Aug 31, 2021, 09:01 AM by Andrew M. Bernard Jr., CPA

Offers a detailed look into passive foreign investment companies, including implications of rules regulating their operation and other considerations for U.S. investors to keep in mind.

Aug 31, 2021, 08:44 AM by Irina Balashova, CPA, CFE, CIA, and Marion Wickersham, CFE

Delves into how CPAs, many of whose commute time was eliminated during work-from-home restrictions due to the coronavirus pandemic, used the extra hours.

Aug 31, 2021, 08:35 AM by Wilhelm Dingler, JD

Explores the benefits of mediation as a method of dispute resolution, particularly as a means of resolving disputes for CPAs.

Aug 31, 2021, 08:27 AM by Michael F. De Stefano, CPA

With the pandemic and its consequent economic turmoil, new challenges and questions arose for companies, including the power and limits of business insurance coverage.

Aug 31, 2021, 08:13 AM by Drew VandenBrul, CPA, and Narjit S. Bhogal, CPA

Reviews the benefits organizations experience from a thorough review of their structure for tax purposes, including optimization of tax posture and bolstering of tax compliance.

Aug 31, 2021, 08:01 AM by Barry D. Groebel, CPA

Details an attempt to resolve a private letter ruling with the Internal Revenue Service during a time of coronavirus, offering a step-by-step walkthrough of the issue, process, timeline, and resolution.

Aug 31, 2021, 07:51 AM by James J. Newhard, CPA

Reviews statements of standards for attestation engagements that affect both examination and review engagements.

Aug 31, 2021, 07:32 AM by Jennifer Cryder, CPA

I am incredibly excited to be writing my first Pennsylvania CPA Journal column as chief executive officer! But I may be even more excited to work each day on behalf of the profession I care so deeply about. I’m currently spending some time refining my vision for the PICPA, which is no simple task. The PICPA has been a vital support network to the profession for the past 125 years, and it’s my honor and privilege to help guide the PICPA into the future.

Aug 31, 2021, 07:20 AM by Sheila A. Border, CPA

Do you provide information technology services for your attest clients? Or does the firm that performs your attest work also provide information technology services? Those services may now cause independence concerns.

Aug 31, 2021, 07:02 AM by Colleen Vallen, CPA

This feature does not look at business interruption claims as a result of COVID, but rather how business interruption claims were analyzed and evaluated in the past and what impact COVID-19 has had on this process to date and going forward. The world is adjusting to a new normal, and how business interruption claims are evaluated is evolving as well.

Aug 31, 2021, 06:44 AM by Christina M. Olear, CPA, Frank M. Sorokach, and Ashley L. Stampone, CPA

With more than nine months of availability of multiple COVID-19 vaccinations, many U.S. businesses have committed to reopening their offices in fall 2021. Firms have been preparing for a safe return to in-person work, but the pandemic undoubtedly changed the operational landscape. In addition to employee safety, firms must also manage the intricacies and implications of hybrid and remote work.

Jun 4, 2021, 15:22 PM by Jed M. Silversmith, JD, and Miranda A. Galvin, PhD

The U.S. Sentencing Commission, which provides sentencing guidelines, collects substantial amounts of information on sentencing, including dozens of data points for every criminal case. The data are publicly available, permitting an analysis of specific categories of crimes, including tax crimes.

Jun 4, 2021, 10:53 AM by Mary Jeanne Welsh, CPA, PhD

What do Uber, Equifax, and Target have in common? All were subjects of data breaches that compromised corporate records with resulting damage to the companies and account holders. The problems caused by a data breach are often compounded when the breach is not disclosed in a timely fashion.

Jun 4, 2021, 10:51 AM by James J. Caruso, CPA, CGMA, and Lauren M. Lear, CPA

Even as online information and digital applications proliferate, the paperless office remains a fairy tale. Paper-based tools and physical things are alive and well – they may even be making a comeback, as chronicled by David Sax in The Revenge of Analog: Real Things and Why They Matter. Choosing tools for individual workflow and productivity is deeply personal, but could it be generational? The two of us (Lauren, a millennial, and Jim, a Gen Xer) discuss how we work and debate the merits and implications of the digital and analog alternatives.

Jun 4, 2021, 10:50 AM by John D. Rossi III, CPA

As defined by ASU 2016-02, a lease modification is a change to the terms of a contract that results in a change in the scope of, or consideration for, a lease. An example would be a change to the terms and conditions of a contract that adds or terminates the right to use one or more underlying assets or extends or shortens the contractual lease term. A modification must be evaluated to determine the requisite application of lease accounting.

Jun 4, 2021, 10:49 AM by Paul R. Brazina, CPA, CGMA, CFF, and Yusuf J. Ugras, PhD

For years, business pundits have predicted the demise of the accounting profession as technology replaces work traditionally performed by the industry. According to The Hackett Group, since 2004 the median number of full-time employees in the finance department at large companies has declined 40 percent, to about 71 people for every $1 billion of revenue.

Jun 4, 2021, 10:48 AM by William G. Ruffner, CPA, James P. Swanick, CPA, and Michael J. Tighe, CPA

The Tax Cuts and Jobs Act modifies rules related to depreciating tangible property, net operating losses (NOLs), interest expense limitations, and the taxation of foreign income. One area that remains mostly untouched are the rules related to taxable and nontaxable reorganizations, spin-offs, incorporations, and liquidations.

May 27, 2021, 08:15 AM by Franki A. Aitken, CPA

I am the biggest fan, cheerleader, and promoter of the accounting profession, which is why I am so delighted to represent PICPA’s 20,000 members. I am extremely honored and proud to serve as PICPA president for the 2021-2022 year. Though my presidency will kick off remotely, I hope to meet many of you face-to-face at some point during the year.

May 27, 2021, 08:11 AM by Peter N. Calcara, CAE

Ordinarily, the Pennsylvania General Assembly can be slow and methodical. Moving policy options through 203 members of the Pennsylvania House, 50 members of the Senate, plus staff is fraught with significant administrative and logistical hurdles. Add a pandemic to the equation, and the process takes on a new level of complication. However, the pace of activity in the first quarter of 2021 was more of a whirlwind for the PICPA government relations team.

May 27, 2021, 08:04 AM by John S. Stoner, CPA, CVA

Reviews the most pressing questions owners of a business should ask when they set out on a valuation for possible succession.