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.

PA corporations get even more time to file tax returns

PA corporations get even more time to file tax returns

The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020.

PA corporations get even more time to file tax returns

PA corporations get even more time to file tax returns

The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020. Read more

Tax

Employee Retention Tax Credit: Does your business qualify?

Employee Retention Tax Credit:  Does your business qualify?

The CARES Act contains multiple economic and tax incentives to retain employees. One of those is the Employee Retention Tax Credit. Read more

Tax

PPP Loan Forgiveness Application Issued by SBA

PPP Loan Forgiveness Application Issued by SBA

The U.S. Small Business Administration (SBA) has issued its Paycheck Protection Program loan forgiveness application with instructions. Read more

Tax

Deferral of employment tax through December 31, 2020

Deferral of employment tax through December 31, 2020

If your business did not qualify for a PPP loan, you have an opportunity to assist with cash-flow management under the CARES Act. Read more

Tax

SBA issues further guidance on demonstrating need for a PPP loan

SBA issues further guidance  on demonstrating need for a PPP loan

The SBA updated its frequently asked questions regarding the Paycheck Protection Program. Much needed guidance was added addressing borrowers' required good-faith certification that a loan was necessary to support its ongoing operations. Read more

Tax

Helping employees inpacted by COVID-19

Helping employees inpacted by COVID-19

Section 139 of the Internal Revenue Code permits employers to make non-taxable relief payments to employees for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Read more

Tax

Are expenses paid with PPP loan proceeds tax deductible?

Are expenses paid with PPP loan proceeds tax deductible?

Many businesses have applied for and/or received PPP loans. Such loans have provisions for forgiveness in whole/part to the extent loan proceeds are used for payroll costs, rent, utilities and mortgage interest during an eight-week period from the date the loan proceeds are received. Read more

Tax

Recording gifts in kind and donated services

Recording gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to their favorite charities. Read more

Relaxed Deadline for Filing and Paying Corporation Tax

Relaxed Deadline for Filing and Paying Corporation Tax

Corporations in Pennsylvania are getting a relaxed deadline for filing and paying corporation tax. The PA Dept. of Revenue has provided a summary of tax extensions in response to the novel coronavirus (COVID-19). Read more

Tax

PDOR Warns of COVID-19 Scams

PDOR Warns of COVID-19 Scams

Beware of novel coronavirus (COVID-19) scams aimed at Pennsylvania residents, says the PA Dept. of Revenue (PDOR). Scammers are using phishing scams to target taxpayers who are expecting federal stimulus payments. Read more

Tax

Certain 2018 Form 5500 Due Dates Extended

Certain 2018 Form 5500 Due Dates Extended

IRS Notice 2020-23 provides additional time for employee benefit plan sponsors to file 2018 Forms 5500 due on or after April, 1, 2020 and before July 15, 2020. Plans with original due dates or extended due dates falling within this period now have until July 15, 2020 to file their forms. Read more

CARES Act offers new hope for cash-strapped not-for-profits

CARES Act offers new hope for cash-strapped not-for-profits

How is the massive $2 trillion recovery package poised to help your not-for-profit organization? It depends on your group's size, financial condition and other factors. But most nonprofits affected by the coronavirus (COVID-19) outbreak are eligible for some relief under the CARES Act. Read more

How will the coronavirus health crisis affect financial reporting?

How will the coronavirus health crisis affect financial reporting?

The coronavirus (COVID-19) pandemic has rightly become the focus of massive public attention in recent weeks. In addition to concerns about the health of their workers, businesses may be concerned about how it will affect their financial results and the performance of their supply chain partners. Read more

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