CPA Now Blog Archive

Clients increasingly have international ties of some kind, such as dual citizenships or overseas family members. These connections can create complications for practitioners when it comes to estate and gift planning. This blog provides an overview of transfer tax rules for those in the United States with international ties, and discusses factors to consider when implementing estate and gift plans.

This blog is the first-place winner of the 2017 Pennsylvania CPA Journal Editorial Board Student Writing Competition written by Melissa Cameron of Temple University. The 2017 topic was "Should the Engagement Partner Be Named in an Audit Report?"

Planning for your near or long term future can be a daunting task, but it is a necessity for financial security. Tracking your income and expenses are a good place to start.

June has been busy for Pennsylvania legislators. Major pension reform legislation was passed by 183 bipartisan members of the General Assembly and signed by Gov. Tom Wolf. In addition, Pennsylvania's 2017-2018 budget deadline looms, and negotiations are heating up.

Data and analytics (D&A) is a hot topic in both government and private sector finance. This blog focuses on D&A in governmental internal audit and compliance monitoring, but many of the observations are applicable to other functions.

Dying without a will is known as dying intestate, which basically means that your property will pass in accordance with state laws. The due diligence of a CPA adviser is so important when reviewing estate documents and beneficiary designations.

I am thinking about what the new not-for-profit standard – ASU 2016-14 Not-for-Profit Entities (Topic 958) – will mean for the PICPA. Because the standard is effective for fiscal years beginning after Dec. 15, 2017, we will be implementing this standard for our fiscal year beginning next May. But we present comparative financial statements, and as such we will have to consider any changes beginning with this fiscal year. How are other CPAs in the not-for-profit world approaching this standard?

Exit planning is a forward-thinking strategy that should be established well in advance to ensure comfort for yourself and your clients, whose businesses depend on your unbroken service and attention. Hear more from Charles R. Kedra, CFP, AIF, CEPA, senior partner and director of business advisory services with Legacy Planning Partners.

Small-business owners are often consumed with the daily operations of their business. One of the key roles that a CPA has with a small-business client is to make sure that a plan for retirement and succession is in place long before it’s needed.

On June 1, 2017, the Public Company Accounting Oversight Board finalized its six-year project to overhaul the auditor’s report. The new standard requires auditors to communicate critical audit matters in the audit report.

To better manage our debt, it is important to understand the details of our credit cards and how we use them. The first step in managing credit card debt is to select the appropriate credit card for your need by answering two important questions before making a purchase.

Establishing a trusting relationship with your business partners is essential. For small-business owners, this trust can be helpful to the bottom line. It is important that the advisers you work with, such as CPAs, understand your business and your plans.

Many accounting practices pay attention to performance benchmarks to understand how the firm is doing. Forward-thinking CPA leaders, however, look at not only the traditional metrics, but also at expanded benchmarks to find out where the firm is heading.

Preparers of individual tax returns have witnessed a significant shift in the marketplace. But for those steeped in industry knowledge there are solutions to improving business retention and securing longevity.

The AICPA Auditing Standards Board (ASB) recently issued an exposure draft that would significantly change the reporting model for employee benefit plans (EBP) subject to ERISA. The proposal is the result of a collaborative effort by the U.S. Department of Labor (DOL) and the ASB to address audit quality issues. The joint DOL/ASB working group concluded that some of the procedures unique to EBPs should be highlighted in the auditor’s report. The DOL was asked to provide a list of what they want included in the report. This blog highlights two of the more significant proposals.

Revenue from Contracts with Customers (ASC 606) is being termed as the new revenue recognition standard that will replace all existing U.S. GAAP revenue recognition literature for exchange transactions. One particular part of the principle is extremely important for health care companies.

Can there be such a thing as a “professional friendship”? In a relationship where professional standards, priorities, and boundaries are well understood, can we also recognize that it’s human and normal to genuinely trust and like each other? If it doesn’t exist, it should.

At the PICPA we have nearly 1,400 volunteers who give back to the profession through volunteer service on committees, on task forces, or through leadership positions. Many serve on technical committees that do long-range planning for conferences and the Pennsylvania CPA Journal, while others provide webinar programs, blogs, and podcasts to provide immediate updates.

GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transaction, was issued roughly 20 years ago, but it is still a relevant topic. Recent delays in subsidy payments and the rental subsidy moratorium have added an extra level of complexity to revenue transactions.

The use of Bitcoin can be tricky from a tax perspective. If you use Bitcoin or another digital currency, there are details you need to share with your CPA to keep you out of tax trouble.