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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.
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.
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.
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.
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.
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.
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.
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Businesses periodically need to add equipment to grow their operations and replace outdated assets.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.
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.
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.
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.
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.
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.
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.
Sisterson Announces Promotions
Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP has announced the following promotions.
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.
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.
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.