Dec 15, 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 15, 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 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 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 15, 2022, 07:00 AM by Matthew Schiavone, CPA, CISSP, CISA

Third-party risk management – or the minimization of risks introduced by third-party organizations – is a critical component of all cybersecurity programs. CPAs are service providers, and many of your clients are service providers, so you may be familiar with requests to fulfill a third-party risk management program.

Dec 15, 2022, 07:00 AM by Alex Fabian

The $430 billion Inflation Reduction Act of 2022 appropriates about $80 billion over the next decade for IRS activities, including the hiring and training of new auditors, technology systems modernization, and taxpayer services.

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 15, 2022, 07:00 AM by Jonathan Forman and Michael Wilshere, JD

When considering a merger or acquisition, tax attributes are often not a due diligence priority. Incorrect assumptions are often made about the value and utility of these attributes. An acquiring company can be surprised to find out it cannot use any of the target’s R&D tax credits following the acquisition.

Dec 15, 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 15, 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.

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 14, 2022, 15:41 PM by Irene M. Walton

Stresses the importance of strong cyber risk management and risk mitigation in a CPA firm’s fight against cybersecurity attacks.

Sep 14, 2022, 15:40 PM by Mark L. Lubin, CPA, JD, LLM

Explains how knowledge of certain considerations coupled with caution can spare practitioners unnecessary tax expense and exposure when structuring closely held businesses.

Sep 14, 2022, 15:39 PM by John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA

Addresses the changes coming to the treatment of research and experimental expenditures effective for tax years beginning after Dec. 31, 2021.

Sep 14, 2022, 15:39 PM by Richard F. Fischer, CPA, CGMA

Reviews the International Auditing and Assurance Board's exposure draft on the auditing of financial statements of less complex entities (LCE) and its potential influence on U.S. standards.

Sep 14, 2022, 13:28 PM by James J. Newhard, CPA

The Financial Accounting Foundation (FAF) established the Private Company Council (PCC) in 2012 to improve the process of setting accounting standards for private companies. The principal assertion underlying the foundation of the PCC was that users of private company financial statements are significantly different than users of public company financial statements, therefore the accounting language should be tailored accordingly. With 10 years under its belt, now is a good time to review what the PCC has been doing and where it should be going.