Summer 2023
Features
A Roadmap to the New CPA Exam
By Heather M. Demshock, CPA, CMA, and Robert E. Duquette, CPA
Heather M. Demshock, CPA, CMA, and Robert E. Duquette, CPA, discuss in detail the many changes that can be expected with the revised CPA Exam, which goes into effect in January 2024.
ESG Reporting May Come Easier with the Balanced Scorecard
By Linette A. Rayeski, DBA, CMA, Paul E. Juras, CPA (Inactive), PhD, CMA, and Ashley Stampone, CPA
With environmental, social, and governance reporting growing in importance, managing these metrics is not always easy. Linette A. Rayeski, DBA, CMA, Paul E. Juras, CPA (Inactive), PhD, CMA, and Ashley Stampone, CPA, explain how the balanced scorecard can be used to make headway in this new kind of tracking.
The Decline in Accounting Majors and Its Impact
By David D. Wagaman, CPA, and Jerry Maginnis, CPA
David D. Wagaman, CPA, and Jerry Maginnis, CPA, revisit their 2016 prescient feature on the difficulties within the accounting pipeline and how it has now devolved into a full-blown crisis.
Columns
ASU 2023-01 and Common-Control Lease Arrangements
By James J. Newhard, CPA
James J. Newhard, CPA, looks at the continued difficulties with implementing the new lease accounting standards, specifically among common-controlled leasing arrangements.
Gov. Shapiro’s Proposed Budget Includes Minor Tax Changes
By Peter N. Calcara, vice president, PICPA government relations
Gov. Josh Shapiro presented his first state budget to a joint session of the Pennsylvania General Assembly on March 7. In his presentation, Shapiro outlined his plans to make Pennsylvania communities safer and healthier, and to create opportunity and build an economy that works for all.
A Cautionary Tale of Pooled Employer Plan Audits
By Carolyn BryNildsen, CPA
With the advent of Pooled Employer Plans, smaller businesses can join together to offer retirement benefits to employees. Like all plans, PEPs require auditing, but this new offering has a few more quirks than you might expect, explains Carolyn BryNildsen, CPA.
Getting an “F” when Buying an S Corp. Makes the Grade
By Meredith Thornton, CPA, MST, Michael Tighe, CPA, MST, and Howard Braithwaite, CPA, MST
When acquiring an S corporation, there are unique issues to be dealt with surrounding the target’s current status as an S corporation. Meredith Thornton, CPA, MST, Michael Tighe, CPA, MST, and Howard Braithwaite look at how the F reorg. helps put this difficulty aside.
Transitioning to ISO 27001:2022
By Matthew Schiavone, CPA, CISSP, CISA, and Brian Kirk, CPA, CISA
A new information security standard has been released by the International Standards Organization (ISO). Matthew Schiavone, CPA, CISSP, CISA, and Brian Kirk, CPA, CISA, explain what is expected regarding the new standard.
Is AI a Threat or Helper? Let’s Chat about It
By Jacob R. Hough, CFE
OpenAI’s ChatGPT creation is generating a sensation for its information retrieval and sharing ability. Jacob R. Hough, CFE, explains what that may mean for forensic accountants.
Maintaining Enterprise Value in a Recession
By Rick Calabrese Jr., CPA, LLM (Taxation)
Rick Calabrese Jr., CPA, LLM (Taxation), considers the possibility of a recession and offers tips to help owners grow value, especially if they are planning an exit in the near future.
Incorporate Mindful Leadership to Bolster Retention
By Kim Brown, CPA
Kim Brown, CPA, discusses the importance of mindful leadership and its importance to upping your employee retention ability.
Finance Professionals: Keep an Eye on the Cybersecurity Ball
By Michael McAllister, CPA, CITP, CISA
Cybersecurity is a new expectation that has been added to a finance professional’s long list of responsibilities. Michael McAllister, CPA, CITP, CISA, shares one way to keep cybersecurity front of mind is to remember these ABCs – accountability, basic controls, and communication.
Determining Taxable Income for Pa.’s CNIT Can Be Hazy
By Howard R. Sklaroff, CPA
Howard R. Sklaroff, CPA, takes a close look at the difficulty that arises when applying the Department of Revenue’s standard of federal taxable income before net operating loss and special deductions as a starting point for determining Pennsylvania’s CNIT.
Tax Primer on ESG Initiatives
By John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA
There is a growing movement in business and among investors to embrace environmental, social, and governance (ESG) reporting. As these efforts take hold, John Mertz, Tom Lemon, CPA, and Greg Rineberg, CPA, explain the federal tax ramifications associated with some ESG efforts.
Transfers to Trusts: GST Exemptions and Late Allocations
By Brian M. Balduzzi, JD, LLM (Taxation), CFP
Brian M. Balduzzi reviews the tax planning opportunities that can help clients strategically allocate their remaining generation-skipping transfer exemption prior to a potential sunset.
A Lot of Change Creates a Lot More Liability Risk
By Wilhelm Dingler
Change, they say, is a constant. But the constant process of change opens the door for risk. In this column, Wilhelm Dingler offers examples of some areas of heightened change not to be overlooked when thinking through your risk management calculus.
Despite Challenges, Future of the Profession Is Bright
By Elizabeth Krisher, CPA, CGFM
Elizabeth Krisher, CPA, CGFM, PICPA’s 2023-2024 president, presents her vision for the upcoming year, particularly the importance of sharing all the vitally important work CPAs do.
