Pennsylvania CPA Journal

Summer 2020 Edition

Features

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SALT Issues to Consider during COVID-19 Crisis

By Matthew D. Melinson, CPA, Drew VandenBrul, CPA, and Adam Koelsch, JD

Shows how state and local tax procedures can be affected in times when the economy is trending negatively, such as the current coronavirus-driven unrest.

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CPAs Have a Critical Role during Times of Change

By Erron Stark and Paul Epperlein

Discusses the integral role CPAs will play in helping their clients and the accounting industry recover from the crisis of the coronavirus pandemic. 

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Cannabis Industry Holds Unique Challenges for CPAs

By Howard M. Silverstone, MBE, CPA, CFF, and Marion Wickersham, CFE

Explores the advantages and the challenges association with the burgeoning cannabis industry will present to CPAs.

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Social Responsibility and Sustainability Reporting Open Opportunities for CPAs

By Alesha A. Brophy, CPA, and Robert S. Forney Jr., CPA

Examines the important role CPAs can play in making their employers aware of chances in the areas of social responsibility and sustainability.

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Columns

Accounting & Assurance

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Financial Reporting and the COVID-19 Pandemic

By James J. Newhard, CPA

Examines the ways by which the coronavirus is set to change the world of financial reporting.


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Federal Tax

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Federal Tax Adjustments in the Wake of COVID-19

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

Details changes to federal tax provisions due to coronavirus-combatting measures passed by Congress.


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Personal Financial Planning

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Reconsidering Required Minimum Distributions

By Laurie A. Siebert, CPA, CFP, AEP

Reviews changes to the rules for required minimum distributions, first of which happened with the late-2019 SECURE Act and then with the coronavirus-generated CARES Act, and suggests strategies for moving forward with client counsel.


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Practitioners

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Steps for Your Clients to Survive Crisis and Recovery

By John S. Stoner, CPA, CVA

Offers practitioners tips on how they can help their clients outlast and recover from a crisis, such as the COVID-19 pandemic and its effect on the local and national economy.

 
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Liability Lessons

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Client Records: Your Responsibilities with Hand-Over Requests

By Maureen P. Fitzgerald, JD

Shines a light on the responsibilities of CPAs when a client relationship concludes and said client requests the return of his or her records.


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Employee Benefit Plans

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How the SECURE Act Affects Retirement Plans

By Melissa M. Wolf, CPA

Dissects the ways by which the SECURE Act will alter retirement planning for both CPAs and their clients, zeroing in on plan administration, plan distribution, changes to IRAs, lifetime income, and more.


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Careers & Lifestyles

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Number Crunching and Neuroscience

By Alyzabeth R. Smith, CPA

Explores neuroscience and its connection to the accounting industry, in particular sharpening the minds of CPAs so they can extend their careers and acclimate themselves to developments in technology and artificial intelligence.


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Education

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Your Curriculum Can Encourage Ethical Decision-Making

By Heather M. Demshock, CPA

Discusses alterations educators should consider making to their curricula to drive students to thrive at making ethical choices in their chosen professions.


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Technology

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Clients and Stakeholders Demand Cybersecurity

By Matthew J. Schiavone, CPA, CISSP, CISA

Outlines the responsibility of CPA firms to take strong cybersecurity measures not only to protect their own data, but that of their clients.


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Business Transformations

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Don’t Be “Floored” by Purchase Accounting Struggles

By James P. Swanick, CPA, and Michael J. Tighe, CPA

Takes a look at one of the biggest practitioner headaches in a merger and acquisition negotiation: the handling of assumed liabilities.


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Legislative Update

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Budget Negotiations during a Pandemic

By Peter N. Calcara, CAE

Offers an inside look at how COVID-19 has impacted work to establish a new Pennsylvania state budget.


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