Pennsylvania CPA Journal

Summer 2022 Edition

Features

Sum22_125feature

PICPA at 125 Years: Celebrating an Enduring Legacy, Building an Exciting Future

By Matthew McCann
 
The Pennsylvania Institute of CPAs turned 125 this year and this feature reviews how CPAs have come together in Pennsylvania to enhance the profession, serve the public, and resolve common issues and how we will continue to build upon these values to support Pennsylvania CPAs into the future.

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Sum22_Pythonfeature

Get Comfortable Wrapping Yourself Around Python

By J. L. “John” Alarcon, CPA, CGMA, CITP, Kevin C. Moffitt, PhD, and Cory Ng, CPA, DBA, CGMA
 
Examine the open-source programming language Python and why it has emerged as an important contributor to certain accounting roles, such as audit, internal audit, IT audit, business planning and forecasting, as well as traditional accounting roles.

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Sum22_Inflationfeature

Inflation: What’s Behind It and What’s to Come

By Nicholas Boyer
 
An in-depth look at the impact inflation has had so far and what we can expect moving forward. Learn what inflation is and isn't, what is driving inflation, and how excesses exacerbate the problem.

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Sum22_SocEntfeature

Blazing New Trails in Public Accounting through Social Entrepreneurship

By J.C. Blewitt, PhD, and Rebecca Kinzinger, CGFM
 
Explore the idea that a business can “do well by doing good” through social entrepreneurship and how public accounting can adopt this principle through an analysis of two important industry stakeholders: firms and millennials.

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Columns

Federal Tax

Sum22FederalTax

Avoiding Errors in Establishing Basis in Business Interest

By Mark L. Lubin, CPA, JD, LLM

Discusses the best practices to determine tax basis of interests in business entities, including C corporations, S corporations, and partnerships while avoiding crucial errors.


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State & Local Tax

Sum22StateLocalTax

Pennsylvania Local Tax Implications of Remote Work

By Matthew Melinson, CPA, Narj Bhogal, CPA, Patrick Skeehan, JD, and Thomas Boyle, JD

Covers the additional risks businesses face as remote work arrangements continue to become more commonplace. 


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Employee Benefit Plans

Sum22EmployeeBenefitPlans

Identifying and Communicating Reportable Findings

By Richard F. Fischer, CPA, CGMA

Breaks down reportable findings related to SAS No. 136, including how to identify and communicate them to prevent major deficiencies in audits of ERISA plan financial statements.

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Forensic Accounting

Spr22Practitioners

Protecting Trade Secrets in a Remote Work Environment

By David Duffus, CPA, ABV, and CFF

Discusses how a recent court decision in Pennsylvania has shed light on how businesses can protect trade secrets in a remote work environment.


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Business & Industry

Sum22BusinessIndustry

The Finance Department: Make It a Place Where Everybody Knows Your Name

By Michael F. De Stefano, CPA

Explains the parallels of the show Cheers and the functionality of a modern finance or accounting department and how the latter can thrive with diverse perspectives.

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Liability Lessons

Sum22LiabilityLessons

Your Greatest Malpractice Risks and How to Mitigate Them

By Lauren Pitonyak

Explains that simple, everyday tasks can expose CPAs to malpractice litigation, but offers ways to mitigate the risks.


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Careers & Lifestyles

Sum22CareersLifestyles

Has the Great Resignation Altered Your Retention Plans Yet?

By Alyzabeth R. Smith, CPA

Discusses how financial service firms were affected by the Great Resignation and how they can chart a path forward to bolster their retention efforts.

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Personal Financial Planning

Sum22PersonalFinancialPlanning

Solicitor Agreements Are Key to CPA, Wealth Adviser Team Ups

By Angie M. Stephenson, CPA, PFS, CFP, and Thomas D. Giachetti, Esq.

Discusses how solicitor agreements can help CPA firms that - due to compliance complexities and independence parameters - chose to work with a wealth adviser on client matters.


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Business Succession Planning

Sum22BusinessSuccession

How to Prepare a Business for Strategic Sale

By John S. Stoner, CPA, CVA

Discusses the interests of selling a business strategically and the questions to ask when assessing how the firm may appeal to an external buyer.

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Business Transformations

Sum22BusinessTransformations

The Convertible Debt Interest Disallowance Dilemma

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

Discusses how borrowers who use convertible debt as a financing option need to understand the rules that could limit the tax benefits of this instrument.


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Legislative News

Sum22LegislativeNews

PICPA’s Pivotal Role in Addressing Federal Tax Issues

By Alexandria C. Fabian

Explains PICPA’s response to IRS service and staff issues and how it continues to work with the AICPA and Congress on relief for taxpayers and practitioners.


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