Pennsylvania CPA Journal

Spring 2020 Edition

Features

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Financial Planning Challenge: Longer Lives, Less Money

By Edward R. Jenkins Jr., CPA, CGMA 
Examines the quandary of a potential boom in life expectancy but only enough savings to fund retirement based on obsolete projections. 

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The Next Management Breakthrough: EPM, Non-GAAP Measures, and KPIs in a Digital World

By J.L. “John” Alarcon, CPA, DBA, CGMA
Cory Ng, CPA, DBA, CGMA
Brings clarity to the use of non-GAAP measures and key performance indicators to assess business performance.

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Leading Your Finance Team into the Future

By James J. Caruso, CPA, CGMA
Explores how to manage a finance team in an era when changes to the usual functions have become the norm, including increased roles in data mining and analytics and transformation leadership.

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CPA Conversations Podcast

An interview with the author. Listen In >


Columns

Accounting & Assurance

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ASU 2016-15, 2016-18, and the Statement of Cash Flows

By Sheila A. Border, CPA

Reviews FASB’s ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, ASU 2016-18, Restricted Cash, and the effect they will have on Dec. 31, 2019, financial statements.

 
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Federal Tax

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The Taxpayer First Act and Innocent Spouse Claims 
in the Tax Court

By Jed M. Silversmith, JD

Reviews the federal Taxpayer First Act, offering practice tips for CPAs asserting innocent spouse claims on the behalf of clients.


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State & Local Tax

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The Rise of the State and Local Tax Specialist

By Matthew D. Melinson, CPA, Vito A. Cosmo Jr., CPA, CGMA, and Patrick K. Skeehan, JD

Examines the growing state and local tax subsection of the CPA profession, including the origins of its boom and the qualities that make up a strong “SALT” professional.


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Liability Lessons

Liability

How CPAs Should Respond to Subpoenas

By Mark Aubrey

Offers a refresher on how CPAs should react when they are hit with a subpoena, answering questions such as why he or she would receive a subpoena and whether a subpoena should be reported to the CPAs’ professional liability agent.


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Personal Financial Planning

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The True Cost of Income-Driven Student Loan Repayment Plans

By Keith Donnelly, CPA (inactive), JD

Explores the pros and cons of income-driven student loan repayment plans, reminding those who may be interested that though a plan may offer a low initial monthly payment, it may include negatives such as a long repayment period and a large overall amount paid.


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Careers & Lifestyles

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Lessons Shared: A CPA’s Letter to Her Younger Self

By Elizabeth A. Wilson, CPA

Authors a “letter to herself” to discuss important issues for rising professionals in the workplace, including being reliable to one’s employer and being kind to colleagues and others you come in contact with.


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CPA Conversations Podcast

An interview with the author. Listen In >


Forensic Accounting

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Reasonable and Certain in the Context of Damage Calculations

By Jeffrey T. Willoughby, CPA, CFF, CFE

Examines the term “reasonable certainty” as it pertains to forensic accounting cases and damage calculation.


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Practitioners

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Free Wi-Fi: A Client Convenience that Could Upend a Practice

By Rodger J. Krause, CPA

Talks about the dangers of CPA firms offering free internet access to clients visiting their offices and identifies steps that would need to be taken to ensure that such a practice was safe and secure.


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International Law

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Repeal of Downward Attribution Rules Creating More CFCs

By Andrew M. Bernard Jr., CPA

Explores the uptick in controlled foreign corporations brought about by the Tax Cuts and Jobs Act’s repealing of downward attribution rules.


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Education

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Robotic Process Automation and the Accounting Curriculum

By Cory Ng, CPA, DBA, CGMA 

Outlines steps that should be taken in order to effectively design a college or university course around the emergence of robotic process automation in the accounting profession.


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Government/Not-for-Profit

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Red Flags for Nonprofit CPAs

By Michael F. Cade, CPA, CGMA

Identifies six common issues a nonprofit CPA should be looking for to ensure that they don’t hinder the performance results of their employer’s mission.


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Legislative News

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2020 Is Going to Be a High-Stakes Year

By Alexandra C. Fabian

Details the potentially landscape-shifting elections taking place in 2020, and the role the PICPA government relations team will play in building relationships with legislators and advocating for positions beneficial for CPAs.


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