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Charity Registration Renewal Deadline Extended Amid COVID-19 Emergency

For Pennsylvania charitable organizations whose registration or renewal deadlines fall during April, May, or June 2020, a three-month extension has been

FASB Votes to Propose Delay of New Revenue Recognition Standards for Franchisors and Lease Standards for All Non-Public Companies and Not-for-Profit Public Business Entities

Acknowledging the disruption caused by the COVID-19 pandemic and the strain it has put on the resources of many organizations, the FASB voted on April

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

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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,

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

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Guidance Provided for Organizations Claiming Credit for UBIT Paid on Repealed Tax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