News and Resources

News and Resources

Thank you for visiting our blog. We strive to share items that are relevant and timely. If you have questions or ideas for topics, feel free to contact us.

Effective dates: FASB proposes changes to standard-setting approach

Effective dates: FASB proposes changes to standard-setting approach

In recent years, smaller public companies and private entities have been struggling to keep up with the rapid pace of change in accounting rules. In response, the FASB has proposed changing its philosophy for establishing effective dates for major new accounting standards.

Are you Prepared for IRS Letter 226-J?

Are you Prepared for IRS Letter 226-J?

If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J? Read more

IRS Inflation Adjustments

IRS Inflation Adjustments

2020 Inflation Adjustments for Pension Plans, Retirement Accounts Released Read more

Effective dates: FASB proposes changes to standard-setting approach

Effective dates: FASB proposes changes to standard-setting approach

In recent years, smaller public companies and private entities have been struggling to keep up with the rapid pace of change in accounting rules. In response, the FASB has proposed changing its philosophy for establishing effective dates for major new accounting standards. Read more

How strong are the internal controls of your company?

How strong are the internal controls of your company?

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. Read more

Private companies: How to account for "profits interests" in LLCs

Private companies: How to account for "profits interests" in LLCs

The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. This article discusses a request from private companies and their advisors to simplify the complex rules that have evolved to account for these transactions. Read more

Reminder: Estimated tax due 9/16

Reminder: Estimated tax due 9/16

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2019 tax is due on Sept. 16. Read more

Tax

FASB will propose delays to four new accounting standards

FASB will propose delays to four new accounting standards

In July, the FASB voted to propose a sweeping set of split deferrals for certain entities. The proposal would delay new accounting rules for 1) leases, 2) credit losses on loans, 3) long-term insurance contracts, and 4) hedge accounting. Read more

Protect your nonprofit from occupational fraud threats

Protect your nonprofit from occupational fraud threats

Here's how nonprofits open the door to fraud - and how your organization can shut it. Read more

Providing more detailed information about expenses

Providing more detailed information about expenses

Ideally, investors should be able to get sufficient information about a company's future cash flows by looking at the income statement. But they currently do not because expense information is too densely reported, according to recent discussions by the Financial Accounting Standards Board (FASB). Read more

What to do if your nonprofit receives an IRS audit letter

What to do if your nonprofit receives an IRS audit letter

The IRS's staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it is a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. Read more

Disclosing government assistance

Disclosing government assistance

In February, Amazon backed out of plans to open a second headquarters in Queens, New York, because of community opposition to roughly $2.5 billion in government incentives. Read more

Taxpayer First Act Signed into Law

Taxpayer First Act Signed into Law

President Trump signed the Taxpayer First Act into law on July 1, after the package of far-reaching IRS reforms received strong bipartisan support in the House and Senate last month. Read more

Tax

Fiduciary duties: What your board members need to know

Fiduciary duties: What your board members need to know

Not-for-profit board members have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. Read more

Protect your nonprofit by cross-training staff

Protect your nonprofit by cross-training staff

What would happen if one of your managers was suddenly forced to take long-term disability leave? Or an accounting staffer quit without notice? It is possible that your not-for-profit's work could come to a standstill, unless you have cross-trained your employees. Read more

Rechenberg and Wright Promoted to Manager

Rechenberg and Wright Promoted to Manager

Sisterson & Co. has announced the promotion of Megan E. Rechenberg to Tax Manager and Lisa K. Wright to Audit Manager. Read more

Pennsylvania Tax Post 6/12/2019

Pennsylvania Tax Post 6/12/2019

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. Read more

Tax

Boardroom diversity update

Boardroom diversity update

Many corporate directors want to increase board diversity to capture the benefits. This article highlights key findings from recent boardroom diversity studies and some characteristics, beyond gender and race diversity, that boards should look for in new members. Read more

Does your nonprofit need a CFO?

Does your nonprofit need a CFO?

The ability of your not-for-profit to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO). Read more

Why You Should Run Your Nonprofit Like a Business

Why You Should Run Your Nonprofit Like a Business

It is a well-known truism in the corporate world: Organizations that do not evolve run the risk of becoming obsolete. Just like their for-profit counterparts, not-for-profit organization also must anticipate and react to market demands. Read more

Pennsylvania Tax Post 5/15/2019

Pennsylvania Tax Post 5/15/2019

As a Pennsylvania resident, you may have received a letter regarding purchases made online or by catalog in the last year. Read more

Tax