News and Resources

News and Resources

Thank you for visiting our blog. We strive to share items that are relevant and timely. If you have questions or ideas for topics, feel free to contact us.

Best Practices for Audit Committees

Best Practices for Audit Committees

In January 2019, the board of the International Organization of Securities Commissions published a report intended to promote audit quality. It outlines best practices for audit committees.

Best Practices for Audit Committees

Best Practices for Audit Committees

In January 2019, the board of the International Organization of Securities Commissions published a report intended to promote audit quality. It outlines best practices for audit committees. Read more

Divide and conquer: How joint cost allocating works

Divide and conquer: How joint cost allocating works

In many cases, your nonprofit is allowed to allocate costs between fundraising and other functions as long as you meet three joint activities criteria. What are they? Read more

Four Financial Warnings Signs for Nonprofit Organizations

Four Financial Warnings Signs for Nonprofit Organizations

Most nonprofits experience the occasional financial misstep or budget shortfall. But if your board members observe multiple or chronic issues like these, they have a responsibility to step in and do everything in their power to address them. Read more

Sisterson Promotes Pugne to Director

Sisterson Promotes Pugne to Director

Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP, has announced the promotion of Melissa A. Pugne to Director effective January 1, 2019. Read more

DOL Issues Long-Awaited Proposed Overtime Rules

DOL Issues Long-Awaited Proposed Overtime Rules

On March 7, 2019, the U.S. Department of Labor (DOL) finally issued proposed overtime rules as a result of extensive public input. Read more

Why auditors require face-to-face meetings to assess fraud risks

Why auditors require face-to-face meetings to assess fraud risks

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here is what auditors look for during fraud-risk interviews and why face-to-face meetings are essential. Read more

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers it is waiving some underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. Read more

Tax

2019 Tax Calendar

2019 Tax Calendar

To help you make sure you don't miss any important 2019 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Read more

Tax

Operating reserve is a financial safety net for a nonprofit

Operating reserve is a financial safety net for a nonprofit

An operating reserve is an unrestricted and relatively liquid portion of a not-for-profit's net assets. Securing this reserve for use in emergencies or simply when your budget falls short is critical to your organization's security and long-term survival. Read more

1099 PA Withholding Reminder

1099 PA Withholding Reminder

Beginning on January 1, 2018, and continuing in 2019, Pennsylvania businesses and non-profits are required to withhold Pennsylvania Personal Income Tax on nonemployee compensation that is paid to nonresident individuals and single-member LLCs that have a nonresident owner for "work performed Read more

Tax

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