News and Resources

In January 2019, the board of the International Organization of Securities Commissions published a report intended to promote audit quality. It outlines best practices for audit committees. Read more

In many cases, your nonprofit is allowed to allocate costs between fundraising and other functions as long as you meet three joint activities criteria. What are they? Read more

Most nonprofits experience the occasional financial misstep or budget shortfall. But if your board members observe multiple or chronic issues like these, they have a responsibility to step in and do everything in their power to address them. Read more

Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP, has announced the promotion of Melissa A. Pugne to Director effective January 1, 2019. Read more

On March 7, 2019, the U.S. Department of Labor (DOL) finally issued proposed overtime rules as a result of extensive public input. Read more

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here is what auditors look for during fraud-risk interviews and why face-to-face meetings are essential. Read more

The IRS has some good news for certain taxpayers it is waiving some underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. Read more

To help you make sure you don't miss any important 2019 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Read more

An operating reserve is an unrestricted and relatively liquid portion of a not-for-profit's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization's security and long-term survival. Read more

Beginning on January 1, 2018, and continuing in 2019, Pennsylvania businesses and non-profits are required to withhold Pennsylvania Personal Income Tax on nonemployee compensation that is paid to nonresident individuals and single-member LLCs that have a nonresident owner for "work performed Read more

This article addresses steps 4 and 5 of the new revenue recognition model: allocation of the transaction price to performance obligations and recognizing revenue when, or as, performance obligations are satisfied. Read more

This step of the revenue standard addresses the determination of the transaction price in a contract arrangement. Topic 606 defines the transaction price as "the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer." Read more

In this article we dive deeper into steps 1 and 2 of the Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers: identify the contract with a customer and identify the separate performance obligations in the contract. Read more

Many companies choose to lease certain assets, rather than buy them outright. Roughly 85% of these leases are not reported on company balance sheets, according to estimates made by the Financial Accounting Standards Board (FASB). However, that is going to change under a new accounting standard. Read more

If your company or non-profit enters into contracts, it may need to update the way revenue is reported under new accounting guidance that goes into effect for private companies with annual reporting periods beginning after December 15, 2018 (in other works, calendar year 2019). 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