Sisterson Blog

Sisterson Blog

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AICPA Issues Guidance on Reporting PPP Loans

AICPA Issues Guidance on Reporting PPP Loans

Some recipients of PPP loans have been unclear as to how to account for these loans. Should these arrangements be treated as loans or grants under U.S. Generally Accepted Accounting Principles?

AICPA Issues Guidance on Reporting PPP Loans

AICPA Issues Guidance on Reporting PPP Loans

Some recipients of PPP loans have been unclear as to how to account for these loans. Should these arrangements be treated as loans or grants under U.S. Generally Accepted Accounting Principles? Read more

SBA releases revised/new PPP loan forgiveness applications

SBA releases revised/new PPP loan forgiveness applications

On June 17, 2020, the SBA released a revised PPP loan forgiveness application and a new EZ loan forgiveness application. Read more

Tax

FASB issues update to implementation timing for two significant pending accounting changes

FASB issues update to implementation timing for  two significant pending accounting changes

On June 3, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2020-05 - Revenue from Contracts with Customers (Topic 606) and Leases (Topic 842). Read more

Sisterson Announces Promotions

Sisterson Announces Promotions

Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP, has announced the following promotions to manager. Read more

PPP Forgiveness Opportunity Improved

PPP Forgiveness Opportunity Improved

On Friday June 5, 2020, President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020. Read more

Tax

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