News

Updates

IRS Announces Inflation Adjustments (10/19/17): On October 19, the IRS announced the annual inflation adjustments for a variety of tax and benefit-related items. (View summary.) 

Proposed 2704 Regulations Withdrawn (10/17/17): The U.S. Treasury Department and IRS released for publication in the Federated Register a notice of withdrawal of proposed regulations under section 2704 concerning the valuation of interests in corporations, partnerships, and other entities for purposes of the estate, gift, and generation-skipping transfer taxes.On October 4, 2017, the U.S. Treasury Department released a report with recommendations for specific actions to mitigate the burden imposed by regulations previously identified as either imposing an undue financial burden on taxpayers, or adding excessive complexity to the tax system. Treasury plans to withdraw proposed regulations under Section 2704 that would have hurt family-owned and operated businesses by limiting valuation discounts. The regulations would have made it difficult and costly for a family to transfer their businesses to the next generation.

IRS Offers Tips for Teenage Taxpayers with Summer Jobs (7/19/17): Students and teenagers often get summer jobs. This is a great way to earn extra spending money or to save for later. The IRS offers a few tax tips for taxpayers with a summer job. (Read more.)

Health Savings Account Limits for 2018 (5/10/17): The IRS has announced the inflation-adjusted amounts that individuals and families can contribute to Health Savings Accounts (HSAs) in 2018. (Read more.)

DOL Delays Fiduciary Rule until June 9, 2017 (4/7/17): This week, the Department of Labor (DOL) delayed by 60 days its final regulation, published on April 8, 2016, defining who is a "fiduciary" under ERISA and the IRC. Also delayed are the applicability dates for the Best Interest Contract Exemption and the Class Exemption for Principal Transactions in Certain Assets Between Investment Advice Fiduciaries and Employee Benefit Plans and IRAs (PTEs). With this ruling, the initial applicability date is now delayed from April 10, 2017, to June 9, 2017. This delay is in response to President Donald Trump's February memorandum directing the DOL to examine the rule to make sure it does not adversely affect the ability of Americans to gain access to retirement information and financial advice. The extension is necessary to enable the DOL to perform this examination and to consider possible changes with respect to the Fiduciary Rule and PTEs. In the meantime, employers and fiduciaries are directed to follow "best interest" standards during the transition period.

IRS Updates FAQs on Certain ACA Provisions (2/7/17): The Trump Administration and the Republican majority in Congress plan to repeal and replace the Affordable Care Act (ACA) in the coming months. In the meantime, however, employers must continue to comply with the existing rules for 2016, including the information reporting requirements and shared responsibility provisions. (Read more.)

Don't Click on Phony QuickBooks Email (1/26/17): The Better Business Bureau is warning users of Intuit's QuickBooks accounting software of a new email phishing scam. The message looks like an email alert from QuickBooks, but it's really a phishing con. (Read more.)

Get Ready Taxpayers: Some Filing Due Dates are Changing (1/19/17): Thanks to two new laws, the due dates have been changed for various tax returns for the 2016 filing year and forward. (Read more.)

Important Tax Figures (1/12/17): Every year, the dollar amounts allowed for various federal tax benefits are subject to change based on inflation adjustments and legislation. Here are some important tax figures for 2017, compared with 2016. (Read more.)

Standard Mileage Rates (12/13/2016): The IRS has issued the 2017 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. The 2017 standard mileage rate is 53.5 cents per mile for business miles driven (down from 54 cents in 2016), and 17 cents per mile for medical and moving expenses (down from 19 cents in 2016). The rate per mile for miles driven for charitable purposes is permanently set by statute at 14 cents.

New Overtime Rules Suspended for Now (11/28/2016): Many employers have been wrestling with plans to comply with new U.S. Department of Labor (DOL) overtime rules since last May. That's when the rules were finalized, with a December 1 compliance deadline. Those new rules included raising the minimum salary overtime exemption to $913 per week from $455. A little more than a week before the deadline for the rules was to take effect, a federal court has issued an injunction, at least temporarily blocking implementation of the changes. (Read more.)

Tax Briefing: Post-Election Tax Policy Update (11/11/2016): CCH Incorporated has released a special report regarding tax law changes that Donald Trump's win is expecting to bring. (Read more.)

Cybersecurity Awareness: Protect Valuable and Vulnerable Assets (11/9/2016): Our world is more interconnected than ever before. The Internet has become an integral part of everyone's business and personal lives. But along with Web-based opportunities come risks of breaches and associated losses. The U.S. Department of Homeland Security has launched a series of education seminars to raise awareness about cybersecurity and to increase the U.S. resiliency against the threat of a cyber incident. Here, we reveal findings from two recent studies that underscore the importance of protecting your business against data breaches. (Read more.)

Newsletters

Strategies: November 2017
  • Navigating the Revised Lease Accounting Standards
  • Meal Deductions can be a De Minimis Fringe Benefit
  • Preparing for an IRS Audit of your Employee Benefit Plan
  • Protect Your Company from Immigration Infractions
  • Client Spotlight: Motion & Control Enterprises
  • Sisterson Happenings: Fall 2017
Strategies: July 2017
  • Spring Cleaning: When Can You Purge Your Old Financial Records?
  • FASB Aims to Improve Not-for-Profit Accounting Standards
  • Debt or Equity? New Guidance Helps You Decide
  • Yes, HRAs are Subject to COBRA
  • The Ins and Outs of Deducting Legal Expenses
  • Sisterson Happenings: Summer 2017
Strategies: April 2017
  • Sisterson Welcomes AGN International
  • FASB Reduces Disclosure Requirements for Certain Investments
  • Train Employees to Avoid Cybercrime
  • Employee Benefit Plan Audit Requirements
  • Client Spotlight: Pittsburgh Promise
  • Sisterson Happenings: Spring 2017

Strategies: December 2016

  • Year-End Tax Strategies for Small Businesses
  • New IRS Guidance for Designated Roth Accounts
  • Did You Miss the 60-Day Deadline for Your IRA Rollover?
  • DOL Releases 2016 Form 5500
  • Sisterson Happenings

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Sisterson News

Press Releases

Ogrodnik Admitted to Partnership, November 2017: Deborah L. Ogrodnik will be admitted to the partnership of Sisterson effective January 1, 2018. Since joining Sisterson in 2006, Ms. Ogrodnik has served clients in the manufacturing, wholesale, retail, distribution, construction, service, investment, and real estate management industries. (View News Release.)

Habsburg Promoted to Tax Manager, June 2017: Carissa M. Habsburg has been promoted to Tax Manager effective June 1, 2017. Ms. Habsburg's experience includes tax return compliance and planning for corporations, partnerships, and individuals. (View News Release.)

Sisterson Again Recognized for Quality Control Standards, December 2016: Sisterson & Co. LLP has achieved the highest level of report following a peer review of the Firm’s quality controls for accounting and auditing engagements. This is the ninth consecutive review period for which the Firm has received this rating. (View News Release.)