Dec 21, 2021, 08:04 AM by Khaled Abdel Ghany, CPA, PhD

Dives into GASB’s revised exposure draft, which states that for information to be included in the notes of financial statements it needs to pass three tests of essentiality.

Dec 14, 2021, 08:22 AM by Nicholas Ring, CPA

Reviews the importance of ensuring ethical behavior by CPAs working in governmental accounting.

Dec 14, 2021, 08:16 AM by Jonathan Liss

Explains the concept and purpose of the statutory relief mechanism known as alternative apportionment.

Dec 7, 2021, 09:15 AM by Philip Karter, JD, LLM, and Kevin F. Sweeney, JD

Advises CPAs to ensure their clients are ready for a possible uptick in federal audits due to changes in tax legislation.

Dec 7, 2021, 09:13 AM by Charles B. Hall, CPA, CFE

Explores the dangers material misstatements present to the accuracy of the audit opinion.

Dec 1, 2021, 13:01 PM by Edward A. Kollar, CPA, EA, CSEP

Pennsylvania has a vast wealth of natural resources: minerals, coal, stone, forests, and, of course, natural gas and petroleum. This abundance can result in an economic benefit for property owners as well as for those who develop, mine, and harvest such resources.

Dec 1, 2021, 13:01 PM by Robert E. Williams, CPA

Beginning in 2018, public engineering and construction companies must comply with extensive revenue-related disclosures required under ASC 606, Revenue from Contracts with Customers. Beginning in 2019 (years beginning after Dec. 15, 2018), nonpublic engineering and construction companies issuing GAAP-basis financial statements must also comply with expanded revenue-related disclosures. While the Financial Accounting Standards Board has provided all nonpublic companies with practical expedients that significantly reduce the quantity and detail of these new disclosures, the revenue-related disclosures for nonpublic companies will still present challenges.

Dec 1, 2021, 13:01 PM by Brendan P. Cox, CPA

In Revenue Procedure 2018-44, the IRS modified Revenue Procedure 2018-31 to add temporary rules for corporations changing from a cash to an accrual method of accounting in connection with revoking S corporation status.

Dec 1, 2021, 13:01 PM by Vito A. Cosmo Jr., CPA, CGMA, Matthew Cable, CPA, and Matthew D. Melinson, CPA

In Adam Smith’s The Wealth of Nations: Book V, he proposed that there are four elements necessary for a good tax system: fairness, certainty, ability to pay, and administrative simplicity. Certainty, which refers to a taxpayer knowing when, how, and what to pay, is paramount to a good tax system. The AICPA also cites certainty as a guiding principle in its Tax Policy Concept Statement No. 1, whereby “[t]he tax rules should clearly specify how the amount of payment is determined, when payment of the tax should occur, and how payment is made.”

Dec 1, 2021, 13:01 PM by John S. Stoner, CPA, CVA

Entrepreneurs work hard to make their businesses succeed, and they often have a large percentage of their personal wealth embedded in those businesses. When they begin to contemplate retirement, it is important to maximize the net proceeds from the sale of their business to provide sufficient resources to support their retirement.

Nov 30, 2021, 15:49 PM by Heather M. Demshock, CPA, CMA, and Robert E. Duquette, CPA

The CPA Evolution initiative, a joint project between the National Association of State Boards of Accountancy (NASBA) and the AICPA, was created to transform the CPA licensure model. It was undertaken to embrace the changing skills and competencies required of CPAs, today and into the future.

Nov 30, 2021, 15:37 PM by Michael F. De Stefano, CPA

Have you ever produced financial statements that you reported out at a monthly management meeting only to be met by blank stares on the faces of those without a financial background? It can be unsettling, but it can be overcome. To break through those blank stares, you have to tell the financial story of your organization in a meaningful way to those with diverse backgrounds and varying levels of financial knowledge.

Oct 13, 2021, 10:29 AM by James J. Caruso, CPA, CGMA

I was living a professional life best described as 10 miles wide and a millimeter deep. I was “busy” all the time, but was I really accomplishing anything? What could I possibly create in the scattered half-hours between meetings, with only enough time to check the emails that I hadn’t already distracted myself with during those same meetings? That’s when I stumbled upon Deep Work: Rules for Focused Success in a Distracted World by Cal Newport. I was drawn to the book’s title: “Deep Work.”

Sep 7, 2021, 10:23 AM by Michael A. Zaydon, CPA, Tony Diab, and Jeffrey M. Dahlgren

The Tax Cuts and Jobs Act became law in December 2017, and now private companies and their investors must consider how the changes in tax law impact business valuations. Specifically, stakeholders should consider how the Tax Act impacts their projected cash flows and the inputs and assumptions that drive the estimation of enterprise value.

Sep 7, 2021, 10:20 AM by Ashley L. Stampone, CPA

Professional ethics is a key source of credibility for the CPA profession. But what about conduct outside the office and its effect on your professional life? With the rise of social media’s prevalence, we have seen in numerous high-profile controversies how actions in a personal context can have dire professional implications.

Sep 7, 2021, 10:20 AM by James J. Newhard, CPA

In June 2018, the U.S. Supreme Court altered five decades of perspective regarding where an entity is “doing business.” Certainly, there are significant implications for tax compliance, but there are also immediate financial reporting issues for companies reporting under generally accepted accounting principles.

Sep 7, 2021, 10:18 AM by Herbert R. Fineburg, LLM

Recently enacted changes under the Pennsylvania Uniform Limited Liability Company Act will have a dramatic impact on the governance of limited liability companies in Pennsylvania. The act took effect on April 1, 2017, and because LLCs are the most frequently used legal entity, it is essential that CPAs understand the new rules.

Aug 31, 2021, 10:39 AM by Michael D. Colgan, CAE

It is said that all good things must come to an end. This thought was foremost in my mind as I prepared my final column for the Pennsylvania CPA Journal. Forty-two years after I began my PICPA journey, including the last 10 years as your CEO and executive director, I look back with great satisfaction and gratitude that this opportunity was provided to me.

Aug 31, 2021, 10:32 AM by Peter N. Calcara, CAE

With less political drama than typically accompanies the budget process, the Pennsylvania General Assembly approved on June 25 a $40.8 billion spending plan for the 2021-2022 fiscal year (FY) that began July 1.

Aug 31, 2021, 10:22 AM by Ira S. Rosenbloom, CPA (inactive)

Emphasizes the importance of small firm practitioners developing a plan for succession early, including cultivating potential successors within your firm and delegating to specialists.