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OMB Relief for Recipients of Federal Financial Assistance Due to COVID-19

The Office of Management of Budget (OMB) has issued additional relief to recipients and applicants of federal financial assistance due to the impact of

Resources for Not-for-Profits to Manage Cash Flow during the Coronavirus Pandemic

As organizations throughout the United States continue to reduce operations, cancel events and go dark the old adage “cash is king” comes into

Changes to Gifts-In-Kind Reporting for Not-for-Profits

On February 10, 2020, the Financial Accounting Standards Board (FASB) issued Proposed Accounting Standards Update (ASU), Not-for-Profit Entities (Topic

IRS Requires E-filing of Form 1023, Application for Tax Exemption Under Section 501(c)(3)

On January 31, 2020, Revenue Procedure 2020-08 (Procedure) was released by the Internal Revenue Service. The Procedure requires the filing of Form 1023,

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Internal Controls for Not-For-Profits

The Institute of Management Accountants (IMA) Research Foundation studied the nature of internal controls in not-for-profit organizations and how those

Exempt Organizations: Do We File Schedule B or Not?

As the 2019 tax filing season commences, preparers and payers alike are still getting a handle on the latest particulars related to tax reform and other

Guidance Provided for Organizations Claiming Credit for UBIT Paid on Repealed Tax

On December 20, H.R. 1865 - Further Consolidated Appropriations Act, 2020 was signed into law, retroactively repealing Code §512(a)(7) of the Internal

Fake Charities in the Wake of the Australia Wildfires

The devastating fires in Australia have become a worldwide concern, and people are looking to donate to charities aimed at helping with the crisis. Unfortunately,

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Tax-Exempt Organizations Receiving an Increased Number of IRS Notices

Within the past month, we’ve seen a significant number of tax-exempt organizations receive notices from the IRS for a multitude of reasons, many
Not-for-Profit, Tax
Sarah Piot | 12.18.2019

Potential Change to the Private Foundation Excise Tax Rate

On December 17, the House of Representatives passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019. The bill includes a provision to eliminate

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