Sisterson Blog

According to Secretary Steven Mnuchin today, the April 15th tax deadline is being extended to July 15th. Read more

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

The Secretary of the Treasury issued additional guidance today pursuant to Notice 2020-17 clarifying that the payment deferral also applies to trusts and estates, as well as to 1Q 2020 estimates. Read more

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. Read more

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Read more

The AICPA's Auditing Standards Board ("ASB") issued a revised attestation standard in December 2019. The revised standard gives accountants more flexibility when performing agreed-upon procedures ("AUP") engagements. Read more

Pittsburgh-based certified public accounting firm 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. Read more

Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. However, undergoing regular audits allows an organization to identify risks early and act quickly to prevent problems. Read more

If you pay non-employee compensation in excess of $600 in 2020 or later, form 1099-NEC will need filed instead of form 1099-MISC. Read more

Sisterson announces promotions effective January 1, 2020. Read more

Summary of important 2020 tax deadlines. Read more

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. Read more

The "Setting Every Community Up for Retirement Enhancement Act of 2019" (the SECURE Act) was signed into law on December 20, 2019. The SECURE Act lays out major changes for retirement plans and IRAs, and creates a new pooled multiple employer plan. This is a summary of the changes. Read more

A hypothetical not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer's card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement. Read more

At the end of 2019, Congress repealed a provision of the 2017 Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Read more

The IRS has issued the 2020 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes. Read more

Debt-strapped private companies have been exploring ways to avoid having to use the lease accounting rules for new contracts. Implementing the updated leases standard might cause some companies to trip their loan covenants and how to safeguard against this potential pitfall. Read more

The Pennsylvania Dept. of Revenue (PDOR) is warning taxpayers to take a few basic security steps during the holidays. Read more

New guidance has been issued by the IRS updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. Read more

Accounting for contributions and grants can be complicated for not-for-profits, especially when they come with donor-imposed conditions. However, 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification. Read more