Sisterson Blog

Sisterson Blog

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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.

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

Do you pay nonemployee compensation in excess of $600?

Do you pay nonemployee 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

PA Overtime Rules

PA Overtime Rules

Final overtime rules for Pennsylvania took effect on October 3, 2020. Read more

Tax

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments Read more

Tax

Sisterson Seeking Audit Professional

Sisterson Seeking Audit Professional

Sisterson & Co. LLP is seeking qualified candidates to join our Audit team. Read more

Unusual year steers year-end tax strategies

Unusual year steers year-end tax strategies

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. Read more

Tax

What to do when the audit ends

What to do when the audit ends

Financial audits are among the most effective tools for revealing risks in not-for-profit organizations. Independent audits help assure donors and other stakeholders about the stability of an organization so long as the audit results are responded to appropriately. Read more

Coming soon: Updated rules for reporting convertible instruments

Coming soon: Updated rules for reporting convertible instruments

The FASB recently issued new guidance to simplify the accounting rules for convertible instruments and contracts in an entity's own equity. Though narrower than initially proposed, the changes will provide investors with more-comparable information that is easier to understand. Read more

Private foundations need strong conflict-of-interest policies

Private foundations need strong conflict-of-interest policies

Does your private foundation have a detailed conflict-of-interest policy? If not, or if the policy is not followed closely, you could face IRS attention that results in penalties and even the revocation of your tax-exempt status. Learn how to prevent accusations of self-dealing. Read more

Estimated income tax payments due 9/15

Estimated income tax payments due 9/15

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2020 tax is due on September 15. Read more

Tax

August 31 is the deadline to return distributions to retirement accounts

August 31 is the deadline to return distributions to retirement accounts

The IRS reminded IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Monday, August 31 to rollover or repay the distribution to avoid paying taxes. Read more

Tax

PA Dept of Revenue Reminders

PA Dept of Revenue Reminders

The Pennsylvania Dept. of Revenue has released its latest newsletter with reminders of PA's various tax relief measures, in response to the COVID-19 emergency. Read more

Tax

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