Dec 2, 2020, 11:16 AM by Jonathan S. Ziss, JD

In the past, Liability Lessons has examined the teamwork required when multiple professions and disciplines interact with a single client. In this column, the focus is on team play at a very specific moment in the life of a business: the moment of conception. This is a particularly sensitive moment from the standpoint of professional risk.

Dec 2, 2020, 11:15 AM by James J. Caruso, CPA, CGMA

At many middle-market companies, mergers and acquisitions (M&A) are few and far between. But if your company’s strategy includes growth by acquisition, M&A needs to be a core competency. Fortunately, this does not require staffing a large internal transaction group.

Sep 2, 2020, 11:18 AM by Robert E. Pozesky and John S. Stoner, CPA, CVA

Companies across all industries for the past 20 years have been adopting lean manufacturing as a strategy to improve performance. Lean accounting emerged soon after, and it has grown in recent years as a related strategy to align the financial side of an organization with the overall lean effort.

Sep 2, 2020, 11:14 AM by Patrick J. McCormick, JD

An ever-growing number of businesses and individuals are going global. Familiarity with the U.S. tax forms that are necessary to properly disclose foreign assets and interests is thus paramount. Four critical forms – Foreign Bank Accounting Re-port (FBAR), 8938, 8621, and 3520 – are summarized here, including applicable penalties.

Sep 2, 2020, 11:12 AM by Timothy P. Dinan, CPA, ABV, CGMA

Most manufacturing companies, especially in the consumer products industry, will encounter the situation when the sales department presents an opportunity to sell a private-label product to a customer. Unless you have a strategy in place to determine if you can compete in this area, properly vet the opportunity, and then price it, your bottom line could be adversely affected.

Jun 24, 2020, 16:23 PM by Matthew D. Melinson, CPA, Drew VandenBrul, CPA, and Adam Koelsch, JD

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.

Jun 10, 2020, 14:46 PM by John D. Rossi III, CPA

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.

Jun 10, 2020, 14:44 PM by Brian J. Weldin, CPA

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.

Jun 10, 2020, 14:43 PM by James J. Newhard, CPA

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.

Jun 10, 2020, 14:40 PM by Lisa A. Ritter, CPA, CFE

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.

Jun 10, 2020, 14:38 PM by David D. Wagaman, CPA, and Jerry J. Maginnis, CPA

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.

Jun 10, 2020, 14:34 PM by William G. Ruffner, CPA, and Michael J. Tighe, CPA

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.

Jun 2, 2020, 12:21 PM by James P. Swanick, CPA, and Michael J. Tighe, CPA

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.

Jun 2, 2020, 12:19 PM by Peter N. Calcara, CAE

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.

Mar 2, 2020, 16:57 PM by Michael D. Colgan, CAE

Technology continues to have a profound impact on all aspects of everyday life, from home to business. The CPA profession is not exempt. Over the past 18 months, the AICPA and the National Association of State Boards of Accountancy have been discussing a new CPA licensure model designed to future-proof the profession. The model is a combination of core subject requirements with a targeted discipline in a specific area of the profession.

Mar 2, 2020, 16:44 PM by Keith Donnelly, CPA (inactive), JD

About 42 million borrowers owe $1.4 trillion in federal student loans under the William D. Ford Direct Loan program. Many of these borrowers have opted to participate in income-driven repayment plans because they provide the lowest initial monthly payment and forgive any balance due at the end of the repayment period. However, the short-term benefits of IDR plans can produce long-term burdens.

Mar 2, 2020, 16:40 PM by Edward R. Jenkins Jr., CPA, CGMA

A paradigm shift in the economy, society, and politics is arising from the current explosion of technological change. The World Economic Forum calls it the Fourth Industrial Revolution, and as a result people are living longer. We may not be prepared for what that entails financially: with longer lives comes greater expenses, and greater expenses by more and more people will put a great deal of pressure on individual savings as well as government-related health and social programs. This feature addresses longevity risk and what CPAs can do in a new world of retirement planning.

Mar 2, 2020, 14:19 PM by Vito A. Cosmo Jr., CPA, CGMA, Patrick K. Skeehan, JD, and Matthew D. Melinson, CPA

Pennsylvania residents of an age commonly known as “baby boomers” are retiring and relocating to warmer and more tax-temperate climates, such as Florida. The Pennsylvania Department of Revenue is aware of this trend, and it is guarding the commonwealth’s coffers by challenging nonresidency status and certain retirement payouts. Simply put: If your client retires and moves, they will have to prove their new status.

Mar 2, 2020, 14:18 PM by Mary Jeanne Welsh, CPA, PhD

Learning is sometimes thought of as a solitary endeavor. A student attends class where a professor lectures and demonstrates accounting problems, and then the student attempts to replicate or extend the demonstration by completing homework assignments. Student learning is then assessed through testing. This column introduces another perspective on teaching and learning: scaffolding.

Mar 2, 2020, 14:16 PM by Vito A. Cosmo Jr., CPA, CGMA

Over the past 20 years, audit reports and tax returns have largely become commodities – at least that seems to be the perception in the marketplace. As a result, a CPA’s ideas or intellectual wherewithal have become crucial to the success of an accounting practice. Consultation and planning are sweeping the profession, and the resulting services can enhance a firm’s bottom line.