News

Updates

Could Federal Tax Reform be a Game Changer for PA's EITC Program Participation? (1/24/18): Recall in late 2017 that we presented you with a unique opportunity to lower your taxes and help students in need through participation in PA's Educational Improvement/Opportunity Scholarship Tax Credit Program ("EITC"). Well, the federal tax bill that recently passed just made this opportunity even better. In fact, it could be a game changer for you and for students in need starting in 2018. Why? (Read on.)

Prepaid Real Property Taxes May be Deductible in 2017 if Assessed and Paid in 2017 (12/28/17): On 12/27/2017, the Internal Revenue Service advised tax professionalsnd taxpayers that pre-paying 2018 state and local real property taxes in 2017 may be tax deductible under certain circumstances. (Read more.)

Tax Briefing: Tax Cuts and Job Act (12/22/17): Walters Kluwar has released a special report regarding the Tax Cuts and Job Act. (PDF)

Standard Mileage Rates (12/14/2017): The IRS has issued the 2018 optional standard mileage rates to be used to calculate the deductible costs of operating an automobile for business, medical, moving and charitable purposes. The 2018 standard mileage rate is 54.5 cents per mile for business miles driven (down from 53.5 cents in 2017), and 18 cents per mile for medical and moving expenses (up from 17 cents in 2017). The rate per mile for miles driven for charitable purposes is permanently set by statute at 14 cents.

Support a PA Educational Institution and Reduce Personal Income Taxes (12/5/17): For many years, Pennsylvania has afforded businesses an opportunity to support selected PA educational institutions and reduce their income taxes through participation in the state's Educational Improvement/Opportunity Scholarship Tax Credit Program ("EITC"). What has gone under the radar is that "individual" donors can participate in their personal capacity. This is big for students across the state. (Read more.)

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Proposed 2704 Regulations Withdrawn (10/17/17): The U.S. Treasury Department and IRS released for publication in the Federated Register a notice of withdrawal of proposed regulations under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.)

Newsletters

Strategies: February 2018
  • IRS Releases New Withholding Tables: Employees Will See Changes Soon
  • Revenue Recognition Contracts - Part 1: Overview
  • The Changes Affecting Charitable Organizations under the New Tax Reform Law
  • New Security Flaws in Chips
  • Client Spotlight: Rebuilding Together Pittsburgh
  • Sisterson Happenings: Winter 2018
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

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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.)