Sisterson Blog

Tax Planning and Compliance

PA Overtime Rules

PA Overtime Rules

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

Tax

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments

IRS Releases 2021 Inflation Adjustments Read more

Tax

Unusual year steers year-end tax strategies

Unusual year steers year-end tax strategies

Like so many things this year, the recommended practices for your annual end-of-the-year tax planning reflect the COVID-19 pandemic and its far-flung effects. Read more

Tax

Estimated income tax payments due 9/15

Estimated income tax payments due 9/15

If you are a Pennsylvania resident who owes estimated PA income tax, your next due date is rolling up fast. The third installment of 2020 tax is due on September 15. Read more

Tax

August 31 is the deadline to return distributions to retirement accounts

August 31 is the deadline to return distributions to retirement accounts

The IRS reminded IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until Monday, August 31 to rollover or repay the distribution to avoid paying taxes. Read more

Tax

PA Dept of Revenue Reminders

PA Dept of Revenue Reminders

The Pennsylvania Dept. of Revenue has released its latest newsletter with reminders of PA's various tax relief measures, in response to the COVID-19 emergency. Read more

Tax

SBA releases revised/new PPP loan forgiveness applications

SBA releases revised/new PPP loan forgiveness applications

On June 17, 2020, the SBA released a revised PPP loan forgiveness application and a new EZ loan forgiveness application. Read more

Tax

PPP Forgiveness Opportunity Improved

PPP Forgiveness Opportunity Improved

On Friday June 5, 2020, President Donald Trump signed the Paycheck Protection Program Flexibility Act of 2020. Read more

Tax

PA corporations get even more time to file tax returns

PA corporations get even more time to file tax returns

The PA Department of Revenue has extended until February 16, 2021, the due date for corporations with tax returns that would be due from May through August 14, 2020. Read more

Tax

Employee Retention Tax Credit: Does your business qualify?

Employee Retention Tax Credit:  Does your business qualify?

The CARES Act contains multiple economic and tax incentives to retain employees. One of those is the Employee Retention Tax Credit. Read more

Tax

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. Read more

Tax

Deferral of employment tax through December 31, 2020

Deferral of employment tax through December 31, 2020

If your business did not qualify for a PPP loan, you have an opportunity to assist with cash-flow management under the CARES Act. Read more

Tax

SBA issues further guidance on demonstrating need for a PPP loan

SBA issues further guidance  on demonstrating need for a PPP loan

The SBA updated its frequently asked questions regarding the Paycheck Protection Program. Much needed guidance was added addressing borrowers' required good-faith certification that a loan was necessary to support its ongoing operations. Read more

Tax

Helping employees inpacted by COVID-19

Helping employees inpacted by COVID-19

Section 139 of the Internal Revenue Code permits employers to make non-taxable relief payments to employees for reasonable and necessary personal, family, living, or funeral expenses incurred as a result of a qualified disaster. Read more

Tax

Are expenses paid with PPP loan proceeds tax deductible?

Are expenses paid with PPP loan proceeds tax deductible?

Many businesses have applied for and/or received PPP loans. Such loans have provisions for forgiveness in whole/part to the extent loan proceeds are used for payroll costs, rent, utilities and mortgage interest during an eight-week period from the date the loan proceeds are received. Read more

Tax

Relaxed Deadline for Filing and Paying Corporation Tax

Relaxed Deadline for Filing and Paying Corporation Tax

Corporations in Pennsylvania are getting a relaxed deadline for filing and paying corporation tax. The PA Dept. of Revenue has provided a summary of tax extensions in response to the novel coronavirus (COVID-19). Read more

Tax

PDOR Warns of COVID-19 Scams

PDOR Warns of COVID-19 Scams

Beware of novel coronavirus (COVID-19) scams aimed at Pennsylvania residents, says the PA Dept. of Revenue (PDOR). Scammers are using phishing scams to target taxpayers who are expecting federal stimulus payments. Read more

Tax

April 15th Filing Deadline Extended to July 15th

April 15th Filing Deadline Extended to July 15th

According to Secretary Steven Mnuchin today, the April 15th tax deadline is being extended to July 15th. Read more

Tax

The Families First Coronavirus Response Act

The Families First Coronavirus Response Act

President Trump has signed into law the Families First Coronavirus Response Act. Among other things, the new law temporarily requires certain employers to provide expanded paid sick and family leave for employees affected by the coronavirus (COVID-19) pandemic. Read more

Additional Guidance Issued Clarifying Payment Deferral

Additional Guidance Issued Clarifying Payment Deferral

The Secretary of the Treasury issued additional guidance today pursuant to Notice 2020-17 clarifying that the payment deferral also applies to trusts and estates, as well as to 1Q 2020 estimates. Read more

Tax