CPA Now Blog Archive

After almost a decade of study, the Financial Accounting Standards Board (FASB) released an accounting standard on the credit losses on financial instruments. In rethinking how credit losses should be recognized and measured, however, FASB created a standard that affects the accounting for a wide variety of financial instruments and a wide variety of entities.

When PICPA Council met on Sept. 20, 2016, to discuss the work done by our five strategic task forces and to make plans for the future, the room was filled with new ideas and opportunities for the PICPA. So much, in fact, that we identified three new volunteer opportunities.

Too often, we pick a beneficiary when we open an account then forget about it. They rarely get changed, and that can cause unforeseen headaches. Having the correct beneficiary designation is a simple and effective estate planning strategy.

Form 5500 is the primary documentation disclosed to participants and beneficiaries of employee benefit plans. It is an essential compliance tool for the Employee Benefits Security Administration, and it is in the process of being modernized to fit today’s plan operations and practices.

No matter how many or how few assets a person has, there are threats and risks out there, particularly for the elderly. Putting together a plan of protection for them may seem daunting, but it can be accomplished.

The Pennsylvania Department of Revenue recently launched a new online tool that allows businesses and tax practitioners to get an electronic statement of account (e-SOA). Practitioners no longer have to call or write the department to request a copy, and then wait days for a print version to arrive by mail.

CPAs quietly provide community service all year long. Our CPA Week of Service initiative is where we at the PICPA not-so-quietly celebrate what CPAs do all year long.

Having engaged volunteers, both students and professionals, is an amazing thing. For one, informal networking opportunities arise among students, associates, and partners as we all roll up our sleeves to work side-by-side bettering our community.

The PICPA is working at both the federal and state levels to soften the blow of the U.S. Department of Labor’s (DOL) overtime rule that will take effect later this year. Find out where we are working for you.

Like nature’s predators, human predators feed off the the infirm and the older members of society. Senior citizens, many of whom were raised to be polite and trusting, are far too often victims of fraud. The best way to help the seniors in our life avoid scams is to talk to them and make them aware of many common frauds.

Retiring and moving to Florida does not necessarily mean you will be free from the Pennsylvania Department of Revenue -- especially if you still own property in the state. The ideas of “residency” and “domicile” are specifically defined, and breaking Pennsylvania residency isn’t as easy as driving down I-95.

As PICPA members, we should all offer to give back some of our valuable time. I encourage readers to volunteer for an event in your local chapter, like I did last year at the Reading Bike Hub.

If you are in construction and worried about your vulnerability to cyberattack, you'll need a collection of protections in place to help keep hackers at bay and safeguard your data. The first order of business is to establish internal controls over your IT processes and user functions.

Storing information “in the cloud” is a nebulous concept for most. To put it simply, cloud computing is essentially a place to store a lot of stuff. If the cloud was tangible, it would be an organized and (theoretically) limitless version of your attic.

For many business owners, particularly retail stores, electronic payments are increasing. Since increased electronic payments leads to the possibility of more electronic payment fraud, credit card companies are increasing security. Enter the EMV chip.

For many companies, hiring outside financial expertise provides access to organizational benefits they might not otherwise be able to afford in-house. One highly beneficial outsource option is the CFO – giving smaller companies access to the skill set that are a given among the big players.

Taxpayers who itemize their deductions can claim a deduction for gifts made to qualified charities. Most of us are aware that monetary gifts to our church or to the American Cancer Society are fully deductible with adequate documentation. But what about the raffle tickets we buy at a church fundraiser? Learn more about some of the limitations on charitable deductions.

Lengthy fair value disclosures have been simplified for employee benefit plans thanks to two recent Accounting Standard Updates. The new ASUs are intended to simplify the reporting required within the footnotes of the financial statements. Investment disclosures have been lengthy and difficult to understand in the past.

Ever Google yourself? Were you disappointed that you didn’t come up in the search? If you don’t care, you should because potential clients will care if your competitors appear in a search and you don't. Find out how to increase your digital presence.

As potential clients in the now-legal medical marijuana industry in Pennsylvania begin to call on CPAs for professional services, a conflict arises as to whether or not CPAs can serve these clients under the profession’s Code of Professional Conduct.