exempt Organizations Division for a review of its returns. Steve Glueck, CPA, a partner with BBD LLP in Philadelphia, briefly explains what CPAs should do after receiving this notification and the possible outcome of an audit or compliance check. Glueck will speak in greater length on this topic at PICPA’s 2018 Not-for-Profit Conference, May 14-15.
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  • New A&A Standards for Employee Benefit Plan Auditors

    CPAs auditing employee benefit plans are dealing with a lot of standards, including SAS No. 132 and FASB ASU No. 2017-06. Additionally, the new tax law will affect CPAs working with these plans. JulieAnn Verrekia, CPA, and David Torrillo, CPA, of Torrillo & Associates LLC, provide an update on what auditors can expect. They will speak at greater length on this topic at PICPA’s The Changing Landscape of Employee Benefit Plans Conference on May 1, 2018.
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  • Analyzing Tax Reform Changes to the Pass-Through Income Deduction

    Among the provisions in the Tax Cuts and Jobs Act are changes to the pass-through income deduction. And they are perhaps the most confusing. Barry Groebel, CPA, tax partner with Herbein + Company in Reading, explains the nuances and exceptions that further complicate pass-through income deductions for businesses.
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  • Protecting Elderly Clients from Fraud and Abuse

    Talking to an elderly client about their own incapacitation is one of the most difficult conversations a CPA or financial adviser can have. It could also be one of the most important, especially if you are looking to help the client avoid scams that could rob them of their funds. For details on this delicate conversation and why it is so vital, CPA Conversations spoke to Cyndy Hubler, practice lead, compliance education and training, for 1st Global in Dallas, Texas.
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  • Find the Right Client Fit with a Quality Contact Program

    James Mason, managing director of Mindshop, says the CPA firm that sits around waiting for prospective clients to give them a call off the street is going to struggle in today’s competitive marketplace. That’s where quality contact programs come in. These programs can help you get in touch with potential clients who are the right fit for your firm.
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  • Pennsylvania Revenue Midyear Projections for the 2017-2018 Fiscal Year

    According to its midyear report, the Independent Fiscal Office (IFO) projects higher revenues for Pennsylvania in 2017-2018 than it had initially predicted in fall 2017. Matt Knittel, director of the IFO, explains why this is the case, where he thinks the state will stand at the end of this fiscal year, and how the new federal tax law could affect Pennsylvania’s economy in the years ahead.
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  • Accounting Internships Are a Win for Both Students and Schools

    Everyone knows that a prized internship is a benefit to future CPAs, but it is also a win for the college that set such a program up on campus. In a wide-ranging discussion on her spring 2018 Pennsylvania CPA Journal feature with Dee Palaschak, Marge O’Reilly-Allen, associate professor and chair of the accounting department for Rider University in Lawrenceville, N.J., talks about what students hope to get out of an internship, why firms like to set up internships during busy season, and how, for students, meeting a partner is like “meeting Nick Foles.”
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  • E-filing Now Mandatory for Municipal Authority and Authority Nonprofit Reports

    The Pennsylvania Department of Community and Economic Development (DCED) now requires municipal authorities and authority nonprofits to file their annual reports online. Karen O’Neill, local government policy specialist with the DCED, provides more details on the entities this impacts and e-file instructions. Pam Baker, CPA, managing partner with Barbacane Thornton & Company, provides further perspective on this big change, and highlights the benefits and challenges for CPAs who work with these authorities.
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  • Tax Cuts and Jobs Act Means Big Changes for Pennsylvania Businesses

    The Tax Cuts and Jobs Act of 2017 brought major changes for the individual taxpayer. Its impact will be just as sizeable on businesses, and those in Pennsylvania are no exception. In a preview of his cover story from the spring 2018 Pennsylvania CPA Journal, Brendan P. Cox, CPA, a partner in the Philadelphia office of EY, looks at the provisions that are most affected by the new legislation and what Pennsylvania businesses need to do to prepare for a newly adjusted landscape.
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  • What Does the Firm of the Future Look Like?

    So many questions will shape the firm of the future: How important is it for a firm to be active on social media? How can you monetize services that consumers start to expect for free? How soon will it be until routine professional services are fully automated? Get the answers to all of these questions and more in a conversation with Lee Frederiksen, PhD, managing partner of Hinge Marketing
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  • Communicating with Clients about Tax Reform

    The timing of the passage of the Tax Cuts and Jobs Act has posed challenges to CPAs who were starting to prepare for the upcoming tax filing season of 2017 returns. Clients are asking questions about what tax reform means to them for 2018 and beyond, while their CPAs have not yet closed the books on 2017. Two marketing professionals from large regional firms – Eric Elmore of Drucker & Scaccetti in Philadelphia and Allison Schlegelmilch of RKL in Lancaster – explain how they’re educating clients about tax reform.
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  • One CPA’s Story of a Tax Season Security Breach

    It’s a major nightmare for CPAs, especially tax practitioners: a hacker gains access to sensitive client data and files fraudulent returns. Susan Jarvis, CPA, gives her first-hand account of what she experienced during the 2016 tax filing season. Jarvis explains her personal story and shares advice with peers on how to best prevent – and cope with – a data breach.
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  • Pennsylvania’s Sales, Use, and Hotel Occupancy Tax Desk Review Program

    The Pennsylvania Department of Revenue’s Pass-Through Business Office (PTBO) created the Sales, Use, and Hotel Occupancy Tax Desk Review program in 2015. Steve Kinsinger, revenue fiscal analyst supervisor at the PTBO, provides an update on the program and what CPAs need to know about working with the department to address notices on behalf of clients.
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  • Networking & Mentoring Tips for Future CPA Partners

    The path to CPA partnership includes obtaining a wealth of technical skills, but it also requires an ability to expand the client base. In this edition of CPA Conversations, Donna Massanova, CPA, a partner at Baker Tilly Virchow Krause LLP, practice leader for the employee benefit plans audit service group, and leader of the Philadelphia real estate and construction group, provides tips on networking and mentoring and explains their role in becoming a partner.
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  • Addressing What’s Most Critical for Clients in Retirement

    “Do I have enough money?” This common question posed by many clients as they approach retirement probably does not shock you. Of course, the answer largely depends on each client’s investment portfolio and savings. Still, CPAs can help assuage their clients’ fears by asking them the right questions. Larry Portnoff, a PICPA member who runs AI Advisor, explains how CPAs should think about their clients’ needs for retirement.
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