Sisterson Blog
Sisterson Blog
Thank you for visiting our blog. If you have questions about any of these items, contact us at info@sisterson.com or reach out to your Sisterson representative.
AICPA Issues Guidance on Reporting PPP Loans
Some recipients of PPP loans have been unclear as to how to account for these loans. Should these arrangements be treated as loans or grants under U.S. Generally Accepted Accounting Principles? Read more
SBA releases revised/new PPP loan forgiveness applications
On June 17, 2020, the SBA released a revised PPP loan forgiveness application and a new EZ loan forgiveness application. Read more
FASB issues update to implementation timing for two significant pending accounting changes
On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05 - Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842). Read more
Sisterson Announces Promotions
Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP, has announced the following promotions to manager. Read more
PPP Forgiveness Opportunity Improved
On Friday June 5, 2020, President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020. Read more
PA corporations get even more time to file tax returns
The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020. Read more
Employee Retention Tax Credit: Does your business qualify?
The CARES Act contains multiple economic and tax incentives to retain employees. One of those is the Employee Retention Tax Credit. Read more
PPP Loan Forgiveness Application Issued by SBA
The U.S. Small Business Administration (SBA) has issued its Paycheck Protection Program loan forgiveness application with instructions. Read more
Deferral of employment tax through December 31, 2020
If your business did not qualify for a PPP loan, you have an opportunity to assist with cash-flow management under the CARES Act. Read more
SBA issues further guidance on demonstrating need for a PPP loan
The SBA updated its frequently asked questions regarding the Paycheck Protection Program. Much needed guidance was added addressing borrowers' required good-faith certification that a loan was necessary to support its ongoing operations. Read more
Helping employees inpacted by COVID-19
Section 139 of the Internal Revenue Code permits employers to make non-taxable relief payments to employees for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Read more
Are expenses paid with PPP loan proceeds tax deductible?
Many businesses have applied for and/or received PPP loans. Such loans have provisions for forgiveness in whole/part to the extent loan proceeds are used for payroll costs, rent, utilities and mortgage interest during an eight-week period from the date the loan proceeds are received. Read more
Recording gifts in kind and donated services
As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to their favorite charities. Read more
Relaxed Deadline for Filing and Paying Corporation Tax
Corporations in Pennsylvania are getting a relaxed deadline for filing and paying corporation tax. The PA Dept. of Revenue has provided a summary of tax extensions in response to the novel coronavirus (COVID-19). Read more
PDOR Warns of COVID-19 Scams
Beware of novel coronavirus (COVID-19) scams aimed at Pennsylvania residents, says the PA Dept. of Revenue (PDOR). Scammers are using phishing scams to target taxpayers who are expecting federal stimulus payments. Read more
Certain 2018 Form 5500 Due Dates Extended
IRS Notice 2020-23 provides additional time for employee benefit plan sponsors to file 2018 Forms 5500 due on or after April, 1, 2020 and before July 15, 2020. Plans with original due dates or extended due dates falling within this period now have until July 15, 2020 to file their forms. Read more
CARES Act offers new hope for cash-strapped not-for-profits
How is the massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group's size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under the CARES Act. Read more
How will the coronavirus health crisis affect financial reporting?
The coronavirus (COVID-19) pandemic has rightly become the focus of massive public attention in recent weeks. In addition to concerns about the health of their workers, businesses may be concerned about how it will affect their financial results and the performance of their supply chain partners. Read more
April 15th Filing Deadline Extended to July 15th
According to Secretary Steven Mnuchin today, the April 15th tax deadline is being extended to July 15th. Read more
The Families First Coronavirus Response Act
President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Read more