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OMB Releases Holiday Present

On December 22, the Office of Management and Budget (OMB) released its long-awaited 2020 Compliance Supplement Addendum (Addendum), intended to be used

Consolidated Appropriations Act – 501(c)(6) Organizations Qualify for PPP Funding

With the passing of the of the Consolidated Appropriations Act, 2021 (the Act) on December 27, 2020, organizations exempt under Internal Revenue Code Section

PPP Recipients Now Eligible for the Employee Retention Credit!

The CARES Act signed into law in March of 2020, includes a refundable payroll tax credit called the Employee Retention Credit (ERC), under which tax-exempt

What Is in the Second Round of Stimulus for Nonprofits?

There is no question that nonprofits have faced challenges in the wake of the pandemic. In some cases, the demand for services provided by many nonprofits

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Shuttered Venue Operator Grants Provided Under the Consolidated Appropriations Act, 2021

The Consolidated Appropriations Act, 2021 (Act) was signed by President Trump on December 28, 2020. Included in the Act is $15 billion in funding reserved

Your Exempt Status Has Been Revoked

"Your exempt status has been revoked." That sentence is the last thing a tax-exempt organization wants to read. Yet, the IRS sent out a wave

FASB Issues Accounting Standards Update for Not-for-Profit Entities on Contributed Nonfinancial Assets

On September 17, 2020, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2020-07 related to Presentation and

The Impact of COVID-19 on Community Colleges

In March of 2020, institutions of higher education across the United States raced to make online classes readily available for students in the midst of

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FASB Proposes Changes to the Definitions of Financial Statement Elements

On July 16, the Financial Accounting Standards Board (FASB) issued exposure draft Concepts Statement No. 8, Conceptual Framework for Financial Reporting,

Group Exemptions Are Finally Getting New Guidance After 40 Years

In January of 1980, the Internal Revenue Service (IRS) issued Revenue Procedure 80-27, the IRS’s prevailing authority on group exemptions. If issued

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