The age of the "full service" public accounting firm may be drawing to a close. Firms are becoming more strategic in how they use their resources, the types of services they provide, and to whom. The adjustments are hitting auditors in unanticipated ways, and there could be repercussions for governments and nonprofits.

The Public Company Accounting Oversight Board recently issued a proposal that would revise its auditing guidance. One part of the revisions includes the stunning proposal that would require finalizing audit documentation within 14 days of engagement sign-off, down from the current 45 days.

At a Feb. 21, 2023, meeting, AICPA's Professional Ethics Executive Committee discussed a recently issued exposure draft from the International Ethics Standards Board for Accountants proposing revisions to the Code of Professional Conduct for Tax Planning. It is important to keep an eye on these discussions because the AICPA is a member of the International Federation of Accountants, so it is required to maintain substantially similar codes of professional conduct.

The PICPA government relations team has been working on major legislative changes to Pennsylvania’s CPA Law for years. On Nov. 3, Gov. Tom Wolf signed the legislation, making vital updates to the law that governs the profession and impacts so many functions.

There is a common misconception that technology will fix any business process issue. The reality is that technology, when implemented over poor or broken processes, may exacerbate those issues. Technology should be used to enhance optimized processes, not force companies to operate a particular way.

Clear May 16-18 on your calendar, and plan to come to Pittsburgh for PICPA's 126th Annual Meeting. Catch up with your peers, meet leaders in the profession, and hear from experts on the state of the accounting profession.

Online influencer marketing. Believe it or not, accounting firms can succeed with similar efforts. There is, however, a lot to consider first.

PICPA’s Small Firm Alliance provides small firms and sole practitioners with the support features that can be hard to come by in firms of their size. This blog shares some of the benefits to which Small Firm Alliance members have access.

There is a common misconception that technology will fix any business process issue. The reality is that technology, when implemented over poor or broken processes, may exacerbate those issues. Technology should be used to enhance optimized processes, not force companies to operate a particular way.

Applying sales and use tax to software purchases in a multijurisdictional setting has long been perplexing to businesses and tax professionals alike. The complexity has only grown with the evolution of software. In Pennsylvania, the Department of Revenue has historically treated the purchase of software as the purchase of tangible personal property, but the sourcing has changed multiple times over the years and it can be hard to keep it all straight.

The Tax Cuts and Jobs Act of 2018 contained a provision mandating that, beginning in tax year 2022, Section 174 expenses must be amortized over five years, or 15 years in the case of foreign R&E, and may no longer be immediately deducted. There are several implications to this change.

Earlier this spring, the IRS unveiled its much-anticipated plan on how it will spend the $80 billion it was allocated under the Inflation Reduction Act of 2022. Find out more about its goals and timetables covering areas such as operations support, enforcement, taxpayer services, and technology modernization.