FASB Votes to Postpone Revenue Recognition & Leases Standards

Posted by Christina K. Bell, CPA On May 20, 2020, FASB voted to extend by one year the effective date of its revenue recognition standard (FASB ASC Topic 606, Revenue From Contracts With Customers) to all nonpublic entities that have not yet issued their financial statements. “They [private companies] may not have the technology or resources to effectively implement the … Continued

COVID-19 Relief: Form 990 Series Extension

Posted By Casey Hagy, CPA Last month the IRS extended the traditional tax filing deadline for certain taxpayers from April 15, 2020, to July 15, 2020. On April 9, 2020, the IRS issued Notice 2020-23 which extends this relief to generally all taxpayers (individuals and businesses) that have a filing or payment deadline falling on or after April 1, 2020, … Continued

COVID-19 Relief: Single Audit Extension

Posted By Casey A. Hagy, CPA On March 19, 2020, the U.S. Office of Management and Budget (OMB) released memorandum M-20-17, Administrative Relief for Recipients and Applicants of Federal Financial Assistance Directly Impacted by the Novel Coronavirus (COVID-19) due to Loss of Operations. The memo provides for a 6-month single audit extension beyond the normal due date. As a reminder, the … Continued

Families First Coronavirus Response Act Eases the Burden on Nonprofit Organizations

Posted by Jonathan Moll, CPA Nonprofits, similar to their profit-oriented counterparts, are feeling the negative effects that business interruption caused by the coronavirus pandemic can have on the ability to carry out their missions. Some nonprofit agencies have been forced to temporarily close their doors in Delaware after being classified as non-essential businesses. Many nonprofits in Delaware are considered essential … Continued

IRS Repeals “Parking Lot Tax” on Nonprofit Employers

Posted by Jonathan D. Moll, CPA When the IRS signed the Tax Cuts and Jobs Act (TCJA) into law in December 2017, there were certain provisions directly affecting nonprofit organizations. The most widely debated topic of that act affecting the Nonprofit industry was, without doubt, the assessment of unrelated business income tax (UBIT) on certain transportation fringe benefits that nonprofits … Continued