Sisterson Blog

Sisterson Blog

Thank you for visiting our blog. If you have questions about any of these items, contact us at info@sisterson.com or reach out to your Sisterson representative.

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.

Private companies: How to account for "profits interests" in LLCs

Private companies: How to account for "profits interests" in LLCs

The use of profits interest, a relatively new form of equity compensation issued by limited liability companies (LLCs), has spiked. This article discusses a request from private companies and their advisors to simplify the complex rules that have evolved to account for these transactions. Read more

Reminder: Estimated tax due 9/16

Reminder: Estimated tax due 9/16

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2019 tax is due on Sept. 16. Read more

Tax

FASB will propose delays to four new accounting standards

FASB will propose delays to four new accounting standards

In July, the FASB voted to propose a sweeping set of split deferrals for certain entities. The proposal would delay new accounting rules for 1) leases, 2) credit losses on loans, 3) long-term insurance contracts, and 4) hedge accounting. Read more

Providing more detailed information about expenses

Providing more detailed information about expenses

Ideally, investors should be able to get sufficient information about a company's future cash flows by looking at the income statement. But they currently do not because expense information is too densely reported, according to recent discussions by the Financial Accounting Standards Board (FASB). Read more

What to do if your nonprofit receives an IRS audit letter

What to do if your nonprofit receives an IRS audit letter

The IRS's staffing shortages have been well publicized and audits of individuals have decreased in the past several years. But it is a mistake to assume that the agency has stopped scrutinizing not-for-profits and conducting audits when it deems necessary. Read more

Disclosing government assistance

Disclosing government assistance

In February, Amazon backed out of plans to open a second headquarters in Queens, New York, because of community opposition to roughly $2.5 billion in government incentives. Read more

Taxpayer First Act Signed into Law

Taxpayer First Act Signed into Law

President Trump signed the Taxpayer First Act into law on July 1, after the package of far-reaching IRS reforms received strong bipartisan support in the House and Senate last month. Read more

Tax

Fiduciary duties: What your board members need to know

Fiduciary duties: What your board members need to know

Not-for-profit board members have a fiduciary duty to the organization. Some states have laws governing the activities of nonprofit boards and other fiduciaries. But not all board members are aware of their responsibilities. Read more

Protect your nonprofit by cross-training staff

Protect your nonprofit by cross-training staff

What would happen if one of your managers was suddenly forced to take long-term disability leave? Or an accounting staffer quit without notice? It is possible that your not-for-profit's work could come to a standstill, unless you have cross-trained your employees. Read more

Rechenberg and Wright Promoted to Manager

Rechenberg and Wright Promoted to Manager

Sisterson & Co. has announced the promotion of Megan E. Rechenberg to Tax Manager and Lisa K. Wright to Audit Manager. Read more

Pennsylvania Tax Post 6/12/2019

Pennsylvania Tax Post 6/12/2019

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. Read more

Tax

Boardroom diversity update

Boardroom diversity update

Many corporate directors want to increase board diversity to capture the benefits. This article highlights key findings from recent boardroom diversity studies and some characteristics, beyond gender and race diversity, that boards should look for in new members. Read more

Does your nonprofit need a CFO?

Does your nonprofit need a CFO?

The ability of your not-for-profit to pursue its mission depends greatly on its financial health and integrity. If your nonprofit is growing and your executives are struggling to juggle financial responsibilities, it may be time to hire a chief financial officer (CFO). Read more

Why You Should Run Your Nonprofit Like a Business

Why You Should Run Your Nonprofit Like a Business

It is a well-known truism in the corporate world: Organizations that do not evolve run the risk of becoming obsolete. Just like their for-profit counterparts, not-for-profit organization also must anticipate and react to market demands. Read more

Pennsylvania Tax Post 5/15/2019

Pennsylvania Tax Post 5/15/2019

As a Pennsylvania resident, you may have received a letter regarding purchases made online or by catalog in the last year. Read more

Tax

Private businesses: Who is ready for the new lease standard?

Private businesses: Who is ready for the new lease standard?

Many private companies are still unaware of the balance sheet effects of new lease accounting rules, including lease capitalization requirements, that go into effect starting in 2020. This article explains what is changing and how private companies can adapt. Read more

When you have substantial doubts about the future of your nonprofit

When you have substantial doubts about the future of your nonprofit

GAAP require not-for-profits to regularly evaluate whether there is substantial doubt about their ability to continue as a going concern. This means that the organization won't soon liquidate its assets and cease operations. What does your management team do if it determines substantial dou Read more

Best Practices for Audit Committees

Best Practices for Audit Committees

In January 2019, the board of the International Organization of Securities Commissions published a report intended to promote audit quality. It outlines best practices for audit committees. Read more

Divide and conquer: How joint cost allocating works

Divide and conquer: How joint cost allocating works

In many cases, your nonprofit is allowed to allocate costs between fundraising and other functions as long as you meet three joint activities criteria. What are they? Read more

Four Financial Warnings Signs for Nonprofit Organizations

Four Financial Warnings Signs for Nonprofit Organizations

Most nonprofits experience the occasional financial misstep or budget shortfall. But if your board members observe multiple or chronic issues like these, they have a responsibility to step in and do everything in their power to address them. Read more