Sisterson Blog

Sisterson Blog

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The Infrastructure Investment and Jobs Act (IIJA) includes tax-related provisions

The Infrastructure Investment and Jobs Act (IIJA) includes tax-related provisions

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill.

Potential tax law changes hang over year-end tax planning for individuals

Potential tax law changes hang over year-end tax planning for individuals

The proposed Build Back Better Act (BBBA) is certain to include some significant tax provisions, but much uncertainty remains about their impact. While we wait to see which tax provisions are ultimately included in the BBBA, here are some year-end tax planning strategies to consider. Read more

Tax

Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

Businesses must navigate year-end tax planning with new tax laws potentially on the horizon

The budget reconciliation bill, dubbed the Build Back Better Act, is likely to include provisions affecting the taxation of businesses. Read more

Tax

The Infrastructure Investment and Jobs Act (IIJA) includes tax-related provisions

The Infrastructure Investment and Jobs Act (IIJA) includes tax-related provisions

Almost three months after it passed the U.S. Senate, the U.S. House of Representatives has passed the Infrastructure Investment and Jobs Act (IIJA), better known as the bipartisan infrastructure bill. Read more

Tax

Employee Benefit Plan Inflation Limits for 2022

Employee Benefit Plan Inflation Limits for 2022

The IRS has released 2022 inflation adjustments. Read more

Your nonprofit may have an internal controls gap

Your nonprofit may have an internal controls gap

The typical defrauded nonprofit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners - and that does not account for the negative publicity and subsequent lost donations and support that often follow fraud. Read more

Should your company buy or lease equipment?

Should your company buy or lease equipment?

Businesses periodically need to add equipment to grow their operations and replace outdated assets. This article discusses factors to consider when deciding whether to buy or lease equipment, including how recent changes to the lease accounting and federal income tax rules have muddied the waters. Read more

How to pick a qualified employee benefit plan auditor

How to pick a qualified  employee benefit plan auditor

ERISA generally requires employee benefit plans with 100 or more participants to have their annual reports audited. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits. Read more

Retroactive Retirement Plans Can Skip First Form 5500

Retroactive Retirement Plans Can Skip First Form 5500

On August 6, 2021, the IRS explained in an announcement (available here) that certain retirement plans adopted after the close of the employer's taxable year will not be required to file a 2020 Form 5500. Read more

5 ways nonprofits can prepare for an audit

5 ways nonprofits can prepare for an audit

Annual audits are not an event many not-for-profit organizations look forward to. However, regular maintenance and preparation specific to an impending audit can make the process less disruptive. Read more

IRS Issues ERC Guidance as Congress Considers Early Termination

IRS Issues ERC Guidance as Congress Considers Early Termination

The IRS has published new guidance on the Employee Retention Credit (ERC). Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). Read more

Tax

How to account for the employee retention credit

How to account for the employee retention credit

Private companies and not-for-profits are wrestling with accounting for the employee retention credit that qualifies eligible employers for payroll tax reduction under COVID-19 relief laws. Read more

PPP forgiveness and repayment: What businesses need to know now

PPP forgiveness and repayment: What businesses need to know now

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. Read more

Tax

Pennsylvania tax reform code changes

Pennsylvania tax reform code changes

On June 30, 2021, Governor Wolf signed Act No. 25. The budget included several Pennsylvania tax reform code changes. Read more

Tax

Child tax credit payments: What you need to know

Child tax credit payments: What you need to know

The first advance payments under the temporarily expanded child tax credit (CTC) will begin to arrive for nearly 39 million households in mid-July 2021 unless, that is, they opt out. Read more

Tax

Do you know the new accounting rules for gifts in kind?

Do you know the new accounting rules for gifts in kind?

Not-for-profit organizations that accept contributions of nonfinancial assets, such as land, services and supplies, need to know about Financial Accounting Standards Board rules approved last year. Read more

Concerns about the going concern assumption during an audit

Concerns about the going concern  assumption during an audit

The estimated number of going concerns for fiscal year 2019 fell to the lowest amount in 20 years. But the pandemic caused financial distress that could bring an end to this downward trend for fiscal year 2020. Read more

The Biden administration proposes far-reaching tax overhaul

The Biden administration proposes  far-reaching tax overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. Read more

Tax

SBA Proceeding to Dole out $5,000 Supplemental Targeted EIDL Advances

SBA Proceeding to Dole out $5,000 Supplemental Targeted EIDL Advances

The goal is to continue to provide a supplemental payment of $5,000 to the smallest and hardest hit businesses and nonprofit organizations that have been most severely affected by the economic effects of the pandemic. Read more

Tax

Temporary 100% Deduction for Business Meals

Temporary 100% Deduction for Business Meals

The Consolidated Appropriations Act of 2021 created a temporary 100% (vs. 50%) deduction for certain food or beverages provided by restaurants. The 100% deduction applies to amounts paid or incurred after December 31, 2020 and before January 1, 2023. Read more

Tax

PA ID Validation Letters - Be on the lookout if you requested a refund!

PA ID Validation Letters - Be on the lookout if you requested a refund!

If you are a Pennsylvania taxpayer and are requesting a refund on your Pennsylvania personal income tax return, please be on the lookout for a PA ID validation letter to be issued to you requesting an action be performed to confirm your identity before the refund will be issued. Read more

Tax