Fall 2021
Features
All Good Things…
By Michael D. Colgan, CAE
It is said that all good things must come to an end. This thought was foremost in my mind as I prepared my final column for the Pennsylvania CPA Journal. Forty-two years after I began my PICPA journey, including the last 10 years as your CEO and executive director, I look back with great satisfaction and gratitude that this opportunity was provided to me.
Independence Threats Hidden in Technology Services
By Sheila A. Border, CPA
Do you provide information technology services for your attest clients? Or does the firm that performs your attest work also provide information technology services? Those services may now cause independence concerns.
Business Interruption Claims in a Knot after Pandemic
By Colleen Vallen, CPA
This feature does not look at business interruption claims as a result of COVID, but rather how business interruption claims were analyzed and evaluated in the past and what impact COVID-19 has had on this process to date and going forward. The world is adjusting to a new normal, and how business interruption claims are evaluated is evolving as well.
An Office Environment Revolution: The Working World after COVID
By Christina M. Olear, CPA, Frank M. Sorokach, and Ashley L. Stampone, CPA
With more than nine months of availability of multiple COVID-19 vaccinations, many U.S. businesses have committed to reopening their offices in fall 2021. Firms have been preparing for a safe return to in-person work, but the pandemic undoubtedly changed the operational landscape. In addition to employee safety, firms must also manage the intricacies and implications of hybrid and remote work.
Columns
Accounting & Assurance
Attest Flexibility: New Examination and Revised Review Engagements
By James J. Newhard, CPA
Reviews statements of standards for attestation engagements that affect both examination and review engagements.
Business & Industry
The Pandemic’s Impact on Business Insurance Coverage
By Michael F. De Stefano, CPA
With the pandemic and its consequent economic turmoil, new challenges and questions arose for companies, including the power and limits of business insurance coverage.
Careers & Lifestyles
How Employees Spent Their Commute Time during COVID-19
By Irina Balashova, CPA, CFE, CIA, and Marion Wickersham, CFE
Delves into how CPAs, many of whose commute time was eliminated during work-from-home restrictions due to the coronavirus pandemic, used the extra hours.
Legislative News
2021-2022 Pennsylvania State Budget Breakdown
By Peter N. Calcara, CAE
With less political drama than typically accompanies the budget process, the Pennsylvania General Assembly approved on June 25 a $40.8 billion spending plan for the 2021-2022 fiscal year (FY) that began July 1.
Practitioners
Live the Succession Process
By Ira S. Rosenbloom, CPA (inactive)
Emphasizes the importance of small firm practitioners developing a plan for succession early, including cultivating potential successors within your firm and delegating to specialists.
International Tax
PFIC Status: Practical Considerations for a Potential Tax Trap
By Andrew M. Bernard Jr., CPA
Offers a detailed look into passive foreign investment companies, including implications of rules regulating their operation and other considerations for U.S. investors to keep in mind.
Liability Lessons
Mediation: A Better Solution than You May Have Thought
By Wilhelm Dingler, JD
Explores the benefits of mediation as a method of dispute resolution, particularly as a means of resolving disputes for CPAs.
State & Local Tax
Unlock the Tax Benefits of a Legal Entity Review
By Drew VandenBrul, CPA, and Narjit S. Bhogal, CPA
Reviews the benefits organizations experience from a thorough review of their structure for tax purposes, including optimization of tax posture and bolstering of tax compliance.
Federal Tax
IRS Private Letter Rulings during the Pandemic: One CPA’s Winding Adventure
By Barry D. Groebel, CPA
Details an attempt to resolve a private letter ruling with the Internal Revenue Service during a time of coronavirus, offering a step-by-step walkthrough of the issue, process, timeline, and resolution.
