Pennsylvania CPA Journal

Spring 2021 Edition

Features

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Level Up Your Skills for CPA Survival

By Cory Ng, CPA, DBA, CGMA, and Brian Trout, CPA, DBA, CMA

Discusses the urgency for organizations of all sizes to engage in upskilling initiatives to ensure CPAs of the future continue to thrive and succeed.

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COVID-19 Underscores Soft-Skills Education and Upends Internships

By Heather M. Demshock, CPA, CMA, and Ashley Stampone, CPA

Offers a detailed look at the many ways by which the coronavirus pandemic has reshaped both accounting education and student internships and externships.

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Complexities Abound for Pass-Through Entities and SALT Deduction Work-Arounds

By Gregory M. Rineburg, CPA, and James J. Newhard, CPA

Examines pass-through entity issues regarding state and local tax deduction work-arounds.

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Columns

Accounting & Assurance

AA

Audit Opinions: Incorporating Changes from Numerous ASB Statements

By Nancy J. Stempin, CPA, CGMA, CIDA

Discusses the significance of multiple ASB standards, including SAS 137’s impact on opinion and actions auditors should be taking right now to be prepared.


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CPA Conversations Podcast

An interview with the author. Listen In >

Federal Tax

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IRC Section 1031 and Real Estate Like-Kind Exchanges

By Edward A. Kollar, CPA, EA, CSEP, and Tim Cotter, CPA, JD

Explores the impact the Tax Cuts and Jobs Act has had on Internal Revenue Code Section 1031, as well as the further developments that could take place under the administration of Pres. Joe Biden.


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Liability Lessons

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How to Respond to Comfort Letter Pressures

By Suzanne M. Holl, CPA

Provides tips on how CPAs can navigate the delicate balance of staying out of ethical trouble while managing client and third-party expectations.


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Business & Industry

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Five Ways to Enhance Your Banking Relationships

By Barry M. Pelagatti, CPA

Explores a series of techniques to ensure that your organization’s rapport with its lenders is a beneficial one.


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CPA Conversations Podcast

An interview with the author. Listen In >

Education

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Who Is Sitting for the CPA Exam and Why?

By Brian Trout, CPA, DBA, CMA, and Eric Blazer, PhD

Seeks to decipher the demographic makeup of who is taking the CPA Exam, and how the numbers can be bolstered in a time where stocking the CPA pipeline has never been more important.


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Personal Financial Planning

PFP

Thoughtful Professional Collaborations Can Bolster Your Common Client’s Success

By Elizabeth F. Hassler, CPA, and Angela M. Stephenson, CPA, PFS, CFP

Stresses the value of the CPA and personal financial planner segments of a financial team working together to ensure the best result for a client.


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Government/Not-for-Profit

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A Closer Look at GASB’s Proposed Financial Reporting Model

By Khaled Abdel Ghany, CPA, PhD

Walks through the Government Accounting Standards Board’s Financial Reporting Model Improvements exposure draft, providing an assessment of the validity of expected changes.


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International Tax

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U.S. Businesses Must Be Aware of VATs and What the Responsibilities Are for These Taxes

By Andrew M. Bernard Jr., CPA, and Benno Tamminga

Takes a look inside the concept and execution of value-added taxes for U.S. businesses with financial concerns in countries around the world.


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Emerging CPAs

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CPA Exam Changes on the Way

By Marie Solange Lopes, CPA, and Daniel J. Gaydon, DBA

Provides a roadmap for upcoming changes to the CPA Exam, discussing changes that are happening in 2021 and those that are likely for 2024.


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Employee Benefit Plans

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Get Ready for Changes to Employee Benefit Plan Audit Opinions

By Nancy J. Stempin, CPA, CGMA, CIDA

Pinpoints SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans, focusing on key areas of change from previous guidance and auditor next steps.


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CPA Conversations Podcast

An interview with the author. Listen In >

Legislative News

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Tax Proposals Could Dominate Legislative Session Early

By Peter N. Calcara, CAE

Previews the possible goings-on in Harrisburg as the 205th Pennsylvania General Assembly wades through tax proposals, handles budgetary concerns, and more.


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