Sisterson Blog

Sisterson Blog

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PA Extends Personal Income Tax Deadline

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.

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

Sisterson Announces Promotions

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

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

Tax

IRS Extends Deadline

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

Tax

IRS Clarifies the Employee Retention Tax Credit in Notice 2021-20

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

Tax

The American Rescue Plan Act has passed: What's in it for you?

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

Tax

Is it time to tune up the accounting function of your nonprofit?

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

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

Tax

Sisterson Admits Three to Partnership

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

Paycheck Protection Program and Pennsylvania

Paycheck Protection Program and Pennsylvania

On February 6, 2021, Governor Wolf signed Senate Bill 109 into law. Read more

Tax

2021 Tax Calendar

2021 Tax Calendar

Important 2021 deadlines. Summary of when various tax-related forms, payments and other actions are due. Read more

Tax

ERC expanded into 2021 with possible 2020 refund potential

ERC expanded into 2021 with possible 2020 refund potential

The CARES Act passed last March established an Employee Retention Tax Credit (ERC) for certain businesses to claim for 2020. The Consolidated Appropriations Act passed in December extended that credit through June 30, 2021. Read more

Tax

PPP Second Draw Loans - Does Your Business Qualify?

PPP Second Draw Loans - Does Your Business Qualify?

Included in the Consolidated Appropriations Act that includes $900 billion for COVID-19 relief is a new round of PPP funding. Read more

Tax

Temporary relief to value personal use of employer-provided automobile for 2020

Temporary relief to value personal use  of employer-provided automobile for 2020

Due to the COVID-19 pandemic, the IRS is providing temporary relief to employers and employees using the automobile lease valuation rule to determine the value of an employee's personal use of an employer-provided automobile. Read more

Tax

IRS Releases 2021 Standard Mileage Rates

IRS Releases 2021 Standard Mileage Rates

The IRS has issued the 2021 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes. Read more

Tax

Congress approves federal deductibility of PPP expenses and other tax incentives

Congress approves federal deductibility of PPP expenses and other tax incentives

Congress approves federal deductibility of PPP expenses and other tax incentives. Read more

Tax

PA online system for remitting income tax payments no longer available

PA online system for remitting income tax payments no longer available

Pennsylvania's online system for remitting personal income tax payments is no longer available, effective Oct. 30, 2020. Also, taxpayers will no longer be able to cancel previously scheduled payments. Read more

Tax

Pennsylvania passes a special local tax credit for active volunteers

Pennsylvania passes a special local tax credit for active volunteers

PA recently passed a special local tax credit for active volunteers, meaning someone contributing time and serves to a volunteer fire company or nonprofit emergency medical services agency that has complied with the requirements of the volunteer service program and is certified under PA law. Read more

Tax

IRS Issues Guidance Clarifying the Deductibility of Expenses for Businesses with PPP Funds

IRS Issues Guidance Clarifying the Deductibility of Expenses for Businesses with PPP Funds

The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Read more

Tax

Pennsylvania Task Force Will Address Misclassification of Employees

Pennsylvania Task Force Will Address Misclassification of Employees

New legislation in the state of Pennsylvania has established a joint task force on worker misclassification. Read more

Tax