Sisterson Blog

Sisterson Blog

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April 15th Filing Deadline Extended to July 15th

April 15th Filing Deadline Extended to July 15th

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

April 15th Filing Deadline Extended to July 15th

April 15th Filing Deadline Extended to July 15th

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

Tax

The Families First Coronavirus Response Act

The Families First Coronavirus Response Act

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

Additional Guidance Issued Clarifying Payment Deferral

Additional Guidance Issued Clarifying Payment Deferral

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

Tax

Tax payments deferred. Filing date not extended.

Tax payments deferred. Filing date not extended.

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

Tax

Guidance on meal and entertainment deducations provided by the IRS

Guidance on meal and entertainment deducations provided by the IRS

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

Tax

Agreed-Upon Procedures Engagements: No Written Assersion, No Problem

Agreed-Upon Procedures Engagements: No Written Assersion, No Problem

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

Sisterson Again Recognized for Quality Control Standards

Sisterson Again Recognized for Quality Control Standards

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

How a not-for-profit should prepare for a financial audit

How a not-for-profit should prepare for a financial audit

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

Do you pay non-employee compensation in excess of $600?

Do you pay non-employee compensation in excess of $600?

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

Tax

Sisterson Announces Promotions

Sisterson Announces Promotions

Sisterson announces promotions effective January 1, 2020. Read more

2020 Tax Calendar

2020 Tax Calendar

Summary of important 2020 tax deadlines. Read more

Tax

Employee benefit plans: Do you need a Form 5500 audit?

Employee benefit plans: Do you need a Form 5500 audit?

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

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

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

How to Protect your Nonprofit's Credit Cards from Misuse

How to Protect your Nonprofit's Credit Cards from Misuse

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

Congress rolls back burdensome UBIT on transportation benefits

Congress rolls back burdensome UBIT on transportation benefits

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

IRS Releases 2020 Standard Mileage Rates

IRS Releases 2020 Standard Mileage Rates

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

Tax

Revising lease terms to avoid the new lease accounting rules

Revising lease terms to avoid the new lease accounting rules

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

Taxpayers should take some security steps during the holidays

Taxpayers should take some security steps during the holidays

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

Tax

Rules relating to mileage-related deductions are updated by the IRS

Rules relating to mileage-related deductions are updated by the IRS

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

Tax

Accounting for contributions and grants is now easier

Accounting for contributions and grants is now easier

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