Tag Archives: PA

TERMINATION OF THE EMPLOYEE RETENTION CREDIT

The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…

SAS 136: WHAT PLAN SPONSORS NEED TO KNOW ABOUT UPCOMING CHANGES TO ERISA PLAN AUDITS

Employee benefit plan sponsors need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), Read More…

R&D TAX CREDIT FAQS FOR LARGE AND SMALL BUSINESSES

The federal R&D tax credit benefits large and small companies in nearly every industry. Common questions and answers related to the R&D tax credit and those specific to small businesses are outlined below. What is the R&D tax credit? Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is Read More…

STRENGTHENING INTERNAL CONTROL IN THE COVID-19 ENVIRONMENT

By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…

BKC PASSES PEER REVIEW

BKC announces the successful completion and accepted report of their 9th Peer Review examination since their inception in 1992.  Peer review is a mandatory inspection required by the American Institute of Certified Public Accountants where an outside CPA firm thoroughly examines the company’s accounting and auditing services to verify that quality controls and procedures are Read More…

TAX TIDBIT: PA TAX AMNESTY

The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015.  The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, Read More…