Sisterson Blog

Sisterson Blog

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PA Overtime Rules

PA Overtime Rules

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

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

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