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Round 2: 90-Day IRS Pre-Examination Compliance Pilot - Retirement Plans

Round 2: 90-Day IRS Pre-Examination Compliance Pilot - Retirement Plans

The IRS Employee Plans Division has officially started the second phase of the Pre-Examination Retirement Plan Compliance Program pilot.

CHIPS Act Poised to Boost U.S. Businesses

CHIPS Act Poised to Boost U.S. Businesses

The CHIPS Act aims to bolster semiconductor production and economic competitiveness. Among its provisions is an investment tax credit for manufacturing facilities and equipment.

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Tax

Businesses: Act now to make the most out of bonus depreciation

Businesses: Act now to make the most out of bonus depreciation

The Tax Cuts and Jobs Act (TCJA) significantly boosted the potential value of bonus depreciation for taxpayers but only for a limited duration. The amount of first-year depreciation available as a so-called bonus will begin to drop from 100% after 2022, and businesses should plan accordingly.

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Tax

PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes

PA 2022-23 Budget Approves Corporate Tax Rate Cuts and Other Tax Changes

Enacted on July 8, PA House Bill 1342 (H.B. 1342) makes significant changes to the corporate net income tax laws, including a nine year phase-in of a corporate net income tax (CNIT) tax rate reduction.

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Tax

Standard Business Mileage Rate will Increase for the Second Half of 2022

Standard Business Mileage Rate will Increase for the Second Half of 2022

The IRS recently announced that it'll increase the standard mileage rate for qualified business driving for the second half of 2022. The adjustment reflects the soaring cost of gasoline this year.

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Tax

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

New 90-day IRS Pre-Examination Compliance Pilot - Retirement Plans

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2022 Business Tax Surprises?

2022 Business Tax Surprises?

Build Back Better may be on the shelf for now but there are still tax changes taking effect in 2022. Following are highlights related to two of such changes that selected businesses should be aware of and planning for.

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Implementing the New Accounting Rules for Leases

Implementing the New Accounting Rules for Leases

Private companies must adopt the new lease accounting standard starting in 2022. This article includes important information that companies should be aware of as they update their processes and systems to reflect the changes.

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Handle Nonprofit Restricted Gifts with Care

Handle Nonprofit Restricted Gifts with Care

Most non-profits encourage donors to make unrestricted contributions that will give the organization flexibility to use the money where it is needed most. But there will always be some donors who place restrictions on their gifts, and these require a higher level of responsibility.

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Robust internal controls are essential today

Robust internal controls are essential today

Internal controls have been a hot button issue during the COVID-19 pandemic, especially as remote working arrangements have become more common. This article discusses the importance of evaluating internal controls over financial reporting.

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Employee Benefit Plan Inflation Limits for 2022

Employee Benefit Plan Inflation Limits for 2022

The IRS has released 2022 inflation adjustments.

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Your nonprofit may have an internal controls gap

Your nonprofit may have an internal controls gap

The typical defrauded nonprofit loses $75,000 per fraud incident, according to the Association of Certified Fraud Examiners - and that does not account for the negative publicity and subsequent lost donations and support that often follow fraud.

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Should your company buy or lease equipment?

Should your company buy or lease equipment?

Businesses periodically need to add equipment to grow their operations and replace outdated assets. This article discusses factors to consider when deciding whether to buy or lease equipment, including how recent changes to the lease accounting and federal income tax rules have muddied the waters.

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How to pick a qualified employee benefit plan auditor

How to pick a qualified  employee benefit plan auditor

ERISA generally requires employee benefit plans with 100 or more participants to have their annual reports audited. Plan administrators have fiduciary responsibilities to hire independent qualified public accountants to perform quality audits.

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Retroactive Retirement Plans Can Skip First Form 5500

Retroactive Retirement Plans Can Skip First Form 5500

On August 6, 2021, the IRS explained in an announcement (available here) that certain retirement plans adopted after the close of the employer's taxable year will not be required to file a 2020 Form 5500.

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5 ways nonprofits can prepare for an audit

5 ways nonprofits can prepare for an audit

Annual audits are not an event many not-for-profit organizations look forward to. However, regular maintenance and preparation specific to an impending audit can make the process less disruptive.

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Do you know the new accounting rules for gifts in kind?

Do you know the new accounting rules for gifts in kind?

Not-for-profit organizations that accept contributions of nonfinancial assets, such as land, services and supplies, need to know about Financial Accounting Standards Board rules approved last year.

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Concerns about the going concern assumption during an audit

Concerns about the going concern  assumption during an audit

The estimated number of going concerns for fiscal year 2019 fell to the lowest amount in 20 years. But the pandemic caused financial distress that could bring an end to this downward trend for fiscal year 2020.

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Temporary 100% Deduction for Business Meals

Temporary 100% Deduction for Business Meals

The Consolidated Appropriations Act of 2021 created a temporary 100% (vs. 50%) deduction for certain food or beverages provided by restaurants. The 100% deduction applies to amounts paid or incurred after December 31, 2020 and before January 1, 2023.

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Tax

PA ID Validation Letters - Be on the lookout if you requested a refund!

PA ID Validation Letters - Be on the lookout if you requested a refund!

If you are a Pennsylvania taxpayer and are requesting a refund on your Pennsylvania personal income tax return, please be on the lookout for a PA ID validation letter to be issued to you requesting an action be performed to confirm your identity before the refund will be issued.

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Tax

Sisterson Announces Promotions

Sisterson Announces Promotions

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

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