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.
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
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
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
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
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
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
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
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
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
PPP Application Deadline Extended
President Biden has signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. Read more
IRS Elaborates on the Deadline Extension
You may recall that the IRS extended the individual filing deadline to May 17, 2021. On March 29, the IRS elaborated on this. Specifically, IRS Notice 2021-21 provides details on the additional tax deadlines which have been postponed until May 17. Read more
Sisterson Announces Promotions
Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP has announced the following promotions. Read more
PA Extends Personal Income Tax Deadline
Pennsylvania has extended its personal income tax deadline, to May 17, 2021 to coordinate with the extended federal tax return deadline. Read more
IRS Extends Deadline
The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Read more
IRS Clarifies the Employee Retention Tax Credit in Notice 2021-20
The CARES Act created the employee retention tax credit (ERTC) for eligible businesses and tax-exempt organizations that pay qualified wages, including certain health plan expenses, to employees after March 12, 2020, and before January 1, 2021. Read more
The American Rescue Plan Act has passed: What's in it for you?
Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. Read more
Is it time to tune up the accounting function of your nonprofit?
It is a good idea to regularly review the accounting function of a not-for-profit organization for inefficiencies and oversight gaps. Read more
White House Announces Temporary Reforms to Help Small Businesses Obtain PPP Loans
On February 22, the Biden administration announced several reforms that will make it easier for small businesses, including independent contractors and sole proprietors, to obtain forgivable PPP Loans. Read more
Sisterson Admits Three to Partnership
Sisterson & Co. LLP has announced that Melissa A. Pugne, EA, MST, Jared G. Sullivan, CPA and Megan E. Walsh, MBA, CFE have been admitted to the partnership effective January 1, 2021. Read more