Pennsylvania CPA Journal

Fall 2021 Edition

Features

PICPA’s New CEO Proud to Be a CPA

By Jennifer Cryder, CPA
 
The PICPA has been a vital support network to the profession for the past 125 years, and it’s my honor and privilege to help guide the PICPA into the future.

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An Office Environment Revolution: The Working World after COVID

By Christina M. Olear, CPA, Frank M. Sorokach, and Ashley L. Stampone, CPA
 
Explores the need for employers to shape return-to-office policies in the wake of COVID-19 that fit the evolved desires of their employees. 

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Business Interruption Claims in a Knot after Pandemic

By Colleen Vallen, CPA

Examines the state of business interruption coverage in the age of coronavirus.

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Independence Threats Hidden in Technology Services

By Sheila A. Border, CPA

Takes us behind the scenes of the AICPA Professional Ethics Executive Committee’s issuance of a revised independence interpretation for practitioners providing information technology services.

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Columns

Accounting & Assurance

AA

Attest Flexibility: New Examination and Revised Review Engagements

By James J. Newhard, CPA

Reviews statements of standards for attestation engagements that affect both examination and review engagements.


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Business & Industry

BI

The Pandemic’s Impact on Business Insurance Coverage

By Michael F. De Stefano, CPA

With the pandemic and its consequent economic turmoil, new challenges and questions arose for companies, including the power and limits of business insurance coverage.


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Federal Tax

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IRS Private Letter Rulings during the Pandemic: One CPA’s Winding Adventure

By Barry D. Groebel, CPA

Details an attempt to resolve a private letter ruling with the Internal Revenue Service during a time of coronavirus, offering a step-by-step walkthrough of the issue, process, timeline, and resolution.


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Liability Lessons

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Mediation: A Better Solution than You May Have Thought

By Wilhelm Dingler, JD

Explores the benefits of mediation as a method of dispute resolution, particularly as a means of resolving disputes for CPAs.


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Careers & Lifestyles

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How Employees Spent Their Commute Time during COVID-19

By Irina Balashova, CPA, CFE, CIA, and Marion Wickersham, CFE

Delves into how CPAs, many of whose commute time was eliminated during work-from-home restrictions due to the coronavirus pandemic, used the extra hours.


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Legislative

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2021-2022 Pennsylvania State Budget Breakdown

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.


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International Tax

InterTax

PFIC Status: Practical Considerations for a Potential Tax Trap

By Andrew M. Bernard Jr.

Offers a detailed look into passive foreign investment companies, including implications of rules regulating their operation and other considerations for U.S. investors to keep in mind.


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Practitioners

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Live the Succession Process

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.


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State & Local Tax

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Unlock the Tax Benefits of a Legal Entity Review

By Drew VandenBrul, CPA, and Narjit S. Bhogal, CPA

Reviews the benefits organizations experience from a thorough review of their structure for tax purposes, including optimization of tax posture and bolstering of tax compliance.


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