How Long Should I Keep My Tax Records?

We are often asked – “How long should I keep my tax records?” Many of us aren’t quite sure what to do with all the paper and digital copies of their tax forms that accumulate as time goes by. A 2017 IRS survey says that 88% of taxpayers are so fearful of an audit that […]

Revenue Recognition Consideration for Distributors: Drop Shipments

With the Financial Accounting Standards Board’s (FASB) new revenue recognition standard, effective for December 31, 2019 yearends, much attention has been given to the basic principles of the standard, and many have observed that certain industries will be more heavily impacted than others.  Distributors generally have a simple revenue recognition pattern: revenue is typically recognized […]

BSSF Welcomes RLH CPAs & Business Advisors

We are pleased to announce that effective June 1, 2019 Brown Schultz Sheridan & Fritz (BSSF) will be welcoming RLH CPAs & Business Advisors (RLH) to the firm. BSSF believes in helping people achieve extraordinary outcomes by serving our clients, employees and communities. In any merger, we always want to ensure that we choose a […]

PAMIC Eastern Group Meeting – April 17, 2019

On April 17, 2019, I attended the Pennsylvania Association of Mutual Insurance Companies (PAMIC) Small Company Eastern Group Meeting at the Pine Barn Inn, located in Danville, Pennsylvania.  A few days prior to the meeting, the barn had experienced significant storm damage with tornado’s touching down in Millville and other nearby towns. The experience highlighted […]

Ohio & South Carolina Approve Cybersecurity Laws

The National Association of Insurance Commissioners (NAIC), the standard-setting body for U.S.-based insurers, introduced a new cybersecurity standard in October of 2017. This “Model Law,” formally known as the Insurance Data Security Model Law, sets certain security expectations and operations guidelines for insurance companies. If insurance companies are licensed or write business in various states, […]

Change in Qualified Transportation Fringe Benefits for Nonprofits

The changes introduced in the tax reform bill passed in December of 2017 caused quite a stir, and nonprofits have certainly taken notice. One of the provisions in particular may pack more of a punch than initially thought. With the Tax Cuts and Jobs Act (TCJA), Congress disallowed entity-level deductions for expenses that are more […]

Corporate Governance Annual Disclosure Reminder

Insurance company management teams have just completed their annual statement filings for the 2018 calendar year and will soon be having meetings with their Boards of Directors to discuss 2019.  We consider now a good time to remind Pennsylvania companies that the Corporate Governance Annual Disclosure (CGAD) was signed into Pennsylvania law in 2018, with […]

How to Identify Tax Scams in 2019

Calculator - Taxes

This post originally represented data from the IRS’ 2018 “Dirty Dozen” list. It was updated on 3/26/2019 to reflect the 2019 list and statistics. Every year, the Internal Revenue Service produces a “Dirty Dozen” list of the 12 most common tax scams from the prior year. This list serves to inform taxpayers of the complex […]

The Pennsylvania Malt Beverage Tax Credit: What Brewers Need to Know

The Pennsylvania Department of Revenue is accepting applications for the Pennsylvania Malt Beverage Tax Credit program. The program is intended to offset the cost of investment for manufacturing expenditures of small brewers in the malt or brewed beverage industry. Who Qualifies for the Pennsylvania Malt Beverage Tax Credit? A taxpayer that is a manufacturer of […]