Sisterson Blog

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

Congress approves federal deductibility of PPP expenses and other tax incentives. Read more

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

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

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

New legislation in the state of Pennsylvania has established a joint task force on worker misclassification. Read more

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

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

IRS Releases 2021 Inflation Adjustments Read more

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

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

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

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

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

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

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

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

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

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

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