Pennsylvania CPA Journal

Winter 2021 Edition

Features

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Becoming a Creative CPA with the WonderRigor Paradigm

By James J. Caruso, CPA, CGMA, and Natalie Nixon, PhD

Discusses the concept of “WonderRigor,” which combines a CPA’s capacity to be creative and ask questions and their ability to exercise discipline, deep skills, and attention to detail. 

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Corporate CPAs: A Beacon of Ethical Behavior 

By J. Stephen McNally, CPA, CMA 

Explores the ways by which the complications of COVID-19 and a struggling economy have pushed the finance function into the forefront of the conversation around business ethics. 

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Growing Debts and Deficits Pulling Down Our Future 

By Edward R. Jenkins Jr., CPA, CGMA 

Delves into the growing quandary of the national debt of the United States, including the accompanying reduction in equity and the implications on government and the economy. 

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The Past, Present, and Future of Public Accounting Consolidation

By Jerry J. Maginnis, CPA, and David D. Wagaman, CPA 

Looks at the strategic drivers helping to influence the environment around mergers and acquisitions in today’s accounting landscape. 

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Have a Plan to Pass the Torch for Succession Planning Success

By Paula K. Barrett, CPA, ABV, CEPA, and William Onorato, JD

Outlines the importance for businesses to have a well-thought-out succession plan to ensure long-term success. 

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Columns

Business & Industry

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Comfort with the Uncomfortable: CFO Leadership

By Michael F. De Stefano, CPA

Offers tips to those CPAs who aspire to be CFOs, including being agile when it comes to decision-making and ensuring that you have access to accurate data.


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Accounting & Assurance

AA

SSARS 25: Big Benefits to Early Adoption

By James J. Newhard, CPA

Provides a background on SSARS 25, Materiality in a Review of Financial Statements and Adverse Conclusions, including the effects of COVID-19.


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Federal Tax

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Obligations to Produce Records in Response to a Subpoena

By Jed M. Silversmith, JD

Discusses the limitations and responsibilities of tax return preparers when it comes to responding to requests for records from third parties.


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State & Local Tax

State

DOR vs. AG: Who Gets Final Say on Tax Statute Interpretation?

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

Examines the Commonwealth Court case, Synthes USA HQ Inc. v. Commonwealth of Pennsylvania, and its decision related to apportionment sourcing of service revenues.


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Personal Financial Planning

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Time Running Short on 2020-Specific Planning Opportunities

By William K. Velekei, CPA, CFP

Urges financial planner CPAs to connect with clients to go over end-of-2020 planning opportunities before it is too late. 


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Careers & Lifestyles

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The Case for Working in the Office

By Alyzabeth R. Smith, CPA

Focuses on our “new normal” of working from home and seeks to delineate the pros of working in the office for those who can do so safely and securely.


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Liability Lessons

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What Factors Determine a Professional Liability Premium?

By Irene M. Walton

Explores the aspects that help decide what sort of professional liability insurance a CPA should maintain.


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Technology & Cybersecurity

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Blockchain and the Future of Auditing

By Michael Ryan, CPA

Offers a detailed explanation of what blockchain is and how it could affect auditors and auditing procedures in the future.


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Ethics

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Whistleblowing Strategies and Implications

By James Sunday, CMA

Discusses the current inadequacy of anti-fraud staffing and resources among many organizations, and the ability of whistleblowing to help combat the deficiency. 


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Business Transformations

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Check M&A Agreements before Taking CARES Act Benefits

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

Dives into the CARES Act, particularly its temporary reintroduction of net operating loss carrybacks.

 
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Employee Benefit Plans

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Employee Benefit Plans and the COVID-19 Pandemic

By JulieAnn C. Verrekia, CPA

Examines the work that has been done by employee benefit plan sponsors, administrators, and auditors to address COVID-19’s impact on plan operations, administration, and audits.


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Forensic Accounting

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ACFE’s Look at Occupational Fraud

By Irina Balashova, CPA, CFE, CIA

Dissects the 11th biennial Report to the Nations on Occupational Fraud and Abuse, seeking to communicate its insight on occupational fraud mechanics.


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Legislative News

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2020 Pennsylvania Election Recap

By Peter N. Calcara, CAE

Provides a summary of the impactful results of the 2020 election season in Pennsylvania.


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