Sisterson Blog

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

The U.S. Small Business Administration (SBA) has issued its Paycheck Protection Program loan forgiveness application with instructions. Read more

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

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

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

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

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

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

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

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

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

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. Read more

The IRS has released proposed regulations addressing the deductibility of meal and entertainment expenses in tax years beginning after December 31, 2017. Read more

If you pay non-employee compensation in excess of $600 in 2020 or later, form 1099-NEC will need filed instead of form 1099-MISC. Read more

Summary of important 2020 tax deadlines. Read more

The "Setting Every Community Up for Retirement Enhancement Act of 2019" (the SECURE Act) was signed into law on December 20, 2019. The SECURE Act lays out major changes for retirement plans and IRAs, and creates a new pooled multiple employer plan. This is a summary of the changes. Read more

The Pennsylvania Dept. of Revenue (PDOR) is warning taxpayers to take a few basic security steps during the holidays. Read more

New guidance has been issued by the IRS updating the rules for using optional standard mileage rates when calculating “above-the-line” deductions for the costs of operating an automobile for certain purposes. Read more

The IRS recently issued its 2020 cost-of-living adjustments. With inflation remaining largely in check, many amounts increased slightly, and some stayed at 2019 levels. As you implement 2019 year-end tax planning strategies, be sure to take these 2020 adjustments into account in your planning. Read more

Considering the U.S. Supreme Court "Wayfair v. South Dakota" decision of 2018, the PA DOR has adopted new nexus requirements for purposes of PA corporate income tax. Read more