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.

PA Overtime Rules

PA Overtime Rules

Final overtime rules for Pennsylvania took effect on October 3, 2020.

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

Sisterson Promotes Pugne to Director

Sisterson Promotes Pugne to Director

Regional certified public accounting and financial consulting firm, Sisterson & Co. LLP, has announced the promotion of Melissa A. Pugne to Director effective January 1, 2019. Read more

DOL Issues Long-Awaited Proposed Overtime Rules

DOL Issues Long-Awaited Proposed Overtime Rules

On March 7, 2019, the U.S. Department of Labor (DOL) finally issued proposed overtime rules as a result of extensive public input. Read more

Why auditors require face-to-face meetings to assess fraud risks

Why auditors require face-to-face meetings to assess fraud risks

Auditing standards require auditors to identify and assess the risks of material misstatement due to fraud and to determine overall and specific responses to those risks. Here is what auditors look for during fraud-risk interviews and why face-to-face meetings are essential. Read more

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

IRS Waives 2018 Underpayment Tax Penalties for Many Taxpayers

The IRS has some good news for certain taxpayers it is waiving some underpayment penalties for those whose 2018 federal income tax withholding and estimated tax payments came in under their actual tax liabilities for the year. Read more

Tax

2019 Tax Calendar

2019 Tax Calendar

To help you make sure you don't miss any important 2019 deadlines, we've provided this summary of when various tax-related forms, payments and other actions are due. Please review the calendar and let us know if you have any questions about the deadlines or would like assistance in meeting them. Read more

Tax