Dec 20, 2022, 07:00 AM by Irene M. Walton

Tax season is quickly approaching, and CPAs are actively preparing to meet the impending needs of their clients. This also is a time when CPAs should be especially diligent in reducing their liability risks.

Dec 20, 2022, 07:00 AM by Julie Verrekia, CPA

A common topic on everyone’s mind this employee benefit plan audit season was implementation of Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, in addition to SAS Nos. 134, 135, and 137-141. In short, SAS No. 136 contains a new reporting model for audits of plans subject to the Employee Retirement Income Security Act (ERISA), as well as incremental performance requirements for those audits.

Dec 15, 2022, 12:53 PM by Robert E. Duquette, CPA

The new corporate alternative minimum tax (CAMT) is a significant feature of the Inflation Reduction Act of 2022. There are situations in which the CAMT could apply that would not be obvious at first.

Dec 15, 2022, 07:00 AM by Alyzabeth R. Smith, CPA

Like many of their clients, CPA professionals face the uncertainty of abandoning a lifelong craft. This can lead to planning delays and thwart the kind of creative planning that results in post-career fulfillment.

Dec 15, 2022, 07:00 AM by Paul Donato, CPA, CFE, Irina Lazieva, JD, and Jennifer Riddle, JD

The Biden administration has called for a collaborative, multiagency task force to develop strategies to mitigate the global corruption threat. The DOJ expects companies to review their compliance programs to ensure they have implemented programs that are well-designed, are adequately resourced and empowered to function effectively, and work in practice.

Dec 15, 2022, 07:00 AM by Michael C. DeFillipo, CLU, ChFC

For many owners of closely held businesses, their largest asset – and the one that is perhaps most difficult to value – is their interest in their business. With the current estate tax exemption levels set to sunset at the end of 2025 (if not before), business owners and their CPAs may need to take appropriate steps in the tax and legacy planning process.

Dec 15, 2022, 07:00 AM by Michael A. Zaydon, CPA

The next generation of aspiring small-business owners is playing a major role in facilitating the generational wealth and business transition wave currently underway and they may be the perfect fit for business owners and their advisers who care not only about the financial prospects of a business exit, but the emotional ones as well.

Dec 15, 2022, 07:00 AM by Stephane L. Smith, SPHR, SHRM-SCP

It is important for employers to recognize and adapt to emerging human resource (HR) dynamics and allocating space in the budget for the increased pay rates of the current market should be a top priority for accounting and finance departments.

Dec 9, 2022, 07:00 AM by Jeffrey J. Schrader, CPA, MST, and Mary Lew Kehm, CPA

The tax benefits of health savings accounts and the tax reporting considerations. .

Dec 9, 2022, 07:00 AM by Heather Demshock, CPA, CMA

Accounting professionals at all stages of their careers have been moving on and this raises ethical considerations for those in public accounting since many of the professionals and partners leaving have opportunities for continued employment with their firms’ clients.

Dec 9, 2022, 07:00 AM by Drew VandenBrul, CPA, and Michael Semes, JD

Gov. Tom Wolf signed House Bill 1342 into law as Act 53 of 2022 marking the first change in Pennsylvania’s corporate net income tax (CNIT) rate since 1995, reducing it by more than 50% over the next nine years: from 9.99% in 2022 down to 4.99% in 2031.

Dec 9, 2022, 07:00 AM by James J. Newhard, CPA

CPAs specializing in A&A must now hold a lot more tax knowledge so they can truly understand the measurement, reporting, and disclosure necessities of today’s PTEs

Dec 5, 2022, 18:23 PM by Elizabeth A. Wilson, CPA

Leaders come in many forms, shapes, and sizes, but leadership always boils down to relationships and connections. An effective leader builds trust, inspires, and mobilizes people toward goals. It starts with identifying a compelling vision of a shared future rooted in core values and is followed by creating a path for the success of all.  

Dec 5, 2022, 18:16 PM by Cassandra Bennett, CPA, DBA, and Jeffrey Bennett, CPA, MBA

The phenomenon of cryptocurrency has gained steam over the past few years. The flexibility of this digital, encrypted, and decentralized form of exchange intrigues many, but it is causing consternation on how exactly to tax its use and how to mitigate some of the tax burden derived from its holdings.

Nov 28, 2022, 11:46 AM by Vito A. Cosmo Jr., CPA, CGMA, Matthew D. Melinson, CPA, and Patrick K. Skeehan, JD

In addition to federal and state income tax obligations, business taxpayers operating in Pennsylvania also may be responsible for an array of additional local taxes, depending on the localities in which they transact business. These local business privilege or mercantile taxes can be difficult to navigate for the unfamiliar taxpayer.

Nov 28, 2022, 11:00 AM by Edward R. Jenkins Jr., CPA, CGMA

A series of opportunity zones created by the Tax Cuts and Jobs Act of 2017 offers those who invest in projects in these zones a new tax benefit that is unprecedented. The tax benefit could also have a positive impact on targeted communities, but there are risks associated with opportunity zone investments and the regulations involved can be complicated.

Sep 28, 2022, 09:15 AM by Kim Brown, CPA

Explores the factors contributing to fewer working mothers in public accounting since 2020 and the actions firms can take to help reverse the decline.

Sep 28, 2022, 09:15 AM by Scott A. Koman, CPA, CFE, MAFF, and Mark W. Banks, CPA, CFE, MAFF

Explains how corporate CPAs, like it or not, are on the front lines in the fraud battles our companies constantly face, and new methods are needed to win the fight.

Sep 28, 2022, 09:14 AM by Khaled Abdel Ghany, CPA, PhD

Presents a suggested framework for a scenario that once seemed unlikely to occur: the accounting treatment of cryptocurrency transactions for state and local governments.

Sep 28, 2022, 09:14 AM by Ira S. Rosenbloom, CPA (inactive)

Explains that if firm owners are ready to merge with, or be acquired by, another firm, it’s important that they plan out well in advance of the coming tax season.