For of Those to Whom Much Is Given, Much Is Required

PICPA President Jerry Maginnis

PICPA President Jerry Maginnis writes about “CPAs Give Back” in his op-ed article in the Philadelphia Inquirer.

The above headline is a quote from President John F. Kennedy that was recently mentioned in an op-ed article written by PICPA President Jerry Maginnis. CPAs have a long tradition of volunteerism and giving back to the communities in which they live and work. The PICPA has been fortunate to be able to count thousands of our members among those who give back to the profession through service in leadership, on committees and task forces, and by sharing their expertise or insight to students and the general public on matters such as financial literacy. But the volunteer spirit of the CPA community goes far beyond service to the PICPA. Many of our members also provide pro bono work to charities, serve on nonprofit boards, and volunteer for local community organizations. Our 11 PICPA chapters also get into the volunteer spirit by organizing activities and fundraisers to support local causes. Continue reading

Should You be Permitted to Report Suspected Fraud to Regulators?

PEECExposureDraft

PICPA Professional Ethics Committee: Re: AICPA PEEC – Exposure Draft – April 15, 2013

The International Ethics Standards Board for Accountants (IESBA) has been grappling with this question. Its original exposure document, released in August 2012, would have required external reporting of suspected fraud or illegal acts. They received more than 70 comment letters, including one from the PICPA Professional Ethics Committee. Based on the responses they received, they removed this requirement but are continuing to develop guidance that would permit a CPA to report a suspected fraud to regulatory authorities.

Recent roundtable discussions highlight the complexity of this issue, which pits serving in the public interest against client confidentiality. Attitudes are evolving, and the standards are likely to change with them. The IESBA expects to finalize its guidance in the first half of 2016. Changes that are made to the IESBA Code will be closely monitored by the AICPA, and will likely result in changes that affect U.S. practitioners. PICPA’s Ethics Committee is also monitoring developments in this area.

Feel free to reach out to me at ahenry@picpa.org, as the liaison to the committee, to give me your input.

Right from the Source- CPA Exam Advice from NASBA

“We are there in the trenches with you. If anything goes wrong, if you’re concerned about anything that happens prior to, during the exam, or after the exam, you can contact the department and we will work to come to a resolution for you.” –Peggy Vernon

“We are there in the trenches with you. If anything goes wrong, if you’re concerned about anything that happens prior to, during the exam, or after the exam, you can contact the department and we will work to come to a resolution for you.” –Peggy Vernon

The National Association of State Boards of Accountancy (NASBA) is the governing body that oversees the administration of the CPA Exam. While the organization may seem like it is torturing CPA candidates with a nightmare of bureaucratic rules, regulations, forms, and applications, it actually provides the valuable service of ensuring the integrity of CPA profession and protecting the public interest.

One NASBA department that every CPA candidate should get to know is the Candidate Care Department. Continue reading

Don’t Guess When It Comes to Worker Classifications

By Guest Blogger, James S. Anderson, CPA

JamesAnderson

James Anderson, CPA is a partner at Campbell Rappold & Yurasits LLP in Allentown, PA.

Classification of workers as employees or independent contractors has been a hot button issue with the IRS for several years, and is one of the most asked questions by small-business owners hiring workers for the first time. So let’s take a look at the guidelines the IRS uses, the different perspectives of the business owner and worker, and the ramifications of mistaken classifications.

Continue reading

Winning Strategies for Managing an Accounting Practice

What CPAs Can Learn from the Tour de France

dv843026On July 5, 198 riders from 22 teams embarked on the 21-day Tour de France cycling race that covers nearly 2,300 miles through four countries. The obvious goal is to finish first, but before the race begins – and along each stage – the teams will look at vital indicators among the riders and incorporate the findings into their race strategy. Similarly, accounting firms across the country are evaluating their teams this summer to uncover winning strategies by taking part in the 2014 Management of an Accounting Practice (MAP) survey.

The AICPA PCPS/TSCPA conducts this premier benchmarking study so firms can evaluate themselves and their competition. Practice management strategies and metrics can be used to identify strengths, weaknesses, and opportunities, and gain insight into building a more profitable and rewarding practice. Continue reading

Reflections on a PICPA Chapter Annual Meeting

By Guest Blogger, John Katona

John Katona

John Katona is an audit staff for Kreischer Miller, a regional accounting firm in Horsham, Pa.

I believe establishing connections adds a deeper level of significance to one’s professional and personal growth. When Kristin Seeger, our recruiting manager at Kreischer Miller, called and offered me the opportunity to network at the PICPA Greater Philadelphia Chapter Annual Meeting, I was ecstatic. She knew my interest in these events. The next morning, Stephen Christian, our managing director, passed me in the stairwell and wished me luck at the meeting. I later realized that I was his replacement as he was unable to attend at the last minute. Continue reading

How to Effectively Budget Your Money

By Guest Blogger, Nick Zagacki, CPA

BudgetTrackerExample

A good way to budget your money is through a budget tracker spreadsheet similar to this one.

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. Here are a few steps to follow to assist you in creating a budget for your personal finances on a monthly basis: Continue reading