Sisterson Blog

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New Determination Letter Program for 403(b) Plans

New Determination Letter Program for 403(b) Plans

In November 2022, the IRS announced, in Revenue Procedure 2022-40, the expansion of one of their programs for approving retirement plans.

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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Is it time to tune up the accounting function of your nonprofit?

Is it time to tune up the accounting function of your nonprofit?

It is a good idea to regularly review the accounting function of a not-for-profit organization for inefficiencies and oversight gaps.

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Sisterson Admits Three to Partnership

Sisterson Admits Three to Partnership

Sisterson & Co. LLP has announced that Melissa A. Pugne, EA, MST, Jared G. Sullivan, CPA and Megan E. Walsh, MBA, CFE have been admitted to the partnership effective January 1, 2021.

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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.

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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.

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Recording gifts in kind and donated services

Recording gifts in kind and donated services

As unemployment and financial insecurity become widespread during the novel coronavirus (COVID-19) crisis, many not-for-profit donors find themselves unable to provide monetary support to their favorite charities.

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Agreed-Upon Procedures Engagements: No Written Assertion, No Problem

Agreed-Upon Procedures Engagements: No Written Assertion, No Problem

The AICPA's Auditing Standards Board ("ASB") issued a revised attestation standard in December 2019. The revised standard gives accountants more flexibility when performing agreed-upon procedures ("AUP") engagements.

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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.

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How a not-for-profit should prepare for a financial audit

How a not-for-profit should prepare for a financial audit

Outside financial audits may seem like an extravagance to not-for-profits working to contain costs and focus on their mission. However, undergoing regular audits allows an organization to identify risks early and act quickly to prevent problems.

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Sisterson Announces Promotions

Sisterson Announces Promotions

Sisterson announces promotions effective January 1, 2020.

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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.

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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.

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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.

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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.

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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?

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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.

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