Sisterson Blog

Sisterson Blog

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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.

Do you pay non-employee compensation in excess of $600?

Do you pay non-employee 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

Sisterson Announces Promotions

Sisterson Announces Promotions

Sisterson announces promotions effective January 1, 2020. Read more

2020 Tax Calendar

2020 Tax Calendar

Summary of important 2020 tax deadlines. Read more

Tax

Employee benefit plans: Do you need a Form 5500 audit?

Employee benefit plans: Do you need a Form 5500 audit?

Some benefit plans are required to include an opinion from an independent qualified public accountant (IQPA) when filing Form 5500 each year. Read more

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

SECURE Act Changes the Required Minimum Distribution Age from 70-1/2 to 72

The "Setting Every Community Up for Retirement Enhancement Act of 2019" (the SECURE Act) was signed into law on December 20, 2019. The SECURE Act lays out major changes for retirement plans and IRAs, and creates a new pooled multiple employer plan. This is a summary of the changes. Read more

How to Protect your Nonprofit's Credit Cards from Misuse

How to Protect your Nonprofit's Credit Cards from Misuse

A hypothetical not-for-profit staffer named Britney had maxed out her personal credit cards. So when her car needed repairs, she reached for her employer's card. She reasoned that she would come up with the money to pay the bill before her boss ever saw a statement. Read more

Congress rolls back burdensome UBIT on transportation benefits

Congress rolls back burdensome UBIT on transportation benefits

At the end of 2019, Congress repealed a provision of the 2017 Tax Cuts and Jobs Act (TCJA) that triggered the unrelated business income tax (UBIT) of 21% on nonprofit employers that provide employees with transportation fringe benefits. Read more

IRS Releases 2020 Standard Mileage Rates

IRS Releases 2020 Standard Mileage Rates

The IRS has issued the 2020 standard mileage rates used to calculate the deductible costs of operating an automobile for business and charitable purposes. Read more

Tax

Revising lease terms to avoid the new lease accounting rules

Revising lease terms to avoid the new lease accounting rules

Debt-strapped private companies have been exploring ways to avoid having to use the lease accounting rules for new contracts. Implementing the updated leases standard might cause some companies to trip their loan covenants and how to safeguard against this potential pitfall. Read more

Taxpayers should take some security steps during the holidays

Taxpayers should take some security steps during the holidays

The Pennsylvania Dept. of Revenue (PDOR) is warning taxpayers to take a few basic security steps during the holidays. Read more

Tax

Rules relating to mileage-related deductions are updated by the IRS

Rules relating to mileage-related deductions are updated by the IRS

New guidance has been issued by the IRS updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. Read more

Tax

Accounting for contributions and grants is now easier

Accounting for contributions and grants is now easier

Accounting for contributions and grants can be complicated for not-for-profits, especially when they come with donor-imposed conditions. However, 2018 guidance from the Financial Accounting Standards Board (FASB) provided some much-needed clarification. Read more

Factor 2020 cost-of-living adjustments into your year-end tax planning

Factor 2020 cost-of-living adjustments into your year-end tax planning

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Read more

Tax

Health Care Reporting Forms: 30-Day Extension Of Distribution Deadline and Penalty Relief

Health Care Reporting Forms:  30-Day Extension Of Distribution Deadline and Penalty Relief

Similar to prior years, the IRS has again announced that employers have more time to distribute 2019 health coverage information returns to employees. However, the deadline for filing these forms with the IRS has not changed. Read more

Measuring the fair value of equity-based awards

Measuring the fair value of equity-based awards

Equity-based compensation awards can help companies attract skilled workers and boost performance. But accounting for these payments can be complicated and costly. Read more

Are you prepared for IRS Letter 226-J?

Are you prepared for IRS Letter 226-J?

If you are an employer with at least 50 employees or 50 full-time equivalents, otherwise known as an applicable large employer (ALE), you've been doing your best to comply with the Affordable Care Act (ACA). But what happens when you receive the dreaded IRS Letter 226-J? Read more

IRS Inflation Adjustments

IRS Inflation Adjustments

2020 Inflation Adjustments for Pension Plans, Retirement Accounts Released Read more

New Corporate Net Income Tax Rules Issued by the Pennsylvania Department of Revenue

New Corporate Net Income Tax Rules Issued by the Pennsylvania Department of Revenue

Considering the U.S. Supreme Court "Wayfair v. South Dakota" decision of 2018, the PA DOR has adopted new nexus requirements for purposes of PA corporate income tax. Read more

Tax

Effective dates: FASB proposes changes to standard-setting approach

Effective dates: FASB proposes changes to standard-setting approach

In recent years, smaller public companies and private entities have been struggling to keep up with the rapid pace of change in accounting rules. In response, the FASB has proposed changing its philosophy for establishing effective dates for major new accounting standards. Read more

How strong are the internal controls of your company?

How strong are the internal controls of your company?

A solid system of internal controls translates into more reliable financial reporting and can help companies prevent, detect and correct financial misstatements. Read more