Mar 16, 2021, 09:21 AM by Margaret O’Reilly-Allen, CPA, PhD, and Daria D. Palaschak, CPA, CAP

Comb through the many benefits of accounting internship programs for students, schools, and employers. This article goes into detail about best practices for a successful internship program on campus and discusses the results of a recent Rider University study on what students feel they got out of their own firm internships.

Mar 1, 2021, 10:44 AM by Peter N. Calcara, CAE

Previews the possible goings-on in Harrisburg as the 205th Pennsylvania General Assembly wades through tax proposals, handles budgetary concerns, and more.

Mar 1, 2021, 10:36 AM by Nancy J. Stempin, CPA, CGMA, CIDA

Pinpoints SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, focusing on key areas of change from previous guidance and auditor next steps.

Mar 1, 2021, 10:24 AM by Marie Solange Lopes, CPA, and Daniel J. Gaydon, DBA

Provides a roadmap for upcoming changes to the CPA Exam, discussing changes that are happening in 2021 and those that are likely for 2024.

Mar 1, 2021, 10:15 AM by Andrew M. Bernard Jr., CPA, and Benno Tamminga

Takes a look inside the concept and execution of value-added taxes for U.S. businesses with financial concerns in countries around the world.

Mar 1, 2021, 09:55 AM by Khaled Abdel Ghany, CPA, PhD

Walks through the Government Accounting Standards Board’s Financial Reporting Model Improvements exposure draft, providing an assessment of the validity of expected changes.

Mar 1, 2021, 09:46 AM by Elizabeth F. Hassler, CPA, and Angela M. Stephenson, CPA, PFS, CFP

Stresses the value of the CPA and personal financial planner segments of a financial team working together to ensure the best result for a client.

Mar 1, 2021, 09:38 AM by Brian Trout, CPA, DBA, CMA, and Eric Blazer, PhD

Seeks to decipher the demographic makeup of who is taking the CPA Exam, and how the numbers can be bolstered in a time where stocking the CPA pipeline has never been more important.

Mar 1, 2021, 09:16 AM by Barry M. Pelagatti, CPA

Explores a series of techniques to ensure that your organization’s rapport with its lenders is a beneficial one.

Mar 1, 2021, 09:10 AM by Suzanne M. Holl, CPA

Provides tips on how CPAs can navigate the delicate balance of staying out of ethical trouble while managing client and third-party expectations.

Mar 1, 2021, 08:42 AM by Edward A. Kollar, CPA, EA, CSEP, and Tim Cotter, CPA, JD

Explores the impact the Tax Cuts and Jobs Act has had on Internal Revenue Code Section 1031, as well as the further developments that could take place under the administration of Pres. Joe Biden.

Mar 1, 2021, 08:29 AM by Nancy J. Stempin, CPA, CGMA, CIDA

Discusses the significance of multiple ASB standards, including SAS 137’s impact on opinion and actions auditors should be taking right now to be prepared.

Mar 1, 2021, 08:16 AM by Gregory M. Rineberg, CPA, and James J. Newhard, CPA

The Tax Cuts and Jobs Act of 2017 (TCJA) reformed many aspects of the Internal Revenue Code of 1986, but the $10,000 state and local tax deduction limitation (SALT cap) has remained one of its more controversial aspects. The SALT cap prevents many individuals from being able to fully deduct their state and local income and property taxes on their federal individual income tax returns. This is further exacerbated for individuals filing in multiple states through their ownership interests in partnerships, S corporations, and certain limited liability companies.

Mar 1, 2021, 07:54 AM by Heather M. Demshock, CPA, CMA, and Ashley Stampone, CPA

The onset and spread of COVID-19 taught us that the ability to adapt and adjust has never been more critical. For college educators, the virus created what at times seemed like insurmountable obstacles and uncertainties. Would courses resume in person, move to virtual, or be a combination of both? If virtual or hybrid, how would faculty ensure that students are learning? What modalities could be implemented to help the transition process? How did COVID-19 impact how students would complete requirements such as internships or externships?

Mar 1, 2021, 07:01 AM by Cory Ng, CPA, DBA, CGMA, and Brian Trout, CPA, DBA, CMA

To meet the rapidly changing demands of the accounting profession, the next generation of CPAs must have a digitally focused skill set and a strong portfolio of soft skills in communication, critical thinking, and collaboration, among others. It is critical for organizations of all sizes to engage in upskilling initiatives to ensure CPAs continue to thrive in the future. Accounting programs at colleges and universities can also play an important role by integrating essential digital competencies and soft skills into the curriculum.

Dec 2, 2020, 11:16 AM by Alyse F. Driscoll, CPA

Dedication and teamwork were common themes when speaking with four partners at the Big 4 accounting firms in Philadelphia regarding what it takes to become a partner. While they are all leaders at Big 4 firms, the attributes they discussed hold value for would-be partners at firms of all sizes.

Dec 2, 2020, 11:16 AM by J. L. “John” Alarcon, CPA, CGMA, CITP, and Cory Ng, CPA, DBA, CGMA

CPAs must be aware of emerging technologies that have the potential to disrupt their profession. Blockchain technology is one of them. Blockchain streamlines trans-action accounting and enables real-time reporting and real-time audit. We are still at the early days of the technology, but considering the potential impact on the profession, CPAs need to understand what this new technology will bring.

Dec 2, 2020, 11:16 AM by Jerry Glynn, CPA, and Patrick K. Skeehan, JD

The Pennsylvania Department of Revenue (DOR) released two separate letter rulings during 2017 that provide guidance on the sales and use tax treatment of information retrieval services and support services related to computer software. The DOR concluded that both are subject to tax based on its interpretation of Act 84, the budgetary legislation enacted in July 2016. These rulings are concerning, since it is questionable whether DOR’s positions are consistent with the statute and the legislative intent of Pennsylvania lawmakers.

Dec 2, 2020, 11:16 AM by William G. Ruffner, CPA, and Michael J. Tighe, CPA

One disadvantage of forming a Subchapter C corporation is the unfortunate reality of “double taxation.” The first level of taxation occurs when the business pays corporate income taxes on its profits. The second level occurs when the previously taxed profits are distributed to shareholders as dividends. Even if the corporation does not have sufficient cash flow and decides to distribute property that has appreciated in value to its shareholders, the tax is typically unavoidable.

Dec 2, 2020, 11:16 AM by William G. Engelbret, CPA, PhD, and Robert E. Williams, CPA

In 2016, the Financial Accounting Standards Board’s Emerging Issues Task Force deliberated nine issues concerning cash flows, including the diverse ways restricted cash is classified and presented in the statement of cash flows.